Talking ‘Blockchain’ is all well and good – but it’s what you do with it that counts

Talking ‘Blockchain’ is all well and good – but it’s what you do with it that counts

By Daniel MacGregor – Managing Director of Nexiot AG (Pictured at 2018 TIACA’s Air Cargo Forum)

Two panel groups discussed Internet of Things (IoT)-enabled Blockchain applications in air cargo at the TIACA Toronto conference.

With all the hype around Crypto, our panel resolved to focus on the application side to maximise value.

As Co-Founder of Nexiot, I believe in technology that supports an end-to-end digital enablement of the global supply chain.

Some of the topics and questions included: What do participants need to do to be ready?
What are the risks and opportunities? How can IP be converted into product differentiation?
What is an ‘outcome economy’? How can ‘co-creation’ create growth?

We discovered there are multiple benefits to using a distributed ledger technology. These include provenance monitoring, accountability, security, and transparency for other participants and beneficial cargo owners (BCO)s.

These benefits in turn lead to greater trust, improved safety, reduced bottlenecks, and improved (and chargeable) end-cargo owner services.

It’s clear that Blockchain is a part of a wider digitisation trend.

It can make a big difference in how we trust information and therefore each other.

It is not just about the technology we use, but about the relationships between participants as well as governance, business processes, business culture, and business models.

The technology itself has its limitations and is still a developing story.

However, in May 2018, Gartner found that only one per cent of chief information officers (CIO)s indicated any kind of Blockchain adoption within their organisations.

Only eight per cent of CIOs were in short-term ‘planning or in active experimentation with Blockchain.

Digitisation is emerging as the main battleground for differentiation.

Blockchain will undoubtedly play a big part in supporting the latest applications like smart contracts and IoT enabled services.

It is important for the core vendors to understand the consultative requirements to define the business cases, together with the customer, to ensure rapid progress and ultimate project success.