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

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

This talk was one of the highlights of the conference, painting the picture of the bigger 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 that a database is only as good as the data we feed into it, and when it comes to supply chains, the data is often wrong, leading suppliers, buyers, manufacturers and all kinds of organizations to think they have goods, parts and other things they do not have.

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

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

Dr. Wright has spoken many times about the importance of property rights, and he emphasizes them again 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 health of global supply chains

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

Dr. Wright points out that even in today’s system, different parties buy waybills all the time. All of this can be done much more efficiently using the blockchain. Even competitors can potentially buy from us, and if we make money from those transactions, that’s not a problem.

In addition to offering previously unavailable insights into inventory and supply chains, the blockchain creates accountability and defines accountability. Who signed off to say an item was received and is in a specific location? There is no obfuscation of fact when there is 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

Nearing the end, Dr. Wright says this is not a hypothetical vision. this can be built now and we must build it. Furthermore, he says that it must be affordable so that everyone can use it. This isn’t just for the Western world and big business – 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 is poised to do so. Unlike the elitists in BTC, Ethereum and other blockchains who say that chain transactions are not for the little guy, BSV is for everyone. Dr. Wright designed it that way, and he is determined to see his vision for a better and more honest world become a reality.

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

width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.