In the past couple of years or so, the emergence of the distributed ledger technology of Blockchain has created a lot of hype amongst tech enthusiasts, with many wise people who have years of experience in the technology domain proclaiming it to be the harbinger of the next technological revolution.
While through the years there have been many more failures than successes, Blockchain implementation in real life is not an illusion. Even though the technology is witnessing a downfall from the peak of inflated expectations imposed upon it by technocrats, many real world Blockchain use cases have emerged. Let’s take a look at few.
Streamlining diamond supply chain
Using the Hyperledger platform, the global emerging technology enterprise Everledger has developed a real world Blockchain use case for the diamond supply chain called the Everledger Diamond Platform. Through this platform, Everledger traces the provenance of a diamond, and thus helps prevent illicit trading and fraud.
Blockchain Use Case: Payments
Another one of the prominent Blockchain use cases is in the payments industry. The digital foreign exchange and payments platform, BitPesa is working in the Sub-Saharan Africa to offer easier business transactions by increasing the speed of payments and reducing third party fees associated with them. To read more about Blockchain’s deployment in this industry, read our Blockchain Use Case: Payments article.
Blockchain in supply chain
Retail giant Walmart successfully run a test pilot for a Blockchain in supply chain that reduced the time to track sliced mangoes to just about 2.2 seconds. With its Blockchain endeavour, Walmart is planning to improve transparency, reduce wastage, and effectively manage contamination.
Deploying Smart Contracts in risk-linked securities
According to a news report by Artemis, the Switzerland-based Solidum Partners, an independent investment management firm, has successfully executed cat bonds on its Blockchain settlement platform.
Blockchain solution in retail
It is interesting to note that the retail company, OpenBazaar, initially began as a Blockchain firm. The firm is the eBay of the cryptoworld as people can purchase and sell using crypto coins with no additional fees charged.
Blockchain Use Case: Insurance
Maersk, the Danish logistics giant, is deploying the distributed ledger technology of Blockchain in its operations in an effort to streamline marine insurance.
Blockchain in healthcare
As per a report by the TechCrunch, the Center for Disease Control and Prevention is officially deploying Blockchain technology in the healthcare sector to effectively manage population health as well as response to epidemics. To read more about Blockchain in healthcare, don’t forget to read our article.
With the above examples discussed, the potential of impact of Blockchain technology can only be imagined. The technology can effectively improve processes across all industries through the distributed ledger tech that underpins it.