Transforming every Industry, the Future of Tomorrow - Blockchain
Transforming every Industry, the Future of Tomorrow - Blockchain
Blog Article
As sustainability and transparency are both becoming increasingly more prominent in today’s world, blockchain offers a solution to give customers confidence in the products they buy. With blockchain, it becomes possible to track goods in every part of the supply chain, from its origin to when it ends up in the hands of the consumer. This allows for producers to better track exactly what is happening to the product and helps to make the supply chain a lot leaner. Overall, the whole supply chain can be much more efficient benefitting all the parties involved, from the producer all the way to the end consumer. Heineken has already taken steps to use blockchain in their supply chain and has displayed this by demonstrating how scanning a QR code on a bottle can give data about the complete environmental footprint of the bottle of beer.
Blockchain can make it easier to track product sales, and adjust product distribution accordingly, leading to less food waste. Implementing blockchain can make the shipping process much faster, and less of a product’s shelf life would be wasted in the supply chain, which can also help contribute to lower food waste. When researchers initially tried to figure out which farm a specific mango originated from, it took them about 7 days to get an answer. Using blockchain allowed them to speed up this process massively, and it only took seconds to figure out the origin farm. With this speed, it is much easier to figure out exactly where a potentially recalled product is, and remove it from store shelves, potentially within minutes of a recall happening therefore improving consumer safety.
The automotive industry stands to gain a lot from blockchain, as new blockchain based platforms can help companies sell new services to consumers. With blockchain, it will become much easier to view a vehicle’s full history at any time necessary, including data such as previous owners, maintenance history, etc. It can also become much harder to tamper with a vehicle’s odometer, as a blockchain based solution can be implemented to log the mileage of the vehicle. This data can also help define the value of a vehicle much more accurately. 프리드 Blockchain makes it easier to execute agreements and transactions in real time, which allows users to monetize car trips safely, which is important as the demand for ridesharing increases in the market. Payments can become much more seamless with a blockchain-based platform, which users could use to easily pay for tolls, parking, electric vehicle charging, and more. Finally, vehicle safety can be improved to a degree with blockchain, as secondhand owners can now receive information about recalls. Currently, car manufacturers typically only know who initially purchased the vehicle from the dealer, and not anyone who might’ve purchased the vehicle second hand.
Another use case for blockchain comes in the luxury goods market. As blockchains are designed to be transparent, any product tracked over a blockchain can be traced all the way to the acquisition of the raw material. This gives consumers confidence in the authenticity and knowledge that a product was made ethically. This also helps decrease the potential of fraud, because all goods can be traced, and it’s possible to track whether a certain item is a stolen good or not. Luxury brands, such as Louis Vuitton, are already trying to incorporate this, with the new platform known as AURA [4]. This is important when buying something of high value, such as diamonds. Buyers can both verify their authenticity, and whether they were ethically sourced or not.