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 displace the majority of the centralized “trusted third parties” including banking trades, notaries, land registry, etc. by distributed computer systems.
1. Medicines / Pharmacy
Blockchain technology may be used to enhance drug integrity. If drugs can be clearly identified and tracked from production to consumption, it may blockchain save up to at least one million lives each year. Because DHL is already working together with Accenture to establish a track-and-trace serialization system centered on blockchain technology.
“At this time, there are already over 7 billion unique pharmaceutical serial numbers in the system. In addition, the system may now handle significantly more than 1,500 transactions per second,” said Scott Allison, DHL’s President, Healthcare.
Allison has not just the capability 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’t 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 specific solution, consumers no longer need to rely blindly on the worthiness 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 a cross-border agricultural trading platform that’s breaking new ground with assistance from a block bridge solution from Sweet bridge. Thus, something for fair commodity trading will be developed.
A blockchain banking solution has been announced by IBM. That is meant to make international payments faster and more cost-effective.
4. Food safety
In the area of food safety, IBM is working together with food manufacturers Dole, Nestlé, and Walmart. Thus, the data of breeders, suppliers, processors, traders, retailers not just to all parties involved but and to the supervisory authorities and individuals are available. So every transaction can be traced and all information regarding the foodstuff can be viewed. With all members of the foodstuff system having use of the blockchain, contaminated food can be quickly taken off 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 aid in the combat illegal fishing. However, full traceability of fish and seafood can also be of interest to fish wholesalers and fish retailers, as they wish to prevent their products or brands from being associated with 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 just employed 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 may be used to tackle current problems, such as child trafficking, according to 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 target is to offer 1.1 billion people a legal type of identity and identification using blockchain technology.
In collaboration with Everledger, the jewelry company Brilliant Earth intends to use blockchain technology to accurately track the origins of diamonds and other gems. This ensures that only conflict-free stones are processed.
One of the finest samples of blockchain technology is Feelium. Feelium offers a tokenized platform that may allow contractual transactions to become simpler and more secure.The Feelium platform has a few unique features such as a centralized blockchain platform in place of a decentralized platform, private key retrieval, and cloud storage. Feelium aims to become a one-stop trading platform that may be used by anyone, in B2B and B2C scenarios.