Blockchain technology is the next big thing and businesses are slowly gearing up to adopt the blockchain technology in every aspect possible, there are even some Blockchain projects available that are ready to deploy if you intend to start a business on the blockchain.
While the extent of implementation is still being explored across various industries, below are are some of the Blockchain use cases that you can kickstart easily with ready made blockchain solutions.
Blockchain powered Retail Supply chain management
The whole underlying technology that powers various Supply chain management as we know it, is about to change. The present systems that have been in operation has its share of loopholes and inefficiencies. Blockchain powered Supply chain management wishes to overhaul all of that and provide a more transparent way of tracking assets. Once the critical information about an asset is added to the blockchain, the entire lifecycle till its end point is traceable along with added parameters such as temperature, size, weight of the product, and location among other things through the use of Internet Of Things (IOT) sensors.
These IOT sensors will continuously update the values of the parameters mentioned. Blockchain is architectured in a distributed manner and the data once entered is non erasable. Because of this reason, it can be trusted by governmental authorities thereby reducing the time taken for auditing and reviewing, in case of international transportation.
Also read, Why 2018 Will Be The Year Of The Blockchain
Cross-border money transfer app
Normally, while sending payments abroad to someone, it takes almost 2 – 4 business days. A significant amount of money would be deducted as conversion and exchange fee would apply depending on the payment method you choose to send. With Blockchain powered payment systems, the payment goes through within a day, should the recipient choose to withdraw the amount, they can do so with the lowest cost possible than the rates offered by regular payment gateways.
Let’s take the example of Martin, who lives in the United States, while his friend Irene is studying in France and he wants to send her US$100 worth of Euros. Martin deposit $100 and immediately the USD amount is converted into the equivalent value of a chosen cryptocurrency and then sent to the Irene’s wallet, from where she can withdraw the funds to her bank in the form of fiat currency (EUR). Realizing the effectiveness, even Chinese banks are slowly experimenting with the idea of using blockchains based payment settlement for transactions.
Food safety is a critical issue as more number of adulterated, cross contaminated products are being released into the market every year, unaware businesses and customers end up purchasing it. This can have life threatening consequences.
Blockchain in Food safety ensures that every single process is closely knit and controlled by the people involved in processing, storing, transportation and passing on to the distribution center. Blockchain in food supply chain is closely monitored to avert possible food fraud and can curb unnecessary overhead costs by bringing a transparency to the overall process.
Wine Fraud detection & experiential marketing
The wine industry is one of the most fraud hit industry, mostly due to the fact that there are buyers who would shell out millions of dollars to have a bottle of rare wine in their private collection. It is estimated that around 20% (est. USD $3Billion) of the wine circulated in the global market is found to be counterfeit.
The lack of trust among the wine producers was attributed to the wine fraud that took place in 2008. The infamous Rudy Kurniawan, who posed as a private collector of wine, sold counterfeit more than 8 bottles of 1947 Château Lafleur wine to auction houses for $10 Million each. The fraud was uncovered when the original winemaker came forward claiming that only 5 bottles were ever produced that year. Rudy Kurniawan’s personal contribution to the wine fraud estimates around US$550 Million.
Through the use of IOT and blockchain, everything from right from production stage to the bottling stage can be documented and registered on the blockchain. Keeping the customer in the know, and showing the journey of the wine in an interactive format could help winning the customer’s trust in the wine producer and can greatly reduce wine fraud in the industry going forward.
Blockchain powered Youtube like platform with monetization
Youtube has ruled the roost over time. Their content moderation practise is sometimes unfair to a lot of creators. Though piracy and plagiarism are frowned upon, normal original content that are covers of popular music get struck by their moderators. Copyright vandals who simply file complaint to deter creators move Youtube to remove/ mute the content as well as take away their ability to monetize the content.
Decentralized video hosting and streaming platform using Steem blockchain (a popular genuine content rewarding platform) as the underlying technology gives the opportunity to monetize from the video based on the number of people who like it. Due to its decentralized nature and community voting system the quality of the content is moderated by the community without intervention by any middlemen. For every quality content the creators are paid in STEEM tokens as well.
Blockchain powered eCommerce platform
Large scale eCommerce platforms in major markets, have their own companies listed as sellers and favor them by displaying their products more frequently and game the prices to make it competitive than other sellers. This makes it hard for other sellers to make a sale regularly in markets where there is more demand for products. Amazon has even come under the scanner for favoring certain sellers on their platform. A blockchain powered decentralized eCommerce platform would put an end to all this, as there won’t be an entity controlling and favoring the sellers on the platform. Sellers are made accountable as payments are released from escrow once the customer receives the product and approves of the quality. If the product isn’t upto the customer’s expectations, once the product is returned to the seller, the payment is reversed to the customer’s bank. Every review about the seller is also recorded and uneditable. For selling globally, blockchain would support native cryptocurrency to people can pay for products with using them thus avoiding hefty exchange fees.
More and more businesses are becoming aware of the potential that blockchain has to offer. In the coming years, the technology is expected to see a significant rise in the number of organizations running their platforms on it or would employ blockchain to take care of some core areas of their business. The question is are you ready for this drastic shift?