Blockchain technology will help immensely in banks, insurance, health and pharmaceutical industry, supply chain of several sectors (agribusiness, luxury, international trade, distribution, wines, aeronautics, and automobile), music industry, energy, and real estate. Blockchains have the potential to replace a lot of 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 boost drug integrity. If drugs may be clearly identified and tracked from production to consumption, it could blockchain save up to at least one million lives each year. Because DHL has already been working with Accenture to set up a track-and-trace serialization system centered on blockchain technology.
“At this time, you can find already more than 7 billion unique pharmaceutical serial numbers in the system. Furthermore, the system may now handle more than 1,500 transactions per second,” said Scott Allison, DHL’s President, Healthcare.
Allison has not merely 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 could add additional verified information to the element, which cannot 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 solution, consumers no longer need certainly 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, usage of capital for small food producers is usually a huge problem. Binkabi is really a cross-border agricultural trading platform that is breaking new ground with the aid of 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. This really is designed to make international payments faster and more cost-effective.
4. Food safety
In the area of food safety, IBM is working with food manufacturers Dole, Nestlé, and Walmart. Thus, the information of breeders, suppliers, processors, traders, retailers not merely to all or any parties involved but and to the supervisory authorities and individuals are available. So every transaction may be traced and all details about the food may be viewed. With all members of the food system having usage of the blockchain, contaminated food may be quickly removed 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 assist in the fight illegal fishing. However, full traceability of fish and seafood can also be 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)
Furthermore, it is currently being investigated how blockchain technology can be utilized to tackle current problems, such as child trafficking, according to 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 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 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 can be utilized by anyone, in B2B and B2C scenarios.