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by Yap Heng Kiong
Blockchain is known to be one of the transformative technologies which has contributed towards the rise of FinTech in recent years. It is the underlying technology upon which the digital currency, Bitcoin, is based upon. Many have said that Blockchain is a disruptive technology and will define how money and payment operate in the new financial world. Numerous Fintech startups have built solutions based on Bitcoin in the area of peer-to-peer funding and mobile payments. Blockchain is more than just an enabler for new businesses and payment concepts; the true value and real opportunity lie in the data that can be extracted from the business transactions. Besides shaping the future in the financial services, it is perhaps worthy to look at how the blockchain technology, coupled with Data Analytics and Internet of Things (IOT), can help towards building Smarter Cities of tomorrow. For example, Smart Vending Machines could be installed with sensors to continuously monitor stock shortages. Once the stock level hits the minimum order quantity, the Smart Vending Machine triggers an order to the supplier using Smart Contract based on a Blockchain platform and automatically makes payment to the supplier via the digital wallet. Smart contracts enables us to create a binding legal agreement instantly, when a supplier meets the obligations at our pre-defined level of requirements. In addition, companies could use Blockchain technology to track the assets of the Vending Machines and the stocks they carry. Data analytics could be used to monitor the transactions to streamline marketing strategies. Suppliers could achieve great time savings by being able to reduce the number of trips made to every vending machine. Replenishment of stocks is required only when suppliers receives a “low-stock” notice directly from the Smart Vending Machines. Suppliers could benefit from Smart Vending Machines capable of making payment for the delivery of new items automatically using Smart Contracts and Bitcoins. Fully integrated data analytics solution could also be used to monitor the transactions. This will allow suppliers to extract insights at speed to dynamically understand real time supply and needs. Blockchain technology and Bitcoin affect not only the financial industry. It is up to the imagination of application developers to take the full advantage of the secured, peer-to-peer public ledger features of the blockchain technology, IoT and other technologies to make cities even smarter. What other case examples can you think of? Feel free to share your additions in the comments section below. Source
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