[2017-05-09] ET: Why blockchain technology may be the next big thing

Why blockchain technology may be the next big thing

http://economictimes.indiatimes.com/news/industry/tech/software/why-blockchain-technology-may-be-the-next-big-thing/articleshow/58553522.cms

For a private dairy operator in Vijayawada in Andhra Pradesh, reconciling payments to and from various vendors usually takes up to a fortnight. To try to bring this down to no more than a couple of hours, the company is finalising a plan to use a new technology idea to speed things up. Rather than overhauling its backbone and hastening the process by buying new computers and servers, the dairy is instead turning to blockchain, a decade-old technology (most famously or infamously associated with the bitcoin cryptocurrency), to solve its problems.

By leveraging the benefits of blockchain, a distributed digital ledger, this dairy now wants payments to be reconciled in a matter of hours. It can perhaps learn from Bajaj Electricals, the 79-yearold provider of electrical gear. Last year it unveiled a solution for vendor payments, which shrank processing time from weeks to a matter of hours. Other companies across industries such as manufacturing, logistics and automobiles are in various stages of testing this relatively old record-keeping platform for new requirement.