Blockchain implementation in various industries(Part 2)
This article is a continuation of ‘Blockchain implementation in various industries (Part 1)’, which describes the various use cases of blockchain in industries like insurance, banking, real estate etc.
We at Blockchained India started off with our ‘100 DAYS OF CODE’ program. The aim of this program is to skill people and to introduce them to the technicalities of the Blockchain world. Aspirants will learn afresh about this through a coding exercise which will demand 100 consecutive days of learning, fun, hard work and lots of coding.
The participants from the current program have come up with certain use cases of Blockchain in varying fields. So here’s part 2 of 3 series of best use cases in different industries describing how Blockchain can be used to achieve new goals in different areas!
SUPPLY CHAIN MANAGEMENT:
Blockchain technology can be applied to many challenges of the Supply chain industry such as complicated record-keeping and tracking of products. Its a less corruptible and better alternative to centralized databases. Following are some of its major use cases in the field of Supply Chain Management:-
- Supply chain finance
- Maintenance tracking
- Provenance
- Supply chain compliance
Blockchain applications add greater visibility to the supply chain industry processes and help the entities boost efficiency across the entire supply chain, thereby helping them yield higher customer value and stronger trading relationships. Its services ensure secure and smooth business transactions. It will also lead to the strengthening of trading relationships by integrating the business with robustly secure networks both local and global alike. The properties of transparency and immutability of blockchain make it useful for eliminating fraud in the supply chain and maintaining the integrity of the system. Other benefits include reduction and elimination of fraud and errors, reduction of delays from paperwork and an increase in consumer and partner trust.
FOOD INDUSTRY:
The food industry is one area in which blockchain already enjoys an immediate impact. It is implemented in many ways throughout the end-to-end food process. Here are some of its use cases in the food industry:
- Traceability, quality, certificate
- Commodity management
- Financial Solution
- Data sharing
The ways in which Blockchain will improve operations in this critical industry:
Supply chain: The use of blockchain makes a supply chain more transparent at an all-new level. It allows specific products to be traced at any given time, which would help to reduce food waste. For instance, contaminated products can be traced easily. Data-sharing between disparate actors in a food value chain. Many retailers have sold fraudulent food products unknowingly. With the use of blockchain, those days could come to an end.
Food safety: It has the potential to dramatically improve food safety by providing consumers with transparency that the food they are eating match the ingredients on the label, by capturing any event in which the food may be tampered with any point in the supply chain and by enabling retailers to pull potentially hazardous foodstuffs from shelves given any accident.
Payments: It can be used to cut out middlemen and lower transaction fees, another promising development for small- or medium-sized food producers.
AGRICULTURE:
Utilizing a decentralized ledger on the Blockchain that is easily accessible for all players in a given operation will provide more seamless communication regarding what needs to be done.
Use of Blockchain in the agricultural industry will:
- Improve quality control and food safety
- Increase traceability in the supply chain
- Increase efficiency for farmers
- Fairer payments for farmers
- Will enable farmers to do real-time management of the stocks
ENERGY MANAGEMENT:
Even as other industries are swept in waves of disruption unleashed by Blockchain technology, the energy industry has been slow to embrace change. But its introduction promises to speed things up and radically transform the industry’s processes and markets. There are three prominent use cases of Blockchain in this industry which are as follows:
- Peer-to-peer energy trading
- Financing energy access
- Application of Blockchain for wholesale trading through regional mini-grids
Speaking at a broad level, residents with solar panels can sell their environmental credit to residents without solar panels through a mobile app. Buyers and sellers can negotiate the price of electricity directly, thereby eliminating intermediaries. It will enable direct and transparent renewable energy procurement. A distributed ledger with several energy consumers and producers could lead to multiple rates within the market instead of the single- utility set rate that is currently prevalent.
GIFT CARD AND LOYALTY PROGRAMS:
The Blockchain could serve as a secure locker for these gift cards, utilizing unparalleled authentication methods to tie a single user to their gift card sum, creating a more versatile, seamless means to take advantage of their credits. The various use cases are as follows:
- Loyalty tokens
- Rewards applications
- Loyalty network platform
Blockchain is able to streamline execution and administration of loyalty rewards programs, giving all participants near-real-time transparency, within the permissioned constraints of the program provider, which taken altogether should result in significant future cost savings that we believe will pay for the design and implementation of a blockchain-based loyalty rewards program. It can be seen as a way to flip the market by providing better metrics for a wider audience, reducing the influence of data and audience- hoarding intermediaries, and transforming potentially effective yet underutilized marketing strategies such as loyalty programs through innovative face lifting approaches.
GAMING:
The vast majority of online games follow a centralized model, meaning that all related data(server history, in-game data etc) is stored on a server that is fully controlled by the game administrators. Blockchain technology is able to deal with this problem. Its various use cases in the gaming industry are as follows:
- Peer-to-peer gaming transactions
- In-game virtual items to digital assets
Tokenization of virtual goods, improving betting as well as payments are just a tip of the iceberg of the many benefits that a blockchain provides. A blockchain-based system can be used to verify and secure all sorts of digital data including in-game history, digital items, and tokenized assets. The main idea is to take away the power from the gaming companies and give it back to the players. This way, each player can have full control over their accounts and expectations and as this technology evolves, it will revolutionize the gaming sector further.
So, this was part 2 of 3 of our series!
To read the final part of our series, click here !
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