Delivering on blockchain
Underneath the hype that surrounds bitcoin and cryptocurrency sits a key technology that could transform ownership as we know it: the blockchain.
Blockchain is powering bitcoin, ethereum, ripple and hundreds of other cryptocurrencies, but its capabilities extend far beyond currency – smart contracts can be created so funds can be unlocked under specific conditions, information can be stored and never tampered with, and voting systems can create entire autonomous organisations.
London start-up RAMM Science has embraced blockchain and has created a “smart asset management” platform called Hydra. It has applications in supply-chain management, vehicle tracking, physical/virtual asset management, rapid point of sale and custody.
“So many blockchain companies have taken funding and have no customers and no actual product” says Alain Richardt, founder of RAMM Science. “We don’t force blockchain where it doesn’t fit, but amplify its key strengths to solve real-world problems.”
In vehicle asset management that means storing service history, odometer readings and even (as an option) physical location history on the blockchain. When ownership changes a verified history accompanies the vehicle – a history that cannot be tampered with.
In trading, this means assets that are quantifiable, such as water, energy or music, can be actively traded in an open market. You no longer have to rely on centralised systems, which are prone to abuse and unethical behaviour as they grow.
The key benefits of blockchain are immutability, transparency and trust. Immutability means that what is written on the blockchain cannot be modified later, transparency means that what is stored on the blockchain is visible to everyone, and trust means that you can rely on certain actions (or rules) being enforced by the blockchain.
“Blockchain is going to enable much more fluid asset and wealth transfer,” says Richardt. Trust in centralised systems is waning and it’s the innovative companies at the cutting edge that are going to benefit.
RAMM Science combines blockchain and artificial intelligence to analyse thousands of data points a second, and has customers in real estate, energy, ad tech, interspecies communication, customer segmentation, supply chain management and portfolio analysis.