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Innovation Management: Blockchain

   

Added on  2020-03-23

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Running Head: MANAGEMENT1ManagementName:Institution:
Innovation Management: Blockchain_1

Innovation2Blockchain refers to the technology behind Bitcoin, meant to store cryptographically authenticated data that cannot be interfered with by the user. It is a database that keeps a record of all transactions as they take place (Crosby, Pattanayak, Verma, &Kalyanaraman, 2016). To many, among the things listed in this innovation including machine-to-machine communication, for example, a wind turbine can communicate the amount of energy they have stored in bitcoin currency may seem unrealistic but among other things stated in it give an opportunity to businesses in the future.Taking the case of a Phone Manufacturing Industry, the innovation would create a high business opportunity. Products of the company can be adequately certified, eliminating the use ofphysical addresses that are prone to forgeries. It would help keep track of facility details, date of manufacture and the parts information. The industry would be able to record their supply chain, keeping the registry and tracking possession of the product in different places and enhancing feessettlement on delivery confirmation.Adapting the technology would create a consumer-to-machine and machine-to-machine business. Consumers could send request of manufacture of a given phone bysending the transaction to a manufacture’s smart contract together with the payment made in cryptocurrency (Tapscott, &Tapscott, 2016). The smart contract then sends instructions to specific machines associated.Once a customer has purchased a particular type of a phone, the technology can help the firm to develop supplier identity by tracking several performance parameters which may include delivery time, client’s reviews, and consumer rating. The platform also offers quick access to the industry for consumers who want their needs met.
Innovation Management: Blockchain_2

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