Blockchain enhances business efficiency and cost reduction: Dr. Craig Wright at the London Blockchain Conference 2023

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To wrap up the London Blockchain Conference, Dr. Craig Wright gave a keynote presentation on how the world can utilize blockchain technology to enhance business efficiency and reduce costs. Specifically, he talked about handling inventory and streamlining just-in-time processes using the BSV blockchain.

This speech was one of the highlights of the conference, painting the picture of the grander vision for the blockchain, so be sure to check it out.

A real use case for blockchain technology

Dr. Wright begins by pointing out something he has said many times; “garbage in, garbage out.” What he means by this is a database is only as good as the data we feed into it, and when it comes to supply chains, very often, the data is wrong, leading suppliers, buyers, manufacturers, and all sorts of organizations to believe they have items, parts, and other things they don’t.

Dr. Wright has often said that ‘use cases’ like Bored Ape NFTs are a mockery of the blockchain’s true potential, but a real use case would be fixing just-in-time delivery systems. During the global pandemic in the last few years, we all saw how fragile supply chains are and how quickly they can break down in the face of a disruptive event.

Each organization knowing what stock it has, when it needs new supplies, who has those supplies, and where they are would be a major improvement on the current system. Dr. Wright points out that every item, from fuel tankers to pens, can be monitored this way and that the faster goods are moved and turned over, the more money each business can make.

Dr. Wright has spoken many times about the importance of property rights, and he again emphasizes them here. Time-stamped records of ownership on the blockchain mean we can see who really owns an item, and stealing doesn’t change legal ownership.

Real-time insight into the state of global supply chains

Businesses and other organizations can gain real-time insight into global supply chains with a globally distributed database like the BSV blockchain. For the first time, we can understand the movement of goods on a granular level. This can help us unlock new efficiencies, find cost savings, and reduce loss. To streamline just-in-time processes is the ultimate goal here, and that’s possible, thanks to the BSV ledger’s traceability.

Dr. Wright points out that, even in the current system, different parties buy bills of lading all the time. This can all be made much more efficient using the blockchain. Even competitors can potentially buy from us, and if we make money from those transactions, that’s not a problem.

As well as offering hitherto unavailable insights into stock and supply chains, the blockchain creates accountability and defines liability. Who signed off to say an item was received and is in a specific location? There’s no obfuscating the facts when there’s a time-stamped, signed record on the immutable ledger. This will also eliminate much of the fraud and theft that plagues supply chains and the wider logistics industry today.

This is real, and it’s for everyone

Coming to a close, Dr. Wright says this isn’t some pie-in-the-sky hypothetical vision; this can be built now, and we must build it. Furthermore, he says that it must be affordable so everyone can use it. This isn’t something for the Western world and big businesses only—it’s for everyone, including developing countries, smaller businesses, and anyone else who wants to use it.

The key message here is simple; the power of the blockchain can transform the world in extremely positive ways, and it’s ready to do so. Unlike the elitists in BTC, Ethereum, and other blockchains who say on-chain transactions are not for the little guy, BSV is for everyone. Dr. Wright designed it that way, and he’s determined to see his vision for a better, more honest world become a reality.

Watch London Blockchain Conference Day 3 Highlights: Driving innovation, competitiveness with blockchain