Blockchain is generating a lot of buzz for bitcoin and cryptocurrency trading. But in Arkansas, large companies and small startups use it for everyday tasks like tracking merchandise, speeding up payments and securing data. From Walmart’s massive supply chains to local spots fixing bad cellular signals, blockchain is changing the way businesses operate without any cryptography involvement.
What is Blockchain, Anyway?
Think of blockchain as a shared digital notebook. It records every transaction or change across many computers. No person or company controls it. This makes it clear, secure and difficult to tamper with. Unlike old databases managed by a single boss, blockchain keeps a permanent record that anyone can verify.
“It’s like the wheel or fire: one of man’s greatest inventions,” says Rishi Mittal, CEO of Mycelium Networks in Fayetteville. This small business is using blockchain to improve cell phone service in Northwest Arkansas.
Max Avery, Head of Stand at Crypto Arkansas, compares it to the rise of the Internet. “Blockchain solves real problems by saving time and money,” he adds.
Arkansas Supply Chain Leaders Turn to Blockchain
Arkansas companies are first to use blockchain to track products. Bentonville-based Walmart tracks food from farm to store to reduce waste and quickly spot defective items.
“Blockchain gives us a clear view of every step, helping us manage suppliers, perform better controls, and reduce costs,” states an article from Walmart Global Tech.
Tyson Foods in Springdale partners with Trustwell’s FoodLogiQ platform. Tyson’s own investment group backed him. This allows the meat to be tracked safely from start to finish.
Small players also shine. Grass Roots Farmers’ Cooperative in Clinton was the first U.S. meat manufacturer to use blockchain for complete farm-to-fork tracking.
- Walmart: Fight against food waste and contamination.
- Tyson Foods: Manage supply chains with FoodLogiQ.
- Grass roots: Pioneer in meat traceability.
Transportation Giants Join the Blockchain Wave
Trucking big names JB Hunt in Lowell and ArcBest in Fort Smith belong to the Blockchain in Transport Alliance. This group is pushing blockchain for faster shipping, better payments and clear records in global commerce.
Even the US government now shares economic data on public blockchains, demonstrating its confidence in the technology.
Blockchain boosts finance and fights fraud
Banks and payment companies love blockchain for fast global transfers, less fraud and easy record audits. No more digging through papers or old files.
“A good registry makes things instantaneous, reduces errors and leaves a trail of shady actions,” says Avery. “Customers benefit from faster service without knowing that blockchain is behind it.”
Costs are falling for cross-border payments. Fraud becomes more difficult with its immutable logs.
Mycelium Networks: Blockchain Powers Better Cellular Service
Mycelium Networks, a small team of five based in Fayetteville, is showing the hidden power of blockchain. They install small wireless nodes in bars, stores and event venues to correct for weak cellular signals, common in old buildings or in crowds.
Businesses pay just $20 per month for the equipment. Last year at the Walmart Arkansas Music Pavilion (AMP) in Rogers, complaints went from 120 per show to zero.
Users don’t notice it. Phones connect automatically, similar to Wi-Fi. Venues want a seamless service: no connection necessary.
“They just want it to work,” Mittal says.
Behind it: Mycelium’s Ultra product allows carriers like AT&T and T-Mobile to use the nodes. Blockchain counts usage and charges carriers tiny amounts, even 1/5000th of a cent. Legacy systems cannot handle micropayments; blockchain does this automatically, without contracts or lawyers.
“This permissionless method allows small businesses to deal with the giants via fair protocols,” notes Mittal.
Partners include Walmart AMP, Walton Arts Center, JJ’s Grill, Arvest Ballpark and Rodeo of the Ozarks. A node even improves service at the 21st Amendment Bar on Dickson Street in Fayetteville.
Why Arkansas’ Blockchain Efforts Have Slowed Down
Despite the victories, the state has moved backwards. The University of Arkansas closed its Blockchain Center three years ago. UA Little Rock’s plans fizzled out during the pandemic. The Arkansas Blockchain Council has remained silent after 2023.
Blame the FTX crash: billions lost in the crypto scandal. “Blockchain was a buzzword. Companies quickly abandoned it,” says Mittal.
Avery sees solutions to most problems, but emphasizes choosing the right solutions. “Companies need to explore it now, otherwise their competitors will get ahead of themselves and disrupt markets.” »
The future: steady gains, not overnight revolutions
Mittal predicts slow and steady upgrades across the board. Mycelium proves that discrete impacts, like better signals or safer food, add up.
Arkansas companies show off blockchain
Business owners: test blockchain for your problems. It might just reinvent your operations, like the wheel did for travel.
Key Takeaways for Arkansas Businesses
- Blockchain excels in supply chains, transportation and payments.
- Local stars like Mycelium are enabling new models with micropayments.
- Ignore the hype; focus on the problems it solves best.
- Competitors who adopt it could undermine your market: start now.
Blockchain in Arkansas is proving itself far from the crypto headlines. Stay ahead or fall behind.
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