Page 17 - Quarterly Q1-Q2 2018

INNOVATION POWERHOUSE
Blockchain Does Not Block Change
P17 Blockchain technology and its applications will change the world of transactions and with it, the world of intellectual property. The technology was previously known mainly in the context of cryptocurrency, but now multiple industries are exploring its potential applications. The possibilities the technology offers
are nearly endless and because of its broad applicability, it will almost certainly have an impact on several business sectors. Below we discuss the application of blockchain technology to transparent supply chains and intellectual property registration and enforcement.
What’s So Special About It?
Blockchain is more than just the platform for
the cryptocurrency Bitcoin, with which it is often wrongly confused with as being synonymous. Blockchain’s emergence in 2008 as the Bitcoin’s enabler was only the beginning and the past two
or three years have brought the technology to the limelight especially because its properties make it a near-perfect disruptor to all business fields which use intermediaries to handle transactions between individuals, businesses and even machines.
It has been proven time and again that trust is a delicate commodity, and without it transactions have a short shelf life. As there is inherent distrust between parties in transactions, blockchain’s game changer feature is the way it changes the way we trust others. With blockchain, transactions can be secured without any of the traditional institutions that we have grown used to as intermediaries and that paves the way for blockchain to change the very nature of how transactions are executed. Due to its immutable nature, blockchain can also be used to change the way we look at supply chain integrity, IP registrations and enforcement of IP.
“As there is inherent distrust between parties in transactions, blockchain’s game changer feature is the way it changes the way we trust others.”
Supply Chain Integrity
The importance being able to ensure supply
chain integrity is paramount to all companies dealing with branded or otherwise exclusive
goods. Blockchain is an excellent tool in bringing transparency into the process, and when you combine it with such technologies as the Internet of Things (IoT) and smart contracts, magic happens. Exhibit A of this claim are the companies that already tap into the blockchain for supply chain