Have you ever wondered how billion dollar companies track all their transactions? There are multitudes of revenue streams coming into the larger corporations and they are often from separate divisions within the company. Today we will choose the Walt Disney Company as a prime example to find out how the sea of transactions are all accounted for in their system and to be honest we were shocked by what we discovered. It appears that they've just moved to a new method of accounting that will absolutely blow your mind. Here is how Disney tracks each of its transactions with their new protocol.
New blockchain with multiple benefits
Disney has recently adotped the Dragonchain platform for use in all its parks. While some may think that it's just for accepting cryptocurrency, it does much more. The system works on a "crypto leger framework protocol." This cost saving business network allos the mega orporation to track all aluables and treades without the need to establish a central control point This was a creation of Disney experts that was done internally. They've modified the newly created system with an open source license with a modified version of Apache 2.
Why the focus on the Walt Disney Company?
We're focusing on this particular company because of the creative way that they've molded their business tracking technology into this platform. Because of the nature of the amusement park environment, one guest will generate multiple transactions in a twenty-four hour period. Disney has created a system that is embedded within their tracking technology called the Fast Pass System. They've designed wearable technology in the form of electronic bracelets that track the transaction that the wearer makes. It is scanable technology that is used for purchases, for entry into rides and amusements in the park, as well as premium amenities used at the hotel and restaurants in the venue. The Magic Bands are specific to Disney parks, but it is technology that is transferable to other types of companies.
What types of transactions are tracked?
For the Disney corporation, virtually everything that you do is tracked through their system. If you purchase a corndog or a bottle of water, it's recorded in the system. Every transaction that you make is fed into the system.
The configuration that Disney uses even tracks the movements of the bracelet wearers. This gives the company valuable information about who is doing what. It tracks the type of rides, how long the person spends on it, and virtually everywhere that they go in the park. This is a way for the company to design the most popular and in-demand amusements, and it also allows them to discover which attractions are the least popular. The new platform that they are working from to track all transactions does much more than list the revenue streams. It helps them with strategic planning for the continued success of the business. This type of technology can be duplicated and customized to fit the needs of practically any kind of business environment.
Benefits of the blockchain platform
Virtual tracking of all a corporation's transactions has the potential for saving both time and money in overhead for going through paper receipts and entering them into a data accounting system. With the new programs that Disney and other companies are now using, man hours and the potential for loss of paperwork is reduced significantly. This process is more efficient than the old manual ones and it even tops older tracking programs that it is now replacing. The leger that the data is entnered into may be set for continual updating and sharing preferences may also be programmed into the system. There is also a component included that masks sensitive data so it cannot be viewed by unauthorized viewers in the system. The identities of the transacting parties is hidden so their privacy is strictly guarded and their personal information is secured. These things are made possible through the cryptographic technology that the platform is based upon.
This blockchain technology may also offer updated information in real time. This would allow for key people in the business to view vital statistics and other information for a snapshot in time. The type of data viewed may be filtered to present customized data reports in real time. Disney is a leader in using this type of technology, but it's not the only large company that is moving to this more efficient means of tracking all transactions.
Written by Garrett Parker
Read more posts by Garrett Parker