Any complex system of transactions – with multiple steps, has traditionally involved significant inefficiencies. The industry is moving at a rapid pace to solve these inefficiencies with the Blockchain.
Some of these inefficiencies are as follows:
a) non-transparent record keeping.
b) intermediaries who may not be properly incentivized to store and retain the sanctity of data.
c) non-conformant computing systems (databases), currency systems and time zones – siloed information.
In this video post I highlight two applications that will surely transform large industries. In the second talk below- the speaker talks about Estonia, and, Switzerland that have already implemented large systems for registries.
Here is one such implementation – that attempts at transforming cross-border trade using the Blockchain from IBM.
Here is one-more implementation being discussed about the Electronic Health Records application using the Medical Chain.