| |November 20179CIOReviewwith the power of IoT, this could be-come a potent tool to bridge the gap between trust on controlled environ-ment transportation of perishables and mistrust due to human intervention at points of transfer of such goods. Blockchain can also act as a bridge between islands of information with-out actually compromising or dupli-cating such information. By storing blocks of information that are identical across its network it potentially cuts out the middleman for these types of transactions. All this by providing reference to the data store without ac-tually storing the data ­ sounds great, doesn't it? Data storage in any case is not the recommended objective of a Blockchain, rather transactions are. The other important concept of Blockchain is Smart Contracts. Smart-ness of Smart Contracts is limited by the imagination of their creator. For example, a derivative could be paid out when a financial instrument meets a specific standard, by application of Blockchain technology and Bitcoin letting the payout to be automated. These are best suited for use cases hav-ing a predefined outcome based on the sequence of certain events. Real time payment settlements and automatic distribution of royalty among stake-holders are just a few simplistic use cases of Smart Contracts; however, the use cases can be extended to real time assimilation of clinical trial result without any fudging, or for broadcast-ing warning in real time about an im-pending natural calamity like tornado or tsunami. Smart Contracts have potential application in addressing one of the biggest problems plaguing the world ­ Corruption ­ by tracking the flow of value (in the form of aid, grant - money or in kind) from the benefac-tor to beneficiary. Given the tracking of this flow of value is transparent and immutable (cannot be fudged with, by virtue of being on a Blockchain), it is easy to reconcile whether (and how much of) the aid/grant has reached the intended recipient. Identity management is another area that shall see a sea change. There would be solutions in future that would allow users to prove their identi-ty just using an internet connected de-vice. For instance, why should all the personal details be divulged when the need is only for age proof? In future, there shall be no need to carry any of the identification documents. Once taken at a global level (that shall require a lot of coordination and standard op-erating procedures) physical passports could become a thing of the past and Visas could just reside on Blockchain based application. Imagine the explicit advantages of suburbanising file stor-age on the internet. It protects files, passport and visa etc from getting hacked or lost. Such an amendment is not only convenient but it's a vital asset to the web's currently oppressed content-delivery systems. Such systems could also help keep a tab on one of the greatest risks to humanity ­ Terrorism. All this would have a potential to drive a social change thereby impacting soci-eties at large. Some of these might seem far-fetched today but there are expected to be tremendous changes in the near future, that would bring these goals nearer. With advent of Blockchain applica-tions in general and smart contracts in particular, lots of businesses that have thrived on charges for media-tion, face the challenge of being dis-rupted. They are sitting on a Volcano and it's just a matter of time that this Volcano erupts. It is thus imperative, that the busi-nesses sit up, and start taking a note of Blockchain. CTOs and CIOs have a choice - either look at this technol-ogy aggressively and pro-actively to transform their business and create a moat, or wait for their business to get disrupted. Possibilities are infinite, yet choices are only two.
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