Blockchain Beyond Supply Chain Barriers at Northumbria University

Thursday brought Junsong Wu, Director of UKDE to Northumbria University’s Newcastle Business School to give a talk to MBA students as part of their Operations and Supply Chain Management module.

Titled “Blockchain Beyond Supply Chain Barriers” – there’s little doubt that on the surface, blockchain is a prime example of the many applications’ supply chains have and like many before, can be used to create mutually beneficial ecosystems for all involved.

The talk revolved around two main points; trust and free trade. The two are interlinked however, with Junsong highlighting the often-overlooked fact that trust is the “precondition and guarantee of free trade”.

Trust is an area many struggle with when thinking about blockchains and cryptocurrencies have yet to fully shed the cloud of skepticism which follows. Trust, however, is expensive and in order to consider information, bargaining and policing & enforcement costs. Informational costs carry the added struggle of entering the public conversation in a meaningful way if the reputation of blockchain and its applications cause people to “shut down”. This then makes it harder for the other elements needed to build trust to make any meaningful ground.

For the blockchain industry to continue growing, you need to educate, because it doesn’t take long for you to find how much time it can take for people to warm to your new and exciting ideas.

The talk at Northumbria University is one cog in helping people come to realise that blockchain technology is a machine for creating trust. As UKDE continues to work with educational establishments to help develop and open new minds to the blockchain community, they do so with the opinion that their digital assets transaction platform will help further the understanding of the benefits and safety the financial technology offers in building a distributed and bidirectional supply chain and most importantly, free trade, without tariffs or restrictions.

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