BlockChain can be compared to a suite of software utilities like Microsoft’s Office package.
Office software and similar products have a word processor, spread sheet, product promotion and business presentation applications like PowerPoint that are integrated together in a common format. A letter may contain part of a financial statement, photos and such that a business office can operate with far greater efficiency.
A keystone of any Office management software is data portability. The relatively seamless data sharing in a software suite hasn’t come easy and every time a new Application is developed, the tedious tasks involved are repeated.
Similarly, Blockchain has made an “Application” just for the transparent, secure sharing of data.
Or it can be compared to the Business District in Manhattan NY , where all the necessary capabilities to run an office or conduct business with all the requisite elements from product to payment are contained in a 5 by 5 block area.
I grew up in the smallest Capital City in the U.S., Cheyenne, Wyoming (c. 1950-1970).
What continuously amazed me is how everything came from or through New York. The back page of “Photography” magazine was always from the same N.Y. City camera store. A full-page ad crammed full of products, I could only imagine a store the size of an Air Force Base. If there is a better example of the value of location, the wide horizons of my youth couldn’t fathom the visage of this one store. Crammed, cramped aisles of camera accessories, people waddled through the aisles in a slow, thorough maze to the cash registers. The cameras and lenses glittered in the show windows of an otherwise drab store front sporting Iron bars that rival any prison. Rows of glass showcases had sales people and customers lined up like dogs at the track with people peering through cameras with the latest optics clicked to them. People literally ran out of the store from every available door as an equal number were running back in the same doors. Depositing money, getting change, warehouse runners disappeared into dumpier looking Lower Manhattan buildings to keep the actual store as small as possible.
Everything was upstairs or just a block or maybe two away. The accountant, collection agency, bank, commercial banks, Post Offices, UPS and a constant flow of “city skip trucks” hauling small loads from the docks, ten minutes away and dedicated Postal trucks picking up the day’s mail orders three times a day.
My focus on New York came from a unique viewpoint.
Coming from a town of 50,000 people to a city were 50,000 people worked in a four-block area, the speed and efficiency of business came down to a group of few blocks.
BlockChain has partnered with nearly all aspects of business transactions that require the same quality of security to electronically transfer money. Like the Business District in Manhattan, various types of commerce are served, adjacent in every direction. The Diamond District, Garment District, Retail/Mail Order and a Districts most people would never imagine are all working at a pace unrivaled in the U.S. The Business District is a block chain of services that are integrated but independently functional.
Each specialty business ties into the block chain at some level.
The Business District in any thriving port city is grown organically with a little help from history. BlockChain has done the same thing in the instantaneous world of the Internet. Being both Internet and boots on the street brings vertically integrated commerce and virtual businesses together into the block chain.
To monetize the Genomic Diaries of people with Rare Genetic Diseases and Cancer Patient Genomics, BlockChain has nearly all the components for the accumulation, aggregation, distribution, dissemination and payment of and for this most valuable resource.
BlockChain is here to stay.
IBM rarely regrets tying its name and reputation to a product. A company that keeps billions of dollars in cash does their homework and a recent television Ad announced IBM and BlockChain are integrating. It’s got features of PayPal and selections from Amazon that make it versatile and worldwide.
Coming Next: How can Blockchain facilitate Pharmaceutical companies “go to market strategy”?