Blockchain technology can help banks, the pharmaceutical industry, supply chain of many areas many of which include agribusiness, luxury, international trade, distribution, wines, aeronautics, and automobile, music industry, energy, and real estate.
Because blockchains have the potential to replace most of the centralized “trusted third parties” including banking trades, notaries, land registry, etc. by distributed computer systems, there is no doubt the technology will simplify the process and change our way of doing business.
For example, 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. As a matter of fact, DHL is already working with Accenture to establish a track-and-trace serialization system based on blockchain technology. There are already more than 7 billion unique pharmaceutical serial numbers in a system powered by blockchain and in addition, the system can now handle more than 1,500 transactions per second.
The track-and-trace serialization is expected to reduce costs, increase security and confidence, and eliminate error-prone data movement. The technology can also add additional verified information to the element, which cannot be manipulated because validation is carried out by all participants.
In developing and underdeveloped countries, access to capital for small food producers is often a huge problem. Binkabi is a cross-border agricultural trading platform for issuing and trading commodities on the blockchain.
Who said a system for fair commodity trading in undeveloped areas cannot be developed?
In the area of food safety, IBM is working with food manufacturers Dole, Nestlé, and Walmart to ensure that the data of breeders, suppliers, processors, traders, retailers are shared not only to all parties involved but also to the supervisory authorities and consumers are available. This results in transactions that can be traced. 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 our shelves.
In the fight against illegal fishing, the World Wildlife Fund (WWF) also utilizes blockchain technology while tracking fish and seafood. The full traceability of fish and seafood is also of interest to fish wholesalers and fish retailers, as they want to prevent their products from being linked to illegal activities. Who would want to buy fish and not know where they came from, right?
Apart from the WWF, the United Nations also uses blockchain technology in at least 16 areas some of which include the World Food Program (Refugee Aid), Office for the Coordination of Humanitarian Affairs (donor financing, safeguarding, and monitoring of supply chains).