While the very idea behind blockchain technology is a cool concept all by itself, the following innovations makeup the recent coolest blockchain innovations that have come up in the blockchain space. They also serve as s testimony to the creativity and ingenious nature of the human spirit.
The Microsoft Azure Blockchains Platform
While this may sound like the stuff of science fiction, Microsoft has become a key player within the blockchain space by deploying its blockchain solution on its Azure platform. Based on a series of standards referred to as the token taxonomy initiative, Microsoft and a few other corporate partners created this in response to the need for a general set of standards that will allow for the implementation of a common standard for blockchain projects.
This innovation allows for blockchain solutions and tokens to be created with ease. It also allows for full deployment of blockchain solutions using Azures server backbone for the genesis set of nodes.
This is one innovation that will allow easier adoption of cryptocurrencies by a wider community of developers.
Carre Four and Nestle’s Tracking System for Baby Formula
While the tracking of the baby formula may not sound like the most innovative thing, tracking baby formula using a blockchain solution is up there when it comes to innovative solutions. Carrefour and nestle recently developed a solution that did this from end-to-end. This solution, developed in partnership with IBM offers all the kinds of capabilities that legacy systems ten times the cost offer. This allows for the real-time tracking of products and can even in the event of a recall serve as an effective tool for enabling this without the huger cost incurred when it comes to legacy systems.
Tainted milk scandals will surely become a thing of the past in the food industry due to solutions such as this!
JP Morgan Finances Cars using Blockchain
While this may sound too high tech for our day and time, investment banking colossus JP Morgan as developed a blockchain solution that will enable auto financing and GPS tracking using smart contracts. This, of course, will allow for the accuracy of records and enforcement of contracts that are tied to the line of credit granted to the loan applicant for the car.
Blockchain solutions such as this one will allow for the implementation of all kinds of conditions in case of default and will also ensure the security of the cars while at the same time maintaining the value of the line of credit granted.
The World Economic Forum Initiative for Minerals
With everyone jumping on the blockchain bus, the World Economic Forum recently also teamed up with a few leading mining companies to develop a blockchain solution that is aimed at improving the mining and minerals value chain. While this may not sound like much, it will enable key players within the sector to be able to fully control the mineral resources at every step in the value-chain.
This will also improve post-mining processes such as cleanup and environmental assessments to be much easier following the streamlining of such projects using blockchain technology.
Innovations exist throughout the world as when it comes to the blockchain space. Humanity will always have its share of brilliant minds that want to change the way we do things. Blockchain technology may just be one of the many ways to solve humanity’s many problems.
