Chain Bazaar Make it easier for the blockchain to land
Chain Bazaar Make it easier for the blockchain to land
Picture丨From the Internet
Picture丨From the Internet
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foreword
foreword
In a zoom meeting with a gentleman from Houston, I said "I'm interested." Looking forward to his follow-up explanation.
Cornelius (as we'll call Cornelius throughout this article) looked around nervously, then continued as if someone was watching us. “Well… I have a collection of European art in the tens of millions, but due to economic restrictions related to COVID-19, I can’t sell anything.” He paused, then continued with a frown. "For a strong post-pandemic recovery, I need to inject capital into businesses,"
I thought about what he just said, and asked, "What do you know about NFTs?"
"I don't know what you mean," he said. "A non-fungible token," I explained the NFT, and we spent most of the rest of the phone discussing blockchain technology, and more specifically, how NFTs could help him.
This article will share how digital transformation driven by blockchain technology can help businesses across industries thrive. These examples may inspire you to explore corresponding opportunities in your own business.
Four blockchain technology use cases for businesses to consider
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1. Improve the transparency of the supply chain
One of our agricultural clients needed more control over their supply chain to ensure quality was up to par. The company started as a small farm in Brazil, and after utilizing blockchain technology to ensure visibility of their produce from farm to fork, they decided to expand their service to the whole of South America.
The increase in transparency has also brought about an increase in corporate fair competition awareness. In the past, ordinary consumers did not know what the company was doing behind the scenes, so they could only pin their hopes on the social morality of the company. Blockchain technology provides 100% transparency opportunities for companies in various industries.
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2. The NFT that makes everything tradable
Cornelius needed to make his art collection an affordable product for ordinary consumers, so we developed related NFTs in an invitation-only marketplace. This approach creates an atmosphere of exclusivity and enables buyers to purchase parts of or fractional ownership of works in the Cornelius collection from this marketplace.
NFT can make its counterparts accessible, tradable, replaceable, verifiable and durable. Unlike a sovereign currency that can buy anything (such as the dollar or euro), a "digital asset" such as an NFT is a concrete manifestation of something unique; in this case, it is ownership of an item such as a piece of art.
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3. Use blockchain technology to build network security to prevent hacking
A travel booking web platform can use blockchain technology to book flights for customers. The data needed to book a flight can be broken up into smaller pieces and arranged sequentially on various nodes on the blockchain, rather than keeping all records on a central server. This approach could reduce the chances of hackers breaking into systems and accessing the personal data of millions of people.
Enterprises can also reduce the time and cost of transactions through blockchain technology, while improving the accuracy, transparency, reliability, security, and clear accountability of the digital market, saving a lot of costs for enterprises.
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4. Use smart contracts to automate tasks
When a client in the travel insurance industry needs to automate a process, such as paying out when a flight is cancelled, we propose the use of smart contracts. Smart contracts can automatically review relevant materials through advance presets, and when the compensation conditions are met, the insurance compensation will be automatically paid to the policyholder, thereby bypassing the traditional claim procedures. A smart contract is an agreement written in code that automatically executes a transaction between two parties when a set of conditions are met.
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Summarize
Summarize
So now is the time to evaluate the use of blockchain technology in your business.
About halfway through our meeting with Cornelius, he reached out and pulled out two pieces of art. One painting depicts life in France in the early 19th century, while the other is an abstract sculpture made of intertwined copper rods. He asked me, "What do you think of these?" I said, "The painting is beautiful, the sculpture is great, it looks like an ancient Celtic design."
I don't know what he thought of my comment, but he did take my point about his artwork minting NFTs. In the end, he got the crucial funding for the event, and I learned more about classical European art.
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