How Blockchain Could Transform Various Industries Like Food Safety, Pharmaceutical, Jewellery And More
Even though the rest of the industries of the world has to catch up with the features and advantages of blockchain there are few industries who have been highly benefited with cryptocurrency and other blockchain features.
Company such as IBM and World Wildlife Fund are using blockchain Technology with various other companies so as to regulate food safety on a much better way. The organisation WWF is implementing blockchain to track seafood in an improvised and systematized manner. IBM on the other hand is reaching out to various food companies such as Walmart Nestle and Dole to ensure food safety measures.
By incorporating blockchain network members can analyse the level of food contamination and their respective sources in a short span of time and remove the source as well as the contaminated food at a faster way.
The whole reason behind incorporating blockchain network into food safety is to offer the wholesalers as well as seafood retailers transparency to decrease the level of risk, showing them the brands are associated with trusted companies.
Pharmaceuticals companies manufacture drugs with unique code for each unit of medication or medical equipment. With the use of blockchain network tracking of each and every unit manufactured by any pharmaceutical company is now possible. Hence by implementing blockchain in this industry, a higher level of trust and security will be gained without an increase in the cost. This will also help in offering transparency in the supply chain management and detection of any error along the line of management and distribution can be eliminated and even avoided. Companies such as DHL is working to establish a track to trace system based on blockchain for serialization along with Accenture.