Supply chain is a particularly good use for blockchain technologies, because you have a lot of different people at different steps of the chain who maybe don’t know each other, who are managed by different entities, who are owned by different people, who have conflicting financial interests. But all of them have to agree that, say, this product move from here to here. The state of this product at this time was this.

All of these different steps of paperwork and bureaucracy where normally you would have to trust some central party to manage on behalf, and maybe that central party is more friendly with some participants in the slight supply chain than others. So, in supply chain, we really have the power of a decentralized network that’s moderated between the different people who have an interest in maintaining the state of things, to make sure that nobody cheats and nobody can have a sort of a central special access to the people who administrate the entire flow of events.

Supply chains are currently managed by large bureaucratic processes, where at each step somebody signs paperwork and documents that are taken to the next step and the next step. And in case of some failure or in case of somebody cheating or somebody gets caught, these documents are taken to be presented to a court of law in order to resolve the differences. And so, blockchain has a particular advantage in that no violation of the rules is allowed to occur, or when a violation of the rules does occur, it’s immediately obvious to everyone and it’s encoded in the immutable history exactly who violated the rules and when.

The biggest impact that we expect in supply chain comes from the fact that there’s gonna be a lot more efficiency in how the process is managed. People are going to have to spend less money and less time confirming that everything happened exactly the way that they expect. They’re going to have to spend less time and money going back to investigate the history if there’s a failure, if somebody lied about their responsibility. So we think it saves time and money, essentially..