Technology Insight: Blockchain


  • 23/01/2018
  • Insight Technical Insight

Technology Insight: Blockchain

The demand for faster and secure payments by enterprises across industry sectors and end-users has made Blockchain one of the fastest growing technology markets globally. As a number of innovative applications are being developed and tested, over the long term, we expect Blockchain to converge with IoT (Internet-of-Things). Blockchain technology will help to create secure mesh networks in which all IoT sensors are able to communicate with each other in a reliable way and can avoid threats such as distributed denial-of-service and device spoofing. With Blockchain, each device in the IoT ecosystem will be able to authenticate users, without the need for a central broker.

Increased complexity with respect to food supply globally and the risk of contaminated food has become a serious concern, with food producers and retailers looking to leveraging technology such as Blockchain to address these challenges. The technology not only establishes provenance of the food stock, but also brings in a number of other advantages such as reducing spoilage, preventing food fraud, improving supply chain efficiency and enabling faster and more cost-effective transactions.

Attachments