Agriculture
Blockchain technology has the potential to strengthen the agricultural sector by providing a fully transparent and secure method by which consumers, farmers, and retailers can all identify and record the source of produce and each step of its journey to market.
With the blockchain in place, farmers would be guaranteed to receive fair payment for their goods, consumers would know more about the precise origins of the food they eat, and retailers would have the greater reassurance that products arriving at their stores are the same as those leaving the farmers themselves. This is because the blockchain is able to record every step of a product’s journey, allowing instant confirmation of price or origin at any stage within the process.
Blockchain technology will also revolutionize the business of farming in other ways by creating a superior infrastructure that alerts farmers to weather alerts, any potential problems with machinery or maintenance and other pertinent information.
Online Gaming
When you take part in an online game, hit the virtual slot machines, or play a video poker, a key element of the online gaming world is the assumption that the operation is going to be trustworthy. All major casinos have put huge efforts into proving their fairness but implementing blockchain would take this trust to the next level.
With a blockchain system in place, any player anywhere in the world would be able to check all of the transactions and the operation of the random generation algorithm, eliminating the need of auditing for any online casino.
Supply chain management
Logistics operations depend on both accessibility and transparency. However, the current setup within the industry lacks either. The reason that so many shipments becomes damaged, misplaced or delayed during the transportation process is because the system lacks the ability to provide an overview of all activities that is updated in real time and collated on a single, incorruptible, unalterable ledger.
Introducing blockchain technology into the business of supply chain management would eliminate much of the complex paperwork that currently used by the industry which allow for mistakes and other issues to be identified almost instantly and eliminate the possibility of fraud. It is no wonder that major organizations, such as IBM and shipping giant Maersk are investigating ways of using blockchain to digitize global trade.
Healthcare
Blockchain technology will also have a great effect on the health industry. Blockchain technology reduces the number of intermediaries that handle each input and maintains permanent, timestamped records of each transaction, which reduces the opportunity for error, while simultaneously delivering a high level of transparency and trust.
It is very imaginable that in the near future we will all have digital medical records stored on a blockchain. Having the ability to grant access to hospitals, insurers, or any other medical practitioners that require that information. Providing the information requirements to each of the requester, so that only the necessary information is shared.
Having this information readily available (via an app, or system at the medical institution) can enable life saving measures across all borders, as there will be no delay. Aside from that, metadata or anonymized data can be aggregated and used for medical research on a scale that is unthinkable today. This will lead to life saving medicines and procedures.
Education
As with the health industry, blockchain technology can be used to track and verify the historical accomplishments of users at all types of educational institutes, from university and college degrees, to certificates that can then be either standardized or simply globally recognized.
Sony Corporation, in collaboration with Sony Global Education, submitted a patent application for a blockchain-based repository that would house people’s school records, including courses completed, test scores, diplomas, degrees, and more, like a digital transcript. Such a system could allow teachers and students to access relevant data, while maintaining privacy. It could also provide subsequent educational institutions and potential employers a transparent, trustworthy location to acquire applicant credentials.
FASTER CLEARING OF FINANCIAL TRANSACTIONS
Delays in the clearing of checks, stock purchases, and other financial transactions cost the industry, as well as consumers, billions of dollars a year. Banks, brokerage firms, and mutual fund companies are always seeking ways to speed up their transactions, and they are increasingly looking to the power of the blockchain.
The banking industry is looking forward to a day when transactions will clear dozens of times faster, thereby reducing costs, eliminating bottlenecks, and making the entire system more secure. Major banks are already implementing and experimenting with the blockchain, and interest is only expected to grow.
