Blockchain technology can help immensely in banks, insurance, the healthcare and pharmaceutical industries, the supply chain of many sectors (agribusiness, luxury, international trade, distribution, wine, aeronautics and cars), the music industry, energy and real estate. Blockchains can replace most centralized “trusted third parties,” including banking crafts, notaries, land books, etc., with distributed computer systems.
1. Drugs / 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 a million lives each year. Because DHL is already working with Accenture to establish a blockchain-based monitoring and serialization tracking system.
“Currently, there are more than 7 billion unique pharmaceutical serial numbers in the system. In addition, the system can now process more than 1,500 transactions per second,” said Scott Allison, president of DHL, Healthcare.
Allison doesn’t just think about system capacity. For example, serialization by tracking and tracking should reduce costs, increase security and self-confidence, and eliminate the movement of error-prone data. Technology can add additional verified information to an element that cannot be manipulated. Confirmation is done by all participants.
“The SYSTEM not only meets global requirements for serialization, it even exceeds them,” says Allison.
2. Fashion / Fashion
The CGS project allows consumers to follow the entire life cycle of a garment. This brings together companies from the fashion, clothing and consumer goods sectors to work together. With this solution, consumers no longer have to blindly rely on the value of sustainability. Blockchain technology allows you to monitor the sustainability and consistency 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 opens new ground with the help of the Sweet bridge block bridge solution. Therefore, a fair trade system needs to be developed.
IBM recently announced a blockchain banking solution. This aims to make international payments faster and more cost-effective.
4. Food safety
In the area of food safety, IBM works with food manufacturers Dole, Nestlé and Walmart. Therefore, data are available from growers, suppliers, processors, traders, traders, not only all parties involved but also supervisory authorities and consumers. This way, every 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 Wildlife Fund (WWF) “tracks” fish and seafood using blockchain technology. In this project, technology should help combat illegal fishing. However, the full traceability of fish and seafood is also of interest to fish wholesalers and retailers, as they want to prevent their products or brands from being linked to illegal activities.
“CONSUMERS ARE ALSO INCREASINGLY BETTING FOR COMPLETELY TRACEABLE FISH AND SEAFOOD THAT ARE NOT FROM ILLEGAL FISHING,” says Bubba Cook, WWF’s program manager for tuna in the Western and Central Pacific.
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 Coordination of Humanitarian Affairs (donor financing, protection and supervision of supply chains)
In addition, research is currently being explored on how blockchain technology can be used to address current issues, such as child trafficking, according to Mahrinah von Schlegel, director general of the nonprofit Embassy 2.0.
As part of the ID2020 public-private partnership, Microsoft and Accenture have announced a partnership. The goal is for 1.1 billion people to get a legal form of identity and identification using blockchain technology.
In collaboration with Everledger, Brilliant Earth Jewelry intends to use blockchain technology to accurately track the origins of diamonds and other gems. This ensures the processing of only stones without conflict.