Blockchain technology can help immensely in banks, insurance, health and pharmaceutical industry, supply chain of many sectors (agribusiness, luxury, international trade, distribution, wines, aeronautics, and automobile), music industry, energy, and real estate. Blockchains have the potential to replace all the centralized “trusted third parties” including banking trades, notaries, land registry, etc. by distributed computer systems.
1. Medicines / Pharmacy
Blockchain technology can be utilized to enhance drug integrity. If drugs can be clearly identified and tracked from production to consumption, it might blockchain save up to one million lives each year. Because DHL is already dealing with Accenture to set up a track-and-trace serialization system predicated on blockchain technology.
“At this time, you will find already more than 7 billion unique pharmaceutical serial numbers in the system. In addition, the system is now able to handle significantly more than 1,500 transactions per second,” said Scott Allison, DHL’s President, Healthcare.
Allison has not just the capacity of the system in mind. As an example, track-and-trace serialization should reduce costs, increase security and confidence, and eliminate error-prone data movement. The technology will add additional verified information to the element, which can not be manipulated. The validation is carried out by all participants.
“THE SYSTEM NOT ONLY MEETS THE GLOBAL SERIALIZATION REQUIREMENTS, IT EVEN SURPASSES THEM,” Says Allison
2. Fashion / Fashion
The CGS project allows consumers to track the whole lifecycle of a garment. This brings together companies from the fashion, apparel and consumer goods sectors to work together. With this particular solution, consumers no longer need to rely blindly on the value in sustainability fashion. Blockchain technology allows tracking of sustainability and conformity of the garment
3. Cross-border payments
In developing and underdeveloped countries, use of capital for small food producers is often a big problem. Binkabi is really a cross-border agricultural trading platform that is breaking new ground with assistance from a block bridge solution from Sweet bridge. Thus, a method for fair commodity trading will be developed.
A blockchain banking solution has been announced by IBM. This is designed to make international payments faster and more cost-effective.
4. Food safety
In the region of food safety, IBM is dealing with food manufacturers Dole, Nestlé, and Walmart. Thus, the information of breeders, suppliers, processors, traders, retailers not just to all or any parties involved but and also to the supervisory authorities and consumers are available. So every transaction can be traced and all details about the meals can be viewed. With all members of the meals system having use of the blockchain, contaminated food can be quickly taken from the production and supply chain before it reaches the shelf.
The World Wildlife Fund (WWF) “tracks” fish and seafood using blockchain technology. In this project, the technology should help in the combat illegal fishing. However, full traceability of fish and seafood is also of interest to fish wholesalers and fish retailers, as they want to prevent their products or brands from being related to illegal activities.
“CONSUMERS ARE ALSO INCREASINGLY SLANDERING FOR FULLY TRACEABLE FISH AND SEAFOOD THAT ARE NOT FROM ILLEGAL FISHING,” says Bubba Cook, WWF’s Western Central Pacific Tuna Program Manager.
5. Humanitarian Crises
Blockchain technology is not only utilized by companies. The United Nations currently uses blockchain technology in 16 areas, including:
· World Food Program (Refugee Aid)
· Office for the Coordination of Humanitarian Affairs (donor financing, safeguarding, and monitoring of supply chains)
In addition, it happens to be being investigated how blockchain technology can be utilized to tackle current problems, such as for instance child trafficking, based on Mahrinah von Schlegel, Managing Director of Nonprofit Embassy 2.0.
As part of the public-private partnership ID2020, Microsoft and Accenture have announced a partnership. The goal is to provide 1.1 billion people a legal form of identity and identification using blockchain technology.
In collaboration with Everledger, the jewelry company Brilliant Earth intends to utilize blockchain technology to accurately track the origins of diamonds and other gems. This ensures that only conflict-free stones are processed.
One of the best samples of blockchain technology is Feelium. Feelium supplies a tokenized platform that will allow contractual transactions to become simpler and more secure.The Feelium platform includes a few unique features like a centralized blockchain platform instead of a decentralized platform, private key retrieval, and cloud storage. Feelium aims to become a one-stop trading platform that can be utilized by anyone, in B2B and B2C scenarios.