In the concluding keynote presentation at the London Blockchain Conference, Dr. Craig Wright discussed the power of blockchain technology in enhancing business efficiency and reducing costs. With a focus on improving inventory management and streamlining just-in-time processes, he highlighted the potential of the BSV blockchain.
Dr. Wright emphasized the importance of accurate data, cautioning that “garbage in, garbage out.” He explained that erroneous data often misleads supply chain stakeholders, causing them to believe they have materials and resources they don't actually possess.
Dismissing digital collectibles like Bored Ape NFTs as trivial use-cases, Dr. Wright underscored the potential of blockchain in strengthening supply chain operations. He reminded the audience of the pandemic-triggered supply chain disruptions and how blockchain could address such vulnerabilities. He envisaged a scenario where organizations have real-time visibility into their stock, supply needs, and source locations, thereby accelerating goods turnover and increasing profitability.
Echoing his frequent assertion on the importance of property rights, Dr. Wright highlighted the role of blockchain in maintaining time-stamped records of ownership, providing undeniable proof of possession and legal ownership.
The BSV blockchain, as a globally distributed database, can offer real-time insights into global supply chains. By understanding the movement of goods at a granular level, businesses can unlock efficiencies, reduce costs, and streamline just-in-time processes.
Dr. Wright also alluded to the potential of blockchain in transforming traditional trade practices like the trading of bills of lading. Blockchain could bring unprecedented transparency into stock and supply chains, creating a clear trail of accountability and liability. This could significantly reduce fraud and theft that currently plague supply chains and logistics.
Concluding his keynote, Dr. Wright asserted that blockchain is not a utopian dream but a real and accessible solution. He stressed that blockchain applications must be affordable and accessible, not just for big businesses in the Western world, but for everyone, including small businesses and developing countries.
Dr. Wright reiterated his vision for blockchain technology as a tool for positive global transformation, emphasizing that unlike some blockchain platforms that reserve on-chain transactions for larger players, BSV is for everyone.
