What is the Potential of Blockchain Technology in Making the World a Better Place?

What is the Potential of Blockchain Technology in Making the World a Better Place?

September 18, 2018 Off By Steven Anderson

Blockchain can help enormously in the pharmaceutical, health, insurance, and bank industry, even supply chain and other sectors like automobile, aeronautics, wines, distribution, internal trade, luxury, automobile, and agribusiness. Blockchain technologies have the potential to change many of the centralized trusted third parties. It might include land registry, notaries, banking trades and more through distributed computer systems.

  • FASHION

The CGS project enables consumers to track the complete lifecycle of the garment. It brings together firms from the apparel, fashion, and consumer goods sector to collaborate. With this solution, consumers don’t need to depend unseeingly on the value in sustainability fashion. Blockchain enables tracking of conformity and sustainability of the garment.

  • FOOD SAFETY

In the space of food safety, IBM is now working along with food manufacturers including Walmart, Nestle, and Dole. Therefore, the data of retailers, traders, processors, suppliers and breeders not just available to all parties involved. But the consumers and supervisory authorities are available, too. That makes each transaction to be traced, and every data about the food can be checked.

Along with every member of the food system having freedom of access to the blockchain, that makes contaminated foods to be removed quickly from the production and supply chain before it comes to the shelf.

  • CROSS-BORDER SYSTEMS

In underdeveloped and developed nations, access to capital for small food producers is often a huge concern. Luckily, Binkabi, a cross-border agri-trading platform is breaking new ground through block bridge solution from Sweet bridge. In short, it’s a system for impartial commodity trading to be developed.

  • PHARMACY

Blockchain technology can be utilized to enhance drug identity. When drugs can be determined precisely and tracked from the production to consumption, it can save up millions of lives every year. Just recently, DHL is working along with Accenture to build a track-and-trace serialization system that is sourced on the blockchain.

  • JEWELRY

Did you know that Everledger is working along with the jewelry firm Brilliant Earth? Their new project strives to utilize blockchain to track the origins of gems like diamonds accurately. That will guarantee that only conflict-free stones are being processed.

One of the perfect examples of blockchain technology is XinFin. XinFin has architected its network from a form of Quorum and Ethereum. The hybrid blockchain of the network combines the best of public and private blockchains. It keeps both a public and private state.

You see, the private state guarantees that the sensitive financial data is safe while its public state makes it verifiable and transparent. The architecture makes the XDC protocol scalable, secure and fast. The Hybrid nature makes it extremely interoperable too along with other blockchain platforms and legacy systems.

The XinFin network runs on a proxy proof of stake consensus among trusted master nodes. The hybrid blockchain is powered by XDC token. The fundamental fuel, the XDC is extremely cost-efficient, and the transaction cost is massively low. The XDC01 protocol enables real-time data to be served into the blockchain.

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