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 restore most 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 boost drug integrity. If drugs may be clearly identified and tracked from production to consumption, it might blockchain save up to 1 million lives each year. Because DHL is already dealing with Accenture to begin a track-and-trace serialization system centered on blockchain technology.
“At the moment, you will find already more than 7 billion unique pharmaceutical serial numbers in the system. In addition, the machine may now handle a lot more than 1,500 transactions per second,” said Scott Allison, DHL’s President, Healthcare.
Allison has not just the capability of the machine in mind. Like, track-and-trace serialization should reduce costs, increase security and confidence, and eliminate error-prone data movement. The technology may 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 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 more 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, usage of capital for small food producers is frequently a large 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 is to be developed.
A blockchain banking solution has recently been announced by IBM. That is meant 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 info of breeders, suppliers, processors, traders, retailers not just to all or any parties involved but and also to the supervisory authorities and individuals are available. So every transaction may be traced and all information regarding the foodstuff may be viewed. With all members of the foodstuff 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 help in the fight illegal fishing. However, full traceability of fish and seafood is also of interest to fish wholesalers and fish retailers, as they would like 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 merely 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 is being investigated how blockchain technology may be used to tackle current problems, such as child trafficking, based on Mahrinah von Schlegel, Managing Director of Nonprofit Embassy 2.0.
Within the public-private partnership ID2020, Microsoft and Accenture have announced a partnership. The goal 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 examples of blockchain technology is Feelium. Feelium provides a tokenized platform that’ll 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.