PUBLISHED BY: Albert Gibosse – BLUE LABEL WEEKLY MAGAZINE | WEBSITE
Whereas a database is an abstraction for storing and retrieving data, the blockchain is a technological innovation as well as a decentralized system that actually revolutionizes
the database system by presenting a radical new proposition that works like a network, and that will further revolutionize every aspect of our civilization.
Furthermore, it offers a friction-free cooperation between members of complex networks that can add value to each other by enabling collaboration without central authorities and middle men.
Blockchain Affects Every Industry that impacts our lives | How The Financial Industry Is Benefiting From Blockchain With Its Shared Resources.
As in the case of ATM machines, each machine is owned by a single entity, but accepts most cards from many different networks. This sharing requires a complicated management apparatus, mostly provided by a centralized administrative entity. Blockchain eliminates the need of an administrative entity to manage the process, as it does all the heavy lifting of uniting the interests and business processes of the member banks.
Rather than having hub-and-spoke methods for organizing the shared resources, just imagine a single global blockchain network that is managing the interoperability of bank cards and providing solutions without any central oversight nor middlemen.
Blockchain allows more efficient processes in inconceivable ways, by eliminating the unnecessary frictions that used to characterize the drag(s) on the global economy that we used to be forced to stick with, when dealing with short supply chains and for deals done by the container load, as it was simply too inefficient to have more links in the supply chain when working with smaller transactions.
The level of decentralization that blockchain provides is having huge positive effects on economies in the developing world. Likewise, these positive transformations are helping small businesses compete with giants while also fostering major positive [ global ] implications.
Benefits of the Value Network to Smaller Manufacturers and/or Suppliers
Like Amazon, ebay and craiglist, blockchain is further enabling smaller manufacturers and suppliers to take advantage of the value network.
Moreover, a blockchain also facilitates the development of more complex value networks than can enhance profitability even with the smallest transactions.
Blockchain also makes possible the elimination of incidental complexities, typically involved in business operations by a huge factor to a province, where a much more complex, contingent and interwoven business environment is emerging. Likewise, it is fostering radical changes in all industries by making unprecedented technological change possible, as it challenges leaders to stay on course in such rapidly evolving and intricate environment.
Blockchain is radically changing our world!
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