Following his workshop last week on An Introduction to Blockchain, Christopher Day, a representative from RapidQube, held a workshop on Blockchain in Business. Although blockchain was created in 2008, it has recently gained popularity because it is the framework behind Bitcoin. Since Bitcoin, there have been many strides made in an attempt to apply blockchain to different aspects of business. “This week was about teaching students how to apply blockchain based on how the technology is already being used in different disciplines,” said Day following the workshop.
The workshop began with a brief overview from last week, and then Day focused on the benefits the business world could gain by applying blockchain technology. Blockchain could be implemented in shipping, the food industry, insurance, and supply chain, and companies such as Visa, UPS, JP Morgan, Chase, and IBM are all different companies that are already implementing it. Blockchain can store both structured and unstructured data, such as documents or pictures, by simply scanning it and uploading it. When the information is needed there is easy access and every user in the chain will know who uploaded the information. IBM is using it for their global finance settlement work, so they are able to take dispute resolution out of the process because everyone has access to see transactions on the blocks. Shipping companies are using it as a fault-free way to track their products. Insurance companies have begun to use blockchain for car accidents, so you would take a photo after getting into an accident, upload it, and an AI would automatically filter through what is wrong with the car. According to Day, “any place where you have people exchanging information and rules have to be applied you can apply blockchain.”
Charles Haylock, a senior studying History and German, went to both the Introduction to Blockchain and Blockchain in Business workshops. “Blockchain is really important and I am thankful and grateful to be a part of a university that recognizes that. From what I’ve heard and what I’ve read there is a heavy demand in the business world telling universities that they need students to know this.” Because of the increasing importance and high demand for knowledge on blockchain, there will be a third workshop on Blockchain Applications in Insurance held on Friday, March 30th in the BUSN Board room, 321. This workshop is a partnership between OPIM Innovate and the newly formed Werth Institute for Entrepreneurship and Innovation. Register ahead of time to secure a seat.