Blockchain technology is being used today in various sectors of the economy, including health, education, agriculture, automobiles, and banking. The distributed ledger’s ability to provide data integrity, traceability and transparency have been some of the key features that have increased its adoption by companies in these industries.
Now here are seven practical examples of the real-world application of blockchain.
1. Bumble Bee Tracks Supply Chain of Fish Using Blockchain:
In March 2019, Bumble Bee Foods, one of the largest seafood producers in North America, partnered with SAP, a cloud company. Their collaboration enabled Bumble Bee to use SAP’s Blockchain service to track the movement of fresh fish from the Indonesian Ocean to the market. As a result, consumers of the company’s tuna fish will be able to scan the product ID to ascertain if their fish are safe for consumption.
2. Walmart Aids Traceability of Foods Using Blockchain:
Since 2017, Walmart, America’s largest grocery retailer, has been using blockchain for food traceability. In June 2019, Walmart partnered with MediLedger, a pharmaceutical consortium, in a bid to track pharmaceutical products using the blockchain. Similarly, the retailer is piloting a blockchain service to track the importation of shrimps from India to the US.
3. Pzifer Pilots Blockchain to Ascertain Who Touches a Drug:
Pzifer, a pharmaceutical corporation, participated in a pilot program where a closed blockchain system was used to determine who touches a particular drug and when. Also, the system enables manufacturers of pharmaceutical drugs to place unique IDs on these products to reduce counterfeits.
4. Toyota Resorts to Blockchain to Develop Driverless Cars:
Toyota Motor Corporation, a Japanese car manufacturer, is piloting a blockchain-based program as well to develop self-driving cars. Before this time, Toyota used the blockchain to minimize fraud in its digital ad campaign buys. It also announced its test of an electricity system that uses the blockchain to enable people to trade electricity.
5. MasterCard Builds Blockchain-based System for Real-time Payments
MasterCard has filed a patent that reveals that the financial services company is developing a blockchain-based real-time payment system. In August 2019, MasterCard also announced that it would trial a blockchain-based product to curb fake fashion products. The payments giant is also hiring blockchain experts, which could be in a bid to develop a cryptocurrency and its wallet.
6. Verisart Verifies the Authenticity of Art Works Using Blockchain:
Verisart is the first company to use the blockchain to aid in the provenance and traceability of art and collectibles. Earlier this month, Verisart announced that it had raised $2.5 million in seed financing. It said the funds would help it to expand its blockchain platform to authenticate more artworks.
7. De Beers Group Tracks the Supply Chain of Diamonds Using the Blockchain:
In May 2018, De Beers Group, a Diamond business with the collaboration of other companies, used the blockchain to track the supply chain of diamonds. According to the company, it was able to track the movement of about 100 diamonds from the mine to retailers.
These are some use cases of the blockchain today, and it shows that the technology can be implemented in just about any industry. Companies around the world are also developing their own products on the blockchain, and what each has in common, is the goal of ensuring transparency.