Four Industries That Are Already Transforming with Blockchain — Is Yours One of Them?
It’s no secret that blockchain has already started changing the way we do business, but the extent of the ways in which blockchain will impact the business world of the future continues to become clearer.
In this video, I’ll share 4 use cases of how blockchain-powered digital transformation helped businesses thrive across 4 industries.
These examples might provide you with inspiration to explore opportunities in your own business.
1. Build Transparency into Your Supply Chain
One of our agriculture industry clients needed more control over their supply chain to ensure that quality standards are met. They began with a small farm in Brazil and after seeing the success of using blockchain, they expanded the service across South America.
Company saw an increase in trust from customers who previously had not known about the company’s practices. They are now working on expanding into other parts of the world and examining all stages of their process for transparency.
Blockchain offers an opportunity for companies in any industry to be 100% transparent with their clients or customers.
2. Make Anything Tradeable with Non-Fungible Tokens (NFT)
Cornelius needed to make his art more affordable so we developed Non-Fungible Tokens (NFTs) available through an invitation-only marketplace. This approach created an air of exclusivity and enabled buyers to purchase fractional pieces of a work from his collection.
NFTs are digital assets that represent ownership of something. They can be traded and moved around but can’t be duplicated or copied.
NFTs are used to tokenize items in order for them to be accessible, tradable, fungible, verifiable, and persistent.
3. Keep Hackers at Bay with Blockchain Cybersecurity
Online travel booking platforms would use Blockchain when making flight reservations for customers so that hackers can’t access personal data of millions of people.
The blockchain will provide a secure, immutable ledger system with the possibility of less fraud, where consumers will have more control over their own information.
This technology has the potential to cut costs for business by reducing transaction times and increasing accuracy.
4. Automate Tasks with Smart Contracts
When one of the travel-insurance clients needed to automate a certain process, we advised smart contracts that would be triggered when flights were canceled.
The contract would make payments to policyholders bypassing the traditional claim process.
Smart contracts are agreements written in code that enable transactions between two parties to be executed when a set of conditions are met.
Smart contracts, which are programmed to execute automated agreements, might one day replace the use of IDs and help make voting fraud impossible.
Furthermore, smart contracts save money by automating tasks and allowing for a more efficient work organization.