USE CASES OF BLOCKCHAIN
AGRICULTURE FOOD SUPPLY:
This is a great use case of blockchain which has many advantages for people in general. Using blockchain tech in agriculture we can basically track the food product from the moment it goes into the ground to the time it comes on our plate. Improved data sharing of food supply can help save the trillion dollar problem of food waste.
Blockchain will provide increased traceability which will assist in preventing the food-borne pathogens.
According to WHO ,an estimated 600 million – almost 1 in 10 people in the world – fall ill after eating contaminated food and 420 000 die every year, resulting in the loss of 33 million healthy life years (DALYs).
2.SUPPLY CHAIN MANAGEMENT:
Blockchain is able to minimise the issues with supply chain where products are not easily authenticated or identified by the parties involved in the supply chain. This means that the products will be easily identified for duplicacy. This is huge for industries like retail which depend heavily on originality of their products to hold their value. Even the end user of these products will be able to verify any product through an QR code of RFID tag on the item.
Walmart is already working with the brands under them and using help of IBM and VEChain. VET is a supply chain based token which I have talked about in my previous video link over here.
3.VERIFIED DOCUMENT
Getting verified documents can be a hassle in today’s world. You can’t tell about authenticity of any documents because some of them are forged. Blockchain comes in as a file system which gives us details like creation date, modified date and other to know each and every variation of the document. This way it can be easily managed and verified by financial institutions or any other authority trying to follow their processes. Smart Contracts based blockchain like Ethereum, Cardano and others can easily do this function. Infact, India based company LegitDoc is already using an Ethereum blockchain to verify educational documents.
4.IOT
Internet of things will be needing blockchain as a backbone to work properly. As we move towards a future where everything from our home appliances to our cars are becoming smarter, blockchain will be able to make better communication for devices like these. For example in agriculture, smart devices and sensors can be used to make better farming decisions. These can include but are not limited to weather, air, wind or even soil monitoring. This will help in better predicting or analysing the crop or seed which should be placed in the ground. This in turn will lead to less wastage of water, energy and also less manpower will be required.
Watch full video here
