The “Block” is Hot!

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On August 1, 2018, The U.S. Chamber of Commerce Technology Engagement Center hosted an open forum for leading tech entrepreneurs, lobbyist, stakeholders, bank traders and policy makers.

C_TEC  is a campaign  sponsored by the U.S. Chamber of Commerce, designed to promote open dialogue  in order to initiate ramification of certain policies and legislation that could potentially hinder start-up’s and other technological innovative companies hoping to expand in America.

The #BlockchainSmart event featured panel discussions and solo speakers that addressed how blockchain technology can revolutionize farming, healthcare, supply chain management and crypto.

Blockchain is an open sourced encrypted ledger that  allows information to stored without being malnipulated once a new block of code is added to the chain.

Frank Yiannas, Vice President of Food Safety for Wal-Mart, stated “Blockchain gets rid of anonymity when faulty foods surface.” This factor is “key” when large box retailers have to issue product recalls. By utilizing blockchain technology, retailers can locate and remove faulty products in a very small time frame.

Traditionally, food recalls require 6 or more days to track and trace the origin of the pathogen. However, with the use of blockchain, retailers and farmers can access an encrypted ledger that precisely identifies specific tainted products in a matter of seconds. On a final note, Frank also mentioned: “Blockchain creates trust in a decentralized fashion.”

Jeremy Mullin, Vice President of Coporate Development for Coral Health, suggested by incorporating blockchain technology into the healthcare industry, patients could maintain personal records in more than one secure location. Blockchain has also proven to be useful in the management of prescription opiodes. Jeremy also touched on how API could be utilized for physician paper work reimbursement.

Ramesh Gopinath, Vice President of Blockchain Solutions and Research for IBM, mentioned IBM and Wal-Mart teamed up in 2016 to conduct tracebility pilots on pre-package produce. The goal of the pilot was very simple: how long does it take to trace produce back to its origin?

In this case study, IBM was able to reduce the trace and trackability time frame to under five seconds. As previoulsly mentioned, tracking produce can take up to 6 days without the help of blockchain.

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