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Blockchain is also demonstrating visible social impact in several cases. For example, Indiaβs northeastern states of Assam and Sikkim are using it to help their tribal people secure ownership titles to lands that the government had promised them at the time of Indiaβs Independence in 1947, said Gupta. βThe tribals want to prevent mineral mining and other industries from taking over those lands,β she added.
IBM-led artificial intelligence and blockchain projects in India are helping improve crop yield for agriculture companies and helping others transition to the unified goods and services tax (GST) system that was launched last year. IBMβs Research Lab has completed three pilots with Indian companies with use cases like pest and disease prediction, improving yield, and yield prediction on India-specific crops like potato and sugarcane, Miller said, pointing to a news report in Quartz India. The company is also working closely with Indiaβs central bank, the Reserve Bank of India, for banking applications, and with the Mahindra Group in a supply chain project. IBMβs India Lab is its biggest research arm outside North America focusing on those technologies.
Anything around the food supply chain β farm-to-grocery store β would be interesting for emerging economies,β said Miller. βInsurance for farmers is another application because they face hurdles like inclement weather. With IoT sensors on their fields, they could make sure they are buying the right crop insurance.β
Africa and the Blockchain
In Nairobi, Kenya, IBM has worked with Twiga Foods, a business-to-business logistics platform for kiosks and food stalls across Africa to extend micro-finance loans to vendors, which in turn would help them buy more inventory. IBM built a blockchain-enabled lending platform to overcome the obstacle of ascertaining the creditworthiness of the food vendors, said Miller.
IBM analyzed purchase records from mobile devices and then applied machine-learning algorithms to predict creditworthiness. Once the credit scores were determined, it used a blockchain to manage the entire lending process from application to receiving offers, to accepting the terms, to repayment, according to an IBM post. Miller said those applications have potential in India as well.
Indeed, lending is a good use case for blockchain applications. βIt is about the identity of the person who wants a loan, and if you can verify the personβs financial or personal history, or if they have a viable business that needs to be financed, you can cut out a lot of the process,β Miller said. βIt is especially helpful for small businesses that donβt have a strong record of owning and operating a business, or the conventionally required credit scores.β The vendors in the micro-finance project in Nairobi, for example, are able to build their credit as they repay their loans and become eligible for larger loans, she noted.
When it comes to pharmaceuticals, sensors could ensure that medicines are stored at the right temperature in climate-controlled trucks, said Miller. βYou can ensure that they are only logged into the blockchain supply chain and paid for if they are delivered on time, and at the right temperatures or conditions. That prevents bad products from going to market.β
Gupta also cited a project in Nigeria involving the cleanup of a river belt along the River Niger where blockchain and IoT technologies are being used to monitor toxin levels. The findings are considered quantifiable results in reporting to the NGOs and other international organizations that are financing that project, she added.
In another example, Miller cited an insurance company that processes workersβ compensation claims. It uses wearable devices to verify that the workers were actually at the construction site instead of somewhere else. Linking that data to the blockchain lets the insurer verify the information related to a claim and decide whether or not to process it.