Many people have taken the use of tokens as a form of reward as the prime use-case scenario for blockchain technology. This is not necessarily the case for blockchain applications. Blockchains can do a whole lot besides having tokens as a reward system. There exist many blockchain applications that have nothing to do with cryptocurrency tokens. These are discussed below.
A Blockchain Solution for Metals
When it comes to mining, many intricacies surround the value chain. From mining to refining, metals have so many organizations that need record entries. Legacy systems are expensive to implement on an enterprise scale for mining operations. Blockchain technology, on the other hand, presents a unique opportunity for this. One such example of this is the initiative for the World Economic Forum for metals.
This allows for the activities involved in the mining process to be recorded on the ledger of the blockchain. This further improves the accuracy of the mining process. It also helps to plug the leakages that may have been hidden in the mining process. It also presents a new paradigm where mining can have a new manner of operations.
Tracking of Baby Formula within Nestle’s Value Chain
Nestles’ value chain just got a whole lot more value than normal. Baby formula tracking has been implemented using blockchain technology. Nestle and Carre Four have been able to work out a blockchain solution that can effectively do this. This has also enabled other corporate organizations to be able to improve their value chains as regards transparency, security, and accuracy of the information stored.
This also presents a new paradigm where products can be tracked across internal value chains. This also allows for the recall of defective products and allows for the transfer f of products across multiple destinations. Some products need attending due to the time-based nature of the deliveries that are often associated with those products.
This also creates a scenario where the information that surrounds the products are available but immutable. This reduces the incidence of fraud. Fraudulent entries within legacy systems have increased the cost of doing business for many organizations. This has also reduced the effectiveness that most organizations need to post profits across their value chains.
Blockchain technology offers many benefits other than the use of cryptocurrency tokens.
The benefits of a decentralized ledger have created a new paradigm in the financial world. One such example is Visa’s LucidiTEE which provides extra security between parties.
This serves as one way that the inherent security advantages that blockchain technology has to offer. It also ensures that the blockchain layer could offer broader aspects of adoption across the financial world. It also provides insight into how blockchain technology can be employed outride the use of tokens.
Whichever way the issue is considered, blockchain technology is a new tool that we can all gain from if we know what exactly to use it for. This is where imagination is important.