The Star Late Edition

Value of blockchain goes beyond the hype

- And Digital Transforma­tion, Tourism

BLOCKCHAIN is one of the most widely discussed and hyped technologi­es in recent times. Most industries, if not all, should be either excited or worried, or both, about its potential. Use cases, proof-of-concepts, and fully fledged businesses based on blockchain technology are emerging at an increasing pace.

When a new technology hits the market, misconcept­ions and myths often pop up alongside it. This is certainly the case with blockchain.

Oracle recently held a round-table discussion on blockchain.

Content producer Sthembiso Sithole attended the event and spoke to Craig Nel, mobile and cognitive experience leader at Oracle Middle East, Africa and Turkey.

Blockchain is an innovative technology that can drive innovation, accelerate business, and reduce risk and costs associated with common business processes.

It builds a growing list of unalterabl­e records (called blocks) that are linked together to form a chain and securely distribute­d among participan­ts. Blockchain minimises the cost and delays of using third-party intermedia­ries for financial transactio­ns.

Blockchain has the potential to fundamenta­lly transform global businesses across multiple industries. It enables a trusted business network to transact directly over a peer-topeer network, without the delays and cost of third parties, while still ensuring the validity and integrity of the transactio­ns. It offers a ready-to-go, enterprise-grade solution that enables businesses to increase business velocity, extend enterprise boundaries and reduce operationa­l costs.

Bitcoin is not blockchain. It is just one of several technologi­cal components and constructs used to manage cryptocurr­encies like Bitcoin.

Bitcoin works because it leverages blockchain to manage values and transactio­ns. Blockchain is the underlying technology but it has many other potential uses.

While blockchain can (and is) being used to manage financial transactio­ns, that’s just one of many applicatio­ns of the technology. A blockchain can track any type of transactio­n from the movement of goods through a supply chain to the completion of courses a student needs to earn a degree. Without blockchain, transactio­ns – whether they are financial or supply chain related – require data flows in and out of central informatio­n systems. With blockchain, ownership is easier to follow and any associated party can confirm event activity.

Blockchain is contributi­ng to many promising advances in areas of food safety and authentici­ty. The technology has the potential to provide traceabili­ty as part of a digitised food system. It can also take us beyond traceabili­ty to transparen­cy, where we have a complete and interconne­cted view of the supply chain.

Blockchain has many benefits, the most compelling of which is how it can address the challenges related to trust. It is difficult to establish trust quickly in business partnershi­ps. It inspires confidence, and confidence ultimately translates into significan­t investment across all industries. CAPE TOWN: Technology is rapidly changing the landscape of the travel and tourism industry and creating new opportunit­ies for South African small and medium enterprise­s.

This is according to Arnold February, area manager at Business Partners, a finance company. He was speaking in the light of tourism month. “This year the theme is

outlining the need for increased investment in digital technologi­es to bolster innovation and entreprene­urship in tourism,” February said.

He said the travel and tourism industry was already a large contributo­r to employment and gross domestic product in South Africa.

“A report by the World Travel and Tourism Council revealed that in 2017, the total contributi­on of travel and tourism to employment, including jobs indirectly supported by the industry, was 9.5% of total employment of 1530500 jobs. This is expected to rise by 3.3% this year to 1580500 jobs, after which an annual increase of 2.8% is expected, increasing the number of jobs in the sector to 2082000 in 2028 (11.1% of total).”

According to February, a reason for this upward trajectory is that technology is creating more job opportunit­ies via the evolution of new and indirect jobs that now play an integral part of the travel and tourism industry.

“This is due to the rise of online tourism businesses such as TripAdviso­r and NightsBrid­ge, which have paved the way for the introducti­on of jobs that didn’t previously exist, but have now become essential to the sector, such as website designers and developers,” February said.

“Bloggers and social media managers also play a crucial role in the industry today, as social media is now considered to be one of the best ways to market and advertise a business.

“Another reason why social media managers are important is because of online marketing and customer reviews that can make or break the popularity of a business. As such, all queries need to be responded to in a profession­al and timeous manner.”

February said technology had also played a part in streamlini­ng how businesses operated in this sector and was minimising some of the challenges they typically experience­d.

“It assists with increasing the occupancy rate and, in turn, minimises the risk of seasonalit­y,” he said. | African News Agency (ANA)

 ??  ?? Oracle’s Craig Nel
Oracle’s Craig Nel

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