Olga Zeveleva
8 January 23:45.

How can blockchain technology be applied to simple projects, like a store or supermarket?

3 answers
Answered by a partner of TheQuestion

Perhaps a simple project doesn't actually need blockchain.

If we are talking about selling any kind of products, you would be able to use blockchain to track the production and selling of products. For example, recently in the news I read about a Scottish distillery that uses blockchain to allow the customer to track the entire history and production process of expensive whiskey, from production to delivery.

Because this is a new technology, I think we are likely to see larger organizations implementing it first. I think it’s more likely that small and medium-sized enterprises will look to piggyback off larger projects, or existing blockchains, rather than try to do something new independently.

Garrick Hileman and Michel Rauchs released the 2017 Global Blockchain Benchmarking Study, which can be downloaded as a PDF here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3040224.
You can read the brief summary of their study here: https://insight.jbs.cam.ac.uk/2017/central-banks-are-trialling-blockchain/
The above interview was conducted on 12 December, 2017.

Blockchain is the machine learning of 2017 - just using that word tends to get you money. So people just put it in places where you don’t really need it. I’ve seen a proposal to store your running data on a blockchain, but I don’t see why you would want to do that. There are also proposals to store your healthcare data on a blockchain, there is literally no reason why you want to do that - it’s publicly available! I don’t want people to see what diseases I have had! So there is a lot of exploiting of the name of blockchain to get cheap money. There are a lot of application scenarios where blockchain just does not fit, and people are trying to make it fit.

 There may be some simple projects where blockchain makes sense. Actually, a currency is quite simple - at a very high level, it is just transactions going from one person to another - from one public key to another public key. It’s a pretty simple model, yet actually implementing it turns out to be very very difficult.