How Blockchain Technology Is Making the World Better?
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 promising to replace most of the centralized "trusted third parties" including banking trades, notaries, land registry, etc. by distributed computer systems.
1. Medicines / Pharmacy
Blockchain technology can be used to improve medication uprightness. If medication 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.
"At the moment, there are already more than 7 billion alone pharmaceutical serial numbers in the system. In addition, the order can now handle more than 1,500 undertaking per second," said Scott Allison, DHL's President, Healthcare.
Allison has not only the capacity of the system in mind. For example, track-and-trace serialization should decrease costs, increase security and confidence, and eliminate error-prone data movement. The technology can 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 composed companies from the fashion, covering and consumer goods sectors to work together. With this solution, consumers no deep need to rely blindly on the value in sustainability fashion. Blockchain development Company technology allows tracking of sustainability and compliance of the garment
3. Cross-border payments
In developing and backward countries, access to capital for small food producers is often a big difficulty. Binkabi is a cross-border agricultural business platform that is bursting new ground with the help of a block bridge solution from Sweet bridge. Thus, a system for fair commodity business 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.
4. Food safety
In the area of food safety, IBM is working with food manufacturers Dole, Nestlé, and Walmart. Thus, the data of breeders, suppliers, butcher, traders, merchant not only to all social gathering involved but also to the supervisory authorities and consumers are available. So every transaction can be copied and all news about the food can be viewed. With all members of the food order having admission to the blockchain, contaminated food can 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 against illegal fishing. However, full traceability of fish and seafood is also of interest to fish wholesalers and fish retailers, as they want 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 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)
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.
6. Jewelry
In coopration with Everledger, the jewelry company Brilliant Earth to use blockchain technology to correctly track the origins of diamonds and other gems. This ensures that only conflict-free stones are processed.