Blockchain technology can greatly help banks, insurance, health and pharmaceutical industries, supply chains in many sectors (agribusiness, luxury, international trade, distribution, wine, aeronautics, and automobiles), music industry, energy, and real estate. Most of the blockchains have the potential to replace centralized “trusted third parties” including banking systems, notaries, land registries, etc. distributed by computer systems.
1. Medicine / Pharmacy
Blockchain technology can be used to improve drug integrity. If drugs can be clearly identified and tracked from production to consumption, it can save a million lives each year. This is because DHL is already working with Accenture to establish a track-and-trace serialization system based on blockchain technology.
“Right now, the system already has over 7 billion unique pharmaceutical serial numbers. In addition, the system can now handle more than 1,500 transactions per second,” said Scott Allison, president of DHL, Healthcare.
Allison doesn’t just have the power of the system in mind. For example, the cost of track-and-trace serialization should be reduced, security and confidence should be increased, and error-prone data movement should be eliminated. Technology may add additional verified information to the component, which cannot be manipulated. Validity is borne by all participants.
“The system not only meets the requirements of global serialization, it even goes beyond them,” Allison said.
2. Fashion / Fashion
The CGS project allows customers to track the entire life cycle of a garment. It brings together companies from the fashion, apparel and consumer goods sectors to work together. With this solution, consumers no longer have to blindly rely on price in sustainability fashion. Blockchain technology allows to track the durability and consistency of clothing
3. Cross-border payment
In developing and underdeveloped countries, access to capital is often a major problem for small food producers. Binkby is a cross-border agribusiness platform that is creating new land with the help of Sweet Bridge to Block Bridge solutions. Thus, a system needs to be developed for fair trade.
IBM recently announced a blockchain banking solution. This is done to make international payments faster and more affordable
4. Food security
In terms of food security, IBM is working with food manufacturers Doll, Nestle and Walmart. As such, information on breeders, suppliers, processors, traders, retailers is available not only to all parties involved, but also to supervisory authorities and consumers. So every transaction can be traced and all the information about the food can be seen. 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, the technology will help in the fight against illegal fishing. However, the complete traceability of fish and seafood is also of interest to fish wholesalers and fish retailers, as they seek to prevent their products or brands from engaging in illegal activity.
Bubba Cook, WWF’s Western Central Pacific Tuna Program Manager, said:
5. Humanitarian crisis
Blockchain technology is not only used by companies. The United Nations currently uses blockchain technology in 16 areas, including:
World Food Program (Refugee Assistance)
Humanitarian Coordination Office (donor financing, security, and supply chain monitoring)
According to Mahrinah von Schlegel, managing director of the nonprofit Embassy 2.0, research is currently underway on how blockchain technology can be used to address current issues such as child trafficking.
As part of the public-private partnership ID2020, Microsoft and Accenture have announced a partnership. The goal is to provide a legal form of identification and identification to 1.1 billion people using blockchain technology.
In collaboration with Everlaser, the jewelry company wants to use blockchain technology to accurately track the origin of Brilliant Earth diamonds and other gems. This ensures that only conflict-free stone is processed.