Blockchain technology can help tremendously in banking, insurance, healthcare and the pharmaceutical industry, the multi-sector supply chain (agricultural business, luxury, international trade, distribution, wine, aeronautics and automobiles), the music industry, energy and real estate. Most of the centralized “trusted third parties” in the blockchain have the option of replacing banking systems, notaries, land registry, etc. with distributed computer systems.
1. Medicines / Pharmacy
Blockchain technology can be used to improve the integrity of drugs. By clearly identifying drugs and continuing from production to consumption, they can save a million lives a year. DHL is already working with Accenture to implement a track-and-trace serialization system based on blockchain technology.
“At the moment, there are already more than 7 billion pharmaceutical serial numbers in the system. In addition, the system can handle more than 1,500 transactions per second,” said Scott Allison, DHL’s health president.
Allison has not only the power of the system in mind. For example, serialization of tracking and monitoring should reduce costs, increase security and trust, and eliminate the movement of data with errors. Technology can add additional verified information to the item, which cannot be manipulated. Validation is done by all participants.
“THE SYSTEM DOES NOT MEET THE GLOBAL REQUIREMENTS OF SERIALIZATION, IT ALSO HAS THEM,” says Allison
2. Fashion / Fashion
The CGS project allows consumers to follow the entire life cycle of a garment. This brings together companies in the fashion, clothing and consumer goods sector to work together. With this solution, consumers no longer have to look ugly at the value of sustainability fashion. Blockchain technology allows you to track the durability and conformity of clothing
3. Cross-border payments
In developing and underdeveloped countries, access to capital for small food producers is often a major problem. Binkabi is a cross-border agricultural trading platform that is opening up new avenues with the help of a block bridge solution on Sweet Bridge. Thus, a commodity trading system will be developed.
IBM has just announced a blockchain banking solution. This will make international payments faster and more cost effective.
4. Food safety
In the area of food safety, it is working with food manufacturers IBM Dole, Nestlé and Walmart. Thus, the data of growers, suppliers, processors, traders, sellers are available not only to all parties involved, but also to supervisory authorities and consumers. So all the transactions can be found and all the information about the food can be seen. To ensure that all members of the food system have access to the block chain, contaminated food can be quickly removed from the production and supply chain before reaching the shelf.
The Wildlife World Fund (WWF) “monitors” fish and seafood using blockchain technology. In this project, technology should help in the fight against illegal fishing. However, the full traceability of fish and seafood is of interest to large fish sellers as well as fish sellers, who want to prevent their products or brands from being associated with illegal activities.
“CONSUMERS ALSO CRYSTALLIZE FULL FISH AND VESSELS OTHER THAN FISH FILTER,” says Bubba Cook, WWF’s Director of the Western Midwest Pacific Tuna Program.
5. Humanitarian crises
Blockchain technology is not only used by companies. The United Nations currently uses blockchain technology in 16 areas, including:
· World Food Program (Refugee Assistance)
· Office for the Coordination of Human Affairs (control of donor financing, surveillance and supply chains)
In addition, he is currently researching how blockchain technology can be used to address current issues, such as child trafficking, according to Mahrinah von Schlegel, managing director of the nonprofit Embassy 2.0.
As part of the ID2020 public-private partnership, 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 partnership with Everledger, the Brilliant Earth jewelry company wants to use blockchain technology to track the exact origin of diamonds and other gems. This ensures that only conflict-free stones are processed.