How Blockchain Technology Is Making the World Better?
Banks, insurance, the health and pharmaceutical industries, the supply chain of various industries (agribusiness, luxury, international trade, distribution, wines, aeronautics, and automobile), the music industry, energy, and real
estate can all benefit greatly from blockchain technology. Distributed computer systems have the ability to replace most centralised “trusted third parties,” such as financial exchanges, notaries, and land registries.
1. Pharmacy / Medicines
Drug integrity can be improved using blockchain technology. It is estimated that if pharmaceuticals can be accurately identified and traced from production to consumption, one million lives could be saved each year.
Because DHL is already collaborating with Accenture to develop a blockchain-based track-and-trace serialisation solution.
There are more than 7 billion distinct pharmaceutical serial numbers in the system right now. Furthermore, the system can currently process over 1,500 transactions per second “DHL&’s President of Healthcare, Scott Allison,
Allison isn’t just thinking about the system’s capability. Track-and-trace serialisation, for example, should lower costs, improve security and confidence, and eliminate data transfer that is prone to errors. Additional confirmed information can be added to the element using technology that cannot be modified. All participants take part in the validation process.
2. Clothing / Clothing
Consumers may follow a garment's complete lifecycle using the CGS project. This brings companies from the fashion, apparel, and consumer products industries together to collaborate. Consumers will no longer have to relysolely on the value of sustainable fashion with this solution. The garment’s sustainability and conformance may be tracked via blockchain technology.
3. Payments made across borders
Access to cash for small food producers is typically a major issue in emerging and impoverished countries. Binkabi is a cross-border agriculture trading platform that is breaking new ground thanks to a Sweet Bridging block bridge
solution. As a result, a system for fair commodities trade will be created.
IBM has recently announced a blockchain banking solution. This aims to make international payments more efficient and cost-effective.
4. Food security
As a result, data from breeders, suppliers, processors, traders, and retailers is available to not just all parties involved, but also to supervisory authorities and consumers. As a result, every purchase can be tracked and all food information may be displayed. Because the blockchain is accessible to all participants of the food industry, contaminated food can be swiftly removed from the production and supply chain before it reaches the shelf.
The World Wildlife Fund (WWF) uses blockchain technology to “trace” fish and seafood. The technology should aid in the fight against illegal fishing in this endeavour. Fish wholesalers and retailers, on the other hand, are
interested in full traceability of fish and seafood because they don’t want their products or brands to be associated with criminal activity.
Companies aren’t the only ones who employ blockchain technology. The UN presently employs blockchain technology in 16 domains, including the World Food Program (Refugee Aid) and the Office for the Coordination of
Humanitarian Affairs (donor financing, safeguarding, and monitoring of supply chains) Microsoft and Accenture have announced a partnership as part of the ID2020 public-private partnership. The idea is to use blockchain technology to provide 1.1 billion individuals with a legal form of identity and identification.
Brilliant Earth, in conjunction with Everledger, plans to use blockchain technology to precisely identify the origins of diamonds and other jewels. Only conflict-free stones are treated as a result of this.
Feelium is one of the best instances of blockchain technology. Feelium provides a tokenized platform that makes contractual transactions more convenient and secure. Feelium includes a few unique characteristics, including a centralised blockchain platform rather than a decentralised blockchain network, private key recovery, and cloud storage. Feelium aspires to be a one-stop trading platform that anyone may use in both B2B and B2C situations.