Value of blockchain goes beyond the hype
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)