In the beginning, the Blockchain was essentially just an immutable ledger. At that time especially, it might have been harder to imagine how its possible use cases would balloon to where they are today, in industries ranging from: traditional banking services to the automotive industry, to even real estate.
Even now, in October of this already torrid year for the Blockchain industry as a whole, most of the news articles, including those which claim to be breaking and unique, seem to be about the technology being used in the same industries, over and over.
Given certain comments by Blythe Masters in a Bloomberg piece on Tuesday, this trend seems to be shifting, if only just a little.
Going back to what was said above, we have considered the Blockchain’s place in just about every possible niche in the financial, real estate, and even automotive spaces, among others.
One possible niche that seems to have been left out is that of commodity markets. In the aforementioned Bloomberg article, Masters is quoted as saying that she believes essentially up to hundreds of use cases will surface for the Blockchain, related to commodity markets, in the near future.
With this general quote as well as your existing knowledge on what the Blockchain has been proven to be able to do, it may be difficult to imagine what these are.
Cointelegraph published an article in response to Bloomberg’s on Wednesday, that seems to attempt to answer this, at face value, while in reality, it does not.
What it does appear to say is that due to the confidence of major corporations like Walmart and IBM that has already been thrown behind Blockchain-based supply chain solutions, it seems clear that the future is changing. More specifically, it could be said that Cointelegraph claims that this confidence also indicates at least one use case for the Blockchain in commodity markets.
The question is, still: what use case?
Given that by definition, commodity markets are places in which people and corporations trade in agricultural as well as mined resources like: coffee, wheat, gold, and oil, the answer could be in tracking certain Key Performance Indicators, related to these things.
If that was true, however, the question is, why would the Blockchain be needed to do that? Due to its reputation for undeniable transparency, we could say that the answer is to promote further fairness in trading. On the other hand, it would then be easy to argue that there is really little incentive for companies competing to make the best trade on these products to agree to such an idea.
With all of this in mind, the situation becomes muddled, at best. In going back to Bloomberg’s article, Masters did mention that judging by her experienced background in these markets, she believes that their supply chains have been calling for a change for quite some time.
Furthermore, we can add that Masters seems to believe that the entire supply chains in these markets need to be more transparent as well as hedged against risk.
At this time, however, with all of the existing evidence in mind, no other use cases appear to be clear other than what the Blockchain was meant to do from the start.
By: BGN Editorial Staff