What kind of companies could implement blockchain for transactions?

1 answers
1 votes
What kind of companies could implement blockchain for transactions?
asked
Hi,

I read an article on this site that mentioned that blockchain would be easier to implement for companies that are NOT working with large amounts of data. What kind of companies would that include, and which kinds would it not include?

Also, would it be more difficult for a company like a Wal-Mart that is consumer facing to implement blockchain than for a company like Mondelez (maker of Oreos) that serves as more of a supplier? My understanding of blockchain is that both parties in a transaction must be part of the network, and if it was a private permissioned network, you wouldn't be able to have the consumers as part of it, whereas you would be able to have the other companies with which a company like Mondelez would be making transactions.

Thanks!
Joe

Expert Answers

newest most voted

So it really depends on the area where Blockchain can prove to be a value addition. For instance, both Modelez and Walmart can improve their supply chain processes using blockchain. Scalability definitely something that is being worked on but it isn’t quite there yet to benefit giants in the industries, biggest of the issues being speed of tx processing and validation. Another reason being these companies have long existed on centralized structure, re-defining their entire infrastructure will take a good amount of time for the company to adjust. Smaller companies or startups on the other hand starting with decentralized structure have a faster adaptability to these decentralized structures.

Any small company that requires legal compliance to execute a transaction. Specifically, Smart Contracts hold out the promise of huge cost savings for insurance companies, real estate and title firms, tax preparers and financial consultants. The list is practically endless and the scale ranges from small family operated businesses to mega corporations.

Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
Just curious?
A community of blockchain experts to help

Get started today and earn 4 bonus blocks

Already have an account? Sign In