WHAT IS BLOCKCHAIN TECHNOLOGY? 4 POTENTIAL USE CASES OF BLOCKCHAIN TECHNOLOGY
The benefit of Digital Ledger technology i.e. Blockchain technology implementation is exponentially huge. The technical and technological issues in Food safety, Healthcare management, Fintech world, Real Estate Construction will be mitigated completely by DLT technology. Blockchain technology is such a digital transformation process that renovates our global system.
PROBLEMS IN FOOD INDUSTRY
- Unstable production cycles are the most common hindrance to the economic upliftment of farmers. Even when there are good produces, poor distribution and marketing do not allow farmers to earn money that they deserve for their produces. That is the reason for the instability of their income as well and prevents them from staying in considerable profit during their agricultural life.
- Consumers are increasingly interested to know where their food came from, what conditions it was grown in, and when it comes to meat, how the animals were treated.
- The debt trap is one of the common reasons for the low financial state of farmers or farmer suicides. The majority of farmers are often not aware of the government support systems and lending systems, which make them go to private and unauthorized lending systems.
SOLUTION THROUGH BLOCKCHAIN
- To maintain supply chain from farmland, poultry farm, fish market, bakery to the kitchens of consumers blockchain ledgers is the Unified and best supply chain management.
- The traditional system of farming comes with the answer that when some food product is found out with allergic or any other reaction, then the whole industry will suffer from the misleading information given by some dishonest farmer. The government will ban the product countrywide
- But The idea of Blockchain in food safety is that each node on the blockchain would represent an entity that has interacted with the food on its way to the store. A farmer whose vegetable does not possess allergic contamination would not be banned by the government if the whole country follows a unified food labeling system.
- To track the data of food It typically takes 7 days to trace (if the food is labeled) the source of the food back to the producers. But with Blockchain Technology it will take few seconds to trace the source of the food.
- It will be an easy, exact method to find out the source of every food crop, vegetables, animal products, etc. The revolution will pave the way for a healthy, zero-waste food chain system.
“The healthcare industry in India is expected to reach US$372 billion by 2022, driven by rising incomes, greater health awareness, lifestyle diseases and increasing access to insurance.”
–India Brand Equity Foundation
Health insurance is gaining momentum in India. Under this scenario, healthcare with emerging technology is inevitable. Emerging technologies are Blockchain, Artificial Intelligence, Machine Learning, Augmented, and Virtual Reality.
- The medical records of patients can be secured forever with the data that is secured in blocks. Vast numbers of patients’ physical and mental health data cannot be tampered with. Moreover, immutable data will help hospitals and patients with further treatment. In Blockchain technology, interoperability is a significant mileage for the world of technology. The hashtag identifications of each and every patient can be utilized globally; anywhere, anytime.
- Supply chain management is a key service that blockchain can promise to deliver. Reports said pharmaceutical drugs are consistently stolen from the supply chain to be sold illegally to various consumers. To eradicate this problem, the blockchain-based tracking system will assist immensely. From pharmaceutical companies to hospitals and retailers, the tracking process will be implemented properly.
- Blockchain is the only solution for concrete database structures that can minutely and properly store medical data worldwide for the sake of further research and medical headway.
- Medical insurance coverage is a big help for saving lives. A study states medical insurance companies make a profit as much as they make losses out of fraud claims by the patient’s family. To exterminate fraud in claiming insurance, a blockchain ledger can help supplying the medical history of each and every patient. A decentralized database of blockchain can be accessed by the insurance company to verify the similarity between the claim of the patient and the actual cost of medical treatment.
- Tokenisation is a typical concept in DLT (blockchain) technology. Contributing medical data for the sake of clinical trial and research, the patient can be rewarded with token-based points which they can redeem for their future healthcare needs.
According to the World Bank and First Data, an estimated 1.7 billion people across the globe remain without access to formal financial accounts. On top of this, up to 1.8 billion more rely on semi-formal or informal systems, rather than banks, for their financial services.
This data analysis proves a well-conditioned financial future for blockchain.
- Blockchain-based fintech solution reduces the time and expense of financial transactions
- It eliminates the need to depend on a single third-party authority for trust in any system’s validity.
- Blockchain enables trading is easy, time-saving, cost-effective.
- All users only need a smartphone with the app installed, which then enables them to send and receive funds from across the world.
- The lack of accountability in the construction industry has been an ongoing issue for decades and with extremely squeezed profit margins, firms are poised to find ways to cut corners and deflect blame from the resulting failures. Using the Temper proof Blockchain technology the accountability and traceability are safeguarded. In addition, all the associated accounts can be registered and shared on the blockchain across the parties, hence there is no need for valuable time and resource-consuming additional bureaucracy. Smart contracts can handle these administrative data, accounting documents, and inform each participant through the updated blockchain ledger.
- At a construction site, every labor who enters the site passes its ID card for security, health, and safety reasons. The information about who entered and how much time they spent on site working is captured and registered on a blockchain-enabled distributed ledger between the client, the consultant, and the contractor. In this way, there is no additional administration needed to validate this information, as it has already been logged on the blockchain. Based on the agreed terms with regards to the number of worked hours on-site, a smart contract can initiate payment and send payment certifications for all parties.
- Sensors at the construction site can measure temperature, which data is then cross-checked with the weather data at that particular part of the city from different websites. This data is periodically assessed by a smart contract and when certain terms are triggered, such as too high or too low temperature, the agreed actions, and compensation events can be initiated automatically. Other sensors can send GPS location of structural elements as they are built or RFID (Radio Frequency Identification) information of the arrived materials to update the project plans and monitor progress. The set of sensors on cranes can update its operational status and its leasing terms which are managed automatically by a smart contract.
- Imagine that every key stakeholder of a construction project is part of a blockchain empowered network, governance of the network is based on the consensus and agreement of all stakeholders. A sufficiently advanced digital engineering framework can make sure that BIM technology works as a single source of truth for data while putting the audit trail of design approvals, data verification and project management decisions on a blockchain would result in a combined source of truth that covers all aspects of the project. HOW TO IMPLEMENT BLOCKCHAIN TECHNOLOGY
- You may visit the website of Business Software India. Business Software India builds the top-notch blockchain-based software for your business. Blockchain is the prime focus of our Software Development. Team BSI develops top-notch DLT software solutions for medical, educational, supply chain, and construction sectors to acquire exponential business growth.
- If you want to create a solution utilizing Digital Ledger Technology but are not entirely sure how to plan and to design the solution you want to create Business Software India can help you to plan and design the right solution to fit your needs.
If you want to create a solution utilizing Digital Ledger Technology but are not entirely sure how to structure the solution you want to create, Business Software India can help you to find the right structure to fit your solution.
After your solution is handed over and deployed, you usually need maintenance which BSI supply as well if you desire. To ensure long term consistency, you have the option to contract for enhanced maintenance periods as well to ensure long term availability.