Blockchain technology can help in the development of various economic sectors such as insurance, banks, health and pharmaceutical industry, trade chain of many industries (agribusiness, international trade, supply, wines, real estate, automobile etc). The blockchain is becoming a potential catalyst to replace the centralized “third party” including banking trades, land registry, commerce etc. with localized computer systems. The following are the sectors that have experienced a steep growth with the introduction of Blockchain technology:
- Pharmacy/ Medicines
Blockchain technology can be used to lift the dying drug integrity. If drugs can be easily monitored and tracked from production to consumption, it could help save approximately two million lives per year. Because DHL and other courier service companies are already working with Accenture to institute a serialization system based on blockchain technology that could help in trace-and-track.
“As of now, there are 7 billion unique pharmaceutical serial numbers coded in the system. More so, the system can now handle approximately 2000 transactions per second,” said Scott Allison, DHL President. This drug serialization project is not only targeted to track-trace but also to reduce costs, tighten security, increase confidence, and eliminates unrealistic data movement. The technology can add authentic information which cannot be manipulated.
“The idea is not only designed to meet the global serialization needs, it even surpasses them,” Says Allison
The Coin Governance System (CGS) is being instituted to allow consumers to track the entire wheel of life of a cloth. Companies from the fashion, apparel, and consumer goods sectors are brought together to work in synergy. With this solution not farfetched, users no longer need to bank aimlessly on the value of fashion savages. Blockchain technology enhances tracking of sustainability and conformity of the garment.
- Food safety
In the food sector, International Business Machines (IBM) is working with food manufacturers Nestlé, Walmart, and Dole. However, the information of the producers, suppliers, traders, retailers, several parties involved in the supervisory authorities and final users are available. So every business can be tracked and every data about the food can be traced. With all members of the food family having access to the blockchain, infected food can be speedily removed from the production and distribution chain before it reaches the shelf.
The World Wildlife Association track/trace Sea-Food using blockchain technology. In this project, the technology should help in the fight against illegal distribution of Sea-Foods products. More so, adequate traceability of seafood is also of interest to fish distributors and fish retailers, as they want to prevent their brands from being associated with illegal manipulations.
“Consumers are seeking for fully traceable seafood that is not from illegal fishing,” says Bubba Cook.
In association with EVERLEDGER, the prowess jewelry company Brilliant Earth aim at using blockchain technology to meticulously track the sources of diamonds and other ornaments. This ensures that only legal stones are processed.
Feelium technologies are one of the best blockchain servicing companies. Feelium offers many platforms that will allow legal and more secure transactions. The Feelium platform has great features such as a consolidated blockchain platform in place of a dispersed platform and personalized key retrieval. Feelium aims to be a non-stop and highly secured trading platform that can be used by anyone, in a different scenario.