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All the rage in the financial sector is centered around banks embracing blockchain technology. It was developed for the best-known cryptocurrency at the moment — Bitcoin.
For those who don’t know, a blockchain is a “record of digital events that is cryptographically impossible to fake or manipulate,” according to Techcrunch. This technology would revolutionize the way banks do business with each other and would allow transactions that took days to be completed instantly with a safe record.
Chronicled uses blockchain and internet of things (IoT) technology to develop solutions that allow physical property to securely connect to a blockchain for authentication, e-commerce, provenance, supply chain and finance cases. It uses both hardware and software that allows businesses to keep track of physical goods, devices, machines and product packaging.
Chronicled uses secure chips that are given unique identities and are able to write timestamped transactions on the blockchain. It also adds identity inlays and tamper-evident cryptographic seals to physical products; the chip in the seal is registered on the blockchain. It sends messages and other information that allows it to create a time-stamped record featuring a history of proximity, possession, and provenance.
Co-founder Samantha Radocchia was named to the 2017 Forbes 30 Under 30 for Enterprise Tech. She is currently the head of product development and strategy at Chronicled. At one point, she was a professional skydiver, but she sold her equipment to fund her first company at the age of 20.
Takeaway
Applications of blockchain technology are evolving past only being records for Bitcoin transactions — it’s now being used to track shipments and for intra-banking settlements. The uses for blockchain allow the tracking of valuables with a record that is impossible to fake. Chronicled’s implementation into hardware that allows physical products to be tracked with a secured record shows the wide range of uses for blockchain. Blockchain technology revolutionizes record keeping, giving companies access to a precise and trusted digital record.
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