Blockchain technology can greatly help 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 centralized “trusted third parties,” including retailers, notaries, property registrars, etc., with distributed computer systems.
1. Medications / Pharmacy
Blockchain technology can be used to improve the integrity of medications. If drugs could be clearly identified and tracked from production to consumption, it could save up to a million lives each year. Because DHL is already working with Accenture to establish a serialization system based on blockchain technology.
“Right now, there are already more than 7 billion unique pharmaceutical serial numbers in the system. In addition, the system can now handle more than 1,500 transactions per second,” said Scott Allison, president of DHL Health.
Allison doesn’t just have system capability in mind. For example, serialization of tracking and tracing should reduce costs, increase security and trust, and eliminate the movement of error-prone data. The technology can add additional verified information to the item, which cannot be manipulated. Validation is performed by all participants.
“THE SYSTEM NOT ONLY MEETS THE GLOBAL SERIALIZATION REQUIREMENTS, EVEN EXCEEDS THEM,” Allison says.
2. Fashion / Fashion
The CGS project allows consumers to track the entire life cycle of a piece. This brings together companies from the fashion, clothing and consumer goods sectors to work together. With this solution, consumers no longer need to blindly trust the value of sustainable fashion. Blockchain technology allows you to monitor the sustainability and conformity of the piece
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 advancing with the help of a Sweet Bridge blockchain solution. Therefore, a fair trade system of commodities must be developed.
IBM recently announced a blockchain banking solution. This aims to make international payments faster and more profitable.
4. Food security
In the area of food safety, IBM works with food manufacturers Dole, Nestlé and Walmart. Thus, data from breeders, suppliers, processors, traders, retailers not only of all parties involved but also of control authorities and consumers are available. Thus, each transaction can be tracked and all food information 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.
The World Wide Fund for Nature (WWF) “tracks” fish and shellfish using blockchain technology. In this project, technology should help in the fight against illegal fishing. However, the total traceability of fish and shellfish is also of interest to fish wholesalers and retailers, as they want to prevent their products or brands from being associated with illegal activities.
“CONSUMERS ALSO CALUMNED MORE AND MORE FOR FULLY TRACEABLE FISH AND SEAFOOD THAT DOES NOT COME FROM ILLEGAL FISHING,” says Bubba Cook, director of WWF’s Western Central Pacific tuna program.
5. Humanitarian crises
Blockchain technology is not just used by companies. The United Nations currently uses blockchain technology in 16 areas, which include:
· World Food Program (Refugee Aid)
· Office for the Coordination of Humanitarian Affairs (donor financing, safeguarding and monitoring of supply chains)
In addition, research is currently being done on how blockchain technology can be used to address current issues, such as child trafficking, according to Mahrinah von Schlegel, director general of the non-profit 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 through blockchain technology.
In collaboration with Everledger, 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.