Blockchain technology will help immensely in banks, insurance, health and pharmaceutical industry, supply chain of numerous 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 may be used to improve drug integrity. If drugs can be clearly identified and tracked from production to consumption, it may 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 centered on blockchain technology.
“At this time, there are already over 7 billion unique pharmaceutical serial numbers in the system. Furthermore, the machine can now handle a lot more than 1,500 transactions per second,” said Scott Allison, DHL’s President, Healthcare.
Allison has not merely the ability of the machine in mind. For instance, track-and-trace serialization should reduce costs, increase security and confidence, and eliminate error-prone data movement. The technology can 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 entire 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 certainly to rely blindly on the worth in sustainability fashion. Blockchain technology allows tracking of sustainability and conformity of the garment
3. Cross-border payments
In developing and underdeveloped countries, access to capital for small food producers is often a huge problem. Binkabi is just a cross-border agricultural trading platform that’s 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 recently been announced by IBM. That is intended to make international payments faster and more cost-effective.
4. Food safety
In your community of food safety, IBM is dealing with food manufacturers Dole, Nestlé, and Walmart. Thus, the info of breeders, suppliers, processors, traders, retailers not merely to all parties involved but and to the supervisory authorities and people are available. So every transaction can be traced and all information about the meals can be viewed. With all members of the meals system having access to 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 aid in the fight illegal fishing. However, full traceability of fish and seafood can be of interest to fish wholesalers and fish retailers, as they would like 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 just 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)
Furthermore, it is being investigated how blockchain technology may be used to tackle current problems, such as for instance child trafficking, based on Mahrinah von Schlegel, Managing Director of Nonprofit Embassy 2.0.
Included in the public-private partnership ID2020, Microsoft and Accenture have announced a partnership. The target is to give 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 make use of blockchain technology to accurately track the origins of diamonds and other gems. This ensures that only conflict-free stones are processed.
One of the greatest types of blockchain technology is Feelium. Feelium supplies a tokenized platform which will allow contractual transactions to become simpler and more secure.The Feelium platform features 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 be a one-stop trading platform that may be used by anyone, in B2B and B2C scenarios.