Blockchain Traceability in other domains.
“ The blockchain is going to change everything more than the internet has.”
- Brock Pierce (Blockchain Entrepreneur)
We can witness blockchain revolutionizing the industries and we hear that blockchain with the emergence of cryptocurrencies, is gradually becoming the talk of the town. Blockchain technology is becoming a part of the gradually growing online food industry in leaps and bounds.
Apart from the food and beverage industries, gold and diamond businesses are adopting blockchain too. Trust is a prominent aspect in the jewellery industry and thus, blockchain provides a pathway towards efficient transparency and traceability in the business.
Diamonds and sometimes even gold is prone to controversies, companies like De Beers have not missed the opportunity to adopt blockchain to provide traceability solutions from mine to retail outlets. Blockchain enables them to enhance the producer-customer relationship by providing concrete pieces of evidence that their gems don’t involve forced labour or insurgency funding.
Two Surat-based companies in India, Dharmanandan diamonds and Hari Krishna exports embraced blockchain technology to provide forever opaque dealing in diamonds, tracking the journey of the gem from the rough stage in the mines to end consumers.
“ The blockchain industry will go a long way in protecting the real identity of diamonds and would provide a sense of confidence to the consumers. Surat’s diamond companies are working hard to restore consumer confidence in diamonds”
- Mr Dinesh Nawadia (regional Chairman Gems and Jewellery Export promotion council)
With the emergence of Web 3.0, the third generation of internet, the consumers across the globe are adapting to rapid digitalization and in return demand consumer benefits like fast delivery, traceability and smart track facilities. Consumers have innumerable options available to them and are not ready to compromise on the quality of the product they receive. This has drawn a tremendous amount of pressure on brands and companies to come up with solutions to the problems encountered by their consumers like that of customization and individualization in order to maintain a healthy relationship with them and keep up their heads high in their business.
Blockchain is impacting more niches than most of us are aware of because for the same reason- customer demand.
Not many of us can go without a cup of tea as a restorative force for getting some energy to go about the day’s hubbub; but are we sure whether the tea or the green tea that we are intaking is actually authentic and does good to our health and is not something with less beneficial effects?
Unilever which owns tea plantations in Africa is using blockchain technology to enhance and accelerate the supply chain.
Firms are leaving no stones unturned to use blockchain to its fullest potential. Amongst others, Change Healthcare, FDA and DHL are embracing blockchain technology to secure healthcare data.
Then comes the alcohol industry which too has started adopting blockchain solutions to cope up with issues such as fake alcohol. The Scotch whiskey industry is exploring blockchain to enhance consumer trust. Tequila and mezcal producer Clase Azul has partnered with a blockchain-oriented firm to offer 100% authenticity. In 2019 International spirits and Beverage group Inc. signed into a blockchain platform to manage its sales and distribution services.
Thus, we can clearly say that blockchain is proving itself to be a versatile solution to be used in any and every industry, helping to curb supply chain ills. Amongst other technological developments, blockchain is an efficient tool to aid supply chains in most if not all industrial sectors. The Blockchain and WEB3.0 industry is rapidly growing as more and more firms and brands are leveraging it to keep up with customer demands.
