WASHINGTON — Blockchain’s effects will extend to transportation and facilitate the movement of goods, according to IBM Chairman Ginni Rometty. Rometty, who spoke at the National Governors Association’s winter meeting Feb.
25, said the distributed database system will do for transactions what the internet did for information. She said blockchain will especially come in handy for cargo shippers, who will be able to spend less time and manpower on the verification of business records.
MORE FROM NGA: Agriculture industry eager for action on infrastructure Blockchain is frequently buzzed about in business discussions, although many struggle to fully understand it, including several of the governors assembled at the conference. Nevada Gov.
Brian Sandoval, who also serves as NGA chair, was the first to admit he needed a “blockchain for dummies” refresher. Blockchain discussion begins at the 37:30 mark in the video below Rometty compared blockchain to a general ledger, the kind that would be maintained by two parties who had just completed a business transaction.
Blockchain is a “distributed ledger,” meaning that it provides records of business transactions throughout an item’s entire journey, such as when a vegetable is plucked from the ground up until the point where it is placed on a retailer’s shelf. Unlike Wikipedia, blockchain is not anonymous. Read more from ttnews.com…
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