How Blockchain Could Transform Various Industries Like Food Safety, Pharmaceutical, Jewellery And More

Though it is a relatively new concept, blockchain has become the latest trend which is all set to conquer Industries one after another with its effective implications. This decentralized ledger Technology has become a vital part and parcel of business operations on a daily basis. Blockchain was used initially by the early adopters for various different reasons. These include tracking and asset management, digital identity, distributed storage, auditing compliances, smart contracts, and last but not the least real time payments system.

Even though the rest of the industries of the world has to catch up with the features and advantages of blockchain there are few industries who have been highly benefited with cryptocurrency and other blockchain features.

Food Safety-
Company such as IBM and World Wildlife Fund are using blockchain Technology with various other companies so as to regulate food safety on a much better way. The organisation WWF is implementing blockchain to track seafood in an improvised and systematized manner. IBM on the other hand is reaching out to various food companies such as Walmart Nestle and Dole to ensure food safety measures.

By incorporating blockchain network members can analyse the level of food contamination and their respective sources in a short span of time and remove the source as well as the contaminated food at a faster way.

The whole reason behind incorporating blockchain network into food safety is to offer the wholesalers as well as seafood retailers transparency to decrease the level of risk, showing them the brands are associated with trusted companies.

Pharmaceuticals-
Pharmaceuticals companies manufacture drugs with unique code for each unit of medication or medical equipment. With the use of blockchain network tracking of each and every unit manufactured by any pharmaceutical company is now possible. Hence by implementing blockchain in this industry, a higher level of trust and security will be gained without an increase in the cost. This will also help in offering transparency in the supply chain management and detection of any error along the line of management and distribution can be eliminated and even avoided. Companies such as DHL is working to establish a track to trace system based on blockchain for serialization along with Accenture.

Supply Chain Management-
Block chain is widely used in the supply chain management industries for its numerous features which helps to evaluate and analyse each stage of the supply chain management. As explained by Raj Chowdhury, Managing Director of HashCash Consultants, “ for examples, if there is one defective part the car has and the manufacturer do not know how to pinpoint the defect, by means of blockchain one can easily detect which car has the problem and where the defective part of the car is. If with blockchain you are able to track every part in supply chain then you can pin point that the problem is with maybe a particular nut in the car or any other small part in the car.”

Jewellry-
Blockchain is very operational in the jewellry and precious stones industry. Though the seller of the jewellry or stones gives a certificate to authenticate the stone still there is a chance of it being not genuine. With blockchain you can find the origin of the precious stone and where it came from. In case of diamond, with blockchain you can also know whether it is blood diamond or not.

Legal-
Block chain along with smart contracts can be auto- implemented. There are also few simple contracts which doesn’t necessarily need legal intervention and can be programmatically executed with blockchain. Blockchain can algorithmically execute legal contracts. Blockchain and smart contract implementation can be a new revolution in the legal field.

Fashion-
With Blockchain network you can easily understand the step by step process of any particular garment. There is full transparency in this line of industry right from tracking the raw materials to the manufacturing and marketing of the final product.

These is how blockchain increases the efficiency in various industries on a day to day basis.