What are the application areas of blockchain technology? From healthcare to banking and accounting, a growing number of industries, lines of business and enterprises are using blockchain to improve the security and efficiency of their operations. Here are some of the most promising application areas:
One area where blockchain is really gaining traction is in the food chain, tracking perishable food from farm to fork. The food chain can be said to be one of the best examples of how blockchain technology can be applied. It has realized the whole process tracking of perishable food from farm to table. With a permissioned blockchain, food manufacturers can invite anyone they want to join the network, such as catering platforms, sustainable farms, or even individual growers. When the produce is harvested, it is assigned a QR code that contains various information, including where it came from, the name of the grower, and whether it is organic or from a fair trade company. This data will be encoded into the blockchain and updated with the latest information as supply chain processes progress.
In this way, if a product needs to be recalled, the manufacturer can use the blockchain to find the exact batch involved, thereby reducing the waste and cost caused by a large-scale recall. Once the product is delivered, retailers and consumers can use the QR code to view key information about the product, or even the various fruits in the milkshake.
Bumble Bee Seafood has also used blockchain to prove that yellowfin tuna was caught by local Indonesian fishermen. They encoded the origin of the tuna and entered it into the blockchain. Once the fish has been tested for safety, the data is added to the blockchain and eventually the information can be viewed by restaurants and retailers in the United States.
In addition to food tracking, tracking medical supplies is another potential application area. There are already blockchain tracking systems that can support medical service providers, pharmacies, and drug sellers to verify the drug delivery process. Global pharmaceutical company Boehringer Ingelheim is using the system to identify pharmaceutical products and help fight counterfeiting.
In addition to the tracking of item information, people's exploration of how to apply blockchain technology has not stopped
Applications of Blockchain in the Utilities Industry
The utilities industry hopes to use blockchain technology to maintain official registries of government and citizen-owned assets such as buildings, houses, vehicles and patents. Not only that, blockchain can also facilitate voting, reduce fraud, and improve back-end functions such as procurement . The utility industry is a good fit for blockchain technology because of the vast number of laws and regulations that need to be reviewed and verified, and blockchain can completely "trustless" these processes.
In South Tyrol, Italy, the government has partnered with the Hyperledger Project and the Blockchain Research Institute to use blockchain to fight bureaucracy in multiple ways. The project enables them to create, verify and maintain citizen data without limits. Citizens no longer need to fill out forms every time they interact with the government. Moreover, civil servants can integrate the four steps into one to simplify the process. Alternatively, blockchain technology can help them comply with European data sharing regulations. In addition to simplifying the process of doing business for citizens, blockchain technology can also enhance trust, increase transparency, and better prevent corruption, because once a transaction is recorded, it cannot be changed.
The Tyrolean government also plans to expand its capabilities to use blockchain to review the use of telecom companies for new telecom towers in the UNESCO-protected Duromet. At that point, they will use blockchain to track workflows to see if telcos have hired the right experts and environmental agencies to certify that their equipment does not impact the environment.
Blockchain Applications in the Utilities Industry
Companies are currently conducting a series of tests of blockchain software solutions that they hope will be widely used in the utility industry, such as peer-to-peer solar sales between neighbors, energy transactions between large utility companies, autonomous electric vehicles, etc. Automatic billing for car charging stations and more.
In Australia, many utilities have adopted blockchain technology. For example, global energy technology company GreenSync has partnered with the Australian government to create a decentralized energy exchange (deX) platform. The platform could serve as an online marketplace for homes and businesses with rooftop solar and battery storage systems to sell their stored electricity to other businesses for a fee, ultimately enhancing the power grid. AGL Energy created a P2P solar trading project. LO3 Energy has created a microgrid platform that enables businesses, schools and homes to purchase energy and renewable products from various suppliers, as well as sell and share energy locally.
The application of blockchain in the field of human resources
Vetting applicants for their qualifications and work experience is a time-consuming process, especially now that candidates are working for multiple employers, working odd jobs, and changing jobs more frequently. With a unified blockchain to record applicants' education levels, qualifications, employment history, and other credentials, HR specialists can more efficiently review applicants' qualifications.
To achieve this goal, the Velocity Network Foundation, a non-profit organization, is building a blockchain-based solution. This vendor-neutral, open-source platform will give individuals control over how their data is shared and used, while ensuring it is protected and compliant with regulations such as GDPR. Additionally, the platform will provide businesses with an accurate, compliant, and verified source of information, helping to reduce hiring risk, and faster than traditional methods. Employers, academic institutions, certification bodies, and other credentialing bodies can upload people's achievements directly to the blockchain, preventing people from falsifying resumes or adding misleading skills. The Velocity Network Foundation will establish a common framework to increase global adoption and support the development of applications and services with objectivity.
0 Comments