Chapter 11: Commercial Blockchain Applications

In the realm of business applications, the use of decentralized blockchains enables companies to interact with each other along set rules that increase efficiency and push down costs, confusion, and diminish the amount of wasted time and money that emerges in disputes and chaotic markets. This centers on supply chain applications, smart contracts to define relationships with buyers and consumers, and use of goods governed by private keys. Blockchain will also revolutionize the data business, with healthcare records and user data able to be governed in a straightforward way with private keys and strong encryption. Blockchain will also diminishes the costs to businesses as the risk of IP theft, supply chain error, and counter-party risk are diminished by blockchain applications.