Blockchain technology is poised to bring improvements in many sectors, including banks, health and pharmaceutical industry, insurance, music, supply chain, real estate, energy and so on. Having the potential to eliminate the centralized “trusted third parties,” it can make the business ecosystems transparent, immutable and traceable.
The blockchain is a digital storage method where individual pieces of information are linked to each other. Since the collected data that forms a long chain of records is stored in an encrypted format, it cannot be stolen or altered.
By bringing a superior level of data security, reliability, transparency and ownership, Blockchain can transform the following industries:
The most promising applications for Blockchain in the Fashion industry are inventory management and supply chain. Blockchain combined with RFID (Radio Frequency Identification) can allow users to track shipments from its source of raw materials to the final manufactured product.
Blockchain can enhance the protection of intellectual property for brand owners and designers. Branded goods tracked through the blockchain ensures the authenticity of brand owners, retailers and consumers, which can result in reduced frauds and counterfeiting.
A Chinese Company, Alibaba is developing a blockchain application to allow tracking of their products from their origin to destination.
Blockchain technology can improve drug integrity by clearly identifying the sources from production to consumption. With the time-stamped records stored on the distributed ledger, it is possible to save millions of lives each year.
DHL healthcare and Accenture have created a blockchain-enabled serialization prototype having nodes in six geolocations to trace the pharmaceuticals across the supply chain.
Scott Allison, DHL’s president, said, “At the moment, 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.”
The blockchain-based solution in pharmaceutical can help reduce costs, eliminate error-prone data movement and enhance security and confidence.
In countries that are underdeveloped and developing, access to the capital for small food producers is the biggest challenge. Currently, a financial institution acts as an intermediary to enable the cross-border payments, which is not only a time-consuming process but highly expensive method due to the involvement of multiple participants.
Therefore, blockchain can overcome these problems by allowing peers to get connected directly through a decentralized ledger.
Since the transacting parties are connected to the same Distributed Ledger Network, the transactions can be settled instantaneously.
To enable quick cross-border payments for your global business, consult a blockchain development company with a vast knowledge of multiple blockchain platforms.
Blockchain can overcome the problem of fake or misleading information by bringing more traceability to the publishing industry.
The significant applications of blockchain technology in publishing are print supply chain management and piracy tracking, rights licensing and e-book ownership transfers.
The licensor’s job is to track down ownership, permission costs, and approach an appropriate person to discuss licensing photos and content, which is quite a time consuming and cumbersome process.
But blockchain-based management of rights allows content to be embedded with rights information and smart contracts can enable easy sharing, usage and licensing.
If you are looking to transform your business operations, ensure to look out for a leading blockchain development company that has an in-depth understanding of blockchain concepts and decentralization.