Many of us order different things over the phone. What if you were able to see a record of the purchased item across the supply chain?
For example, if you order a fish from a store over the phone, then you may be able to see the manner in which the fish was caught, the date of shipment, the method of processing at factory, and other details. This blockchain technology is currently in a testing phase to track corruption in Souteast Asia.
It may be possible to use the blockchain technology to find out more information about the secretive companies that operate in Southeast Asia.
Old technology, new applications
Blockchain was initially created to verify bitcoin dealings. Bitcoin is a cryptocurrency or digital money. In this instance, the blockchain technology helped develop a public record of finances.
Vital records, such as ownership of property, identity data, etc., are typically not kept carefully Southeast Asian nations. Use of blockchain technology in such developing markets can help make transactions and business operations easier and safer.
The best option would be use of blockchain all across the region at governmental levels. It may however be noted that the nations which are leaders of blockchain use are already known to have low levels of corruption.
Blockchain adoption can help enhance varied customer service procedures in countries like Singapore, while it can facilitate safe transfer of money by Philippine citizens from overseas. The technology will play a major role in reducing poverty, enhancing development, and raising foreign investment. Erin Murphy, the founder and leader of Inle Advisory Group, a business advisory company working in Myanmar and other countries with developing markets. She talked to VOA and said Blockchain technology helps make business operations in such countries safer and easier.