Blockchain Technology – A Closer Look
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 most of the centralized “trusted third parties” including banking trades, notaries, land registry, etc. by distributed computer systems.
- Medicines / Pharmacy
Blockchain technology can be used to improve drug integrity. If drugs can be clearly identified and tracked from production to consumption, it could save up to one million lives each year. Because DHL is already working with Accenture to establish a track-and-trace serialization system based on blockchain technology. Tron (TRX): What It Is And How Does This Cryptocurrency Work – Techolac
- 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 to rely blindly on the value in sustainability fashion. Blockchain technology allows tracking of sustainability and conformity of the garment
- Cross-border payments
In developing and underdeveloped countries, access to capital for small food producers is often a big problem. Binkabi is a cross-border agricultural trading platform that is breaking new ground with the help of a block bridge solution from Sweet bridge. Thus, a system for fair commodity trading is to be developed.
A blockchain banking solution has recently been announced by IBM. This is intended to make international payments faster and more cost-effective.
- Food safety
In the area of food safety, IBM is working with food manufacturers Dole, Nestlé, and Walmart. Thus, the data of breeders, suppliers, processors, traders, retailers not only to all parties involved but also to the supervisory authorities and consumers are available. So every transaction can be traced and all information about the food can be viewed. With all members of the food system having access to the blockchain, contaminated food can be quickly removed from the production and supply chain before it reaches the shelf.
- Humanitarian Crises
Blockchain technology is not just used 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 currently being investigated how blockchain technology can 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 goal is to give 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 use blockchain technology to accurately track the origins of diamonds and other gems. This ensures that only conflict-free stones are processed.