Blockchain is best known as the technology that was fundamental to Bitcoin, a digital currency that became popular in 2009. The Blockchain technology provides an incorruptible digital ledger of transactions that can be programmed to record everything of value
As you can see Blockchain can be used for much more than financial services.
In October, one fashion label in Shanghai showcased its new clothing collection using blockchain during fashion week. A chip was embedded in the clothing and people were able to interact with the garments on their smartphones, and explore a product’s origins, materials, designing concepts and more.
How could it help PR Pros?
- Corporate Social Responsibility (CSR)– More companies are incorporating socially responsible initiatives into their business. But, have you ever wondered if they exaggerate these efforts? With Blockchain instead of just making vague promises companies give a verifiable track record these promises. They could even link products to the factories, workers, and materials.
- Authentication of Products– Have you ever bought something that was organic and wondered the authenticity of this? Instead of buying a vague “organic” product the company could prove this with a verifiable track record of how your apple was grown.
- Corporate Communications– This could also help corporate communications verify the authenticity of balance sheets and earnings. Blockchain could prevent companies being able to fudge the numbers and validate the authenticity that corporate earnings are indeed correct.
PR Pros are still figuring the future of this technology. If you are interested in this topic, I would highly recommend checking out Phill Gomes’ work. Phill Gomes is the Senior VP of U.S. B2B Digital for Edelmen, and has been at the forefront of this upcoming technology and its implications.