Blockchain Myths: Industry Use
Blockchain is in use by most industries in some capacity. Refusing to try it because “nobody else is doing it” is needless. Most established projects are using private and permissioned blockchains. Public blockchains tend to be less popular. In this article, we’ll list some examples of blockchain adoption. These projects have live products that are actively being used. We list them by industry
Many tech companies offer Blockchain-as-a-Service (BaaS). Among them are Microsoft, Oracle, and Amazon. They manage their service. Creating a blockchain is simple, and they handle the technical duties. Accenture, Guardian Life Insurance, and Nestlé all use Amazon’s product. Microsoft’s Azure product has onboarded names like J.P. Morgan, XBox, and Starbucks. In the case of Oracle, customers include EverLedger, CargoSmart, and Neurosoft. Each provider offers some case studies of their customers. This can help other businesses decide to choose blockchain.
Blockchain has offered banking a chance to modernize. A common use case is central bank digital currencies (CBDCs). The Central Bank of The Bahamas launched the world’s first CBDC, called the Sand Dollar, in 2020.
They were not the first to pitch this idea. The Bank of England (BoE) pioneered the concept. They are researching the topic, but have not launched anything yet. Many other central banks have shown interest in CBDCs. These include banks in China, Canada, Sweden, Thailand, Venezuela, and Russia.
The insurance industry suffers from slow and inefficient data sharing. This is what a blockchain solution called OpenIDL addresses. The project connects data across the American insurance industry. As its basis, it uses Hyperledger Fabric. It is capable of handling different insurance lines. They include auto, flood, homeowners insurance, and reinsurance. In overseas shipping, A.P. Moller-Maersk has partnered with Microsoft for maritime insurance. The product is called Insurwave. It gives real-time visibility into ships, reducing insurance costs.
4. Supply Chain
With luxury goods, customers benefit from increased transparency. It ensures that the item is original. Plus, it can guarantee it is not the product of child or slave labor. When this data is on the blockchain, customers can just scan a code to see it. This can also help others in the supply chain keep track of everything. It eliminates paper trails and speeds up the process.
Swiss software developer aXedras has a blockchain platform called Bullion Integrity Ledger. It tracks precious metals to ensure sustainability and integrity. It also helps protect human rights.
A.P. Moller-Maersk is making waves in the supply chain through TradeLens, as well. This is their blockchain platform used for tracking shipments. It handled more than a billion shipments in 2020 alone.
The COVID-19 crisis has left the world struggling to cope with a new normal. IBM has developed the Digital Health Pass to combat this. This helps users share their medical data with anyone who needs access to it. This includes employers, event organizers, travel agencies, etc. As every user controls their data, they maintain their privacy.
Medicine must be diligently tracked, as this can save lives. Swiss drugmaker Novartis is leading the EU consortium PharmaLedger. They use blockchain to let customers access real-time data through scan codes. Behind the scenes, they are also tracking counterfeits and black markets.
There is a similar project in the US as well. The FDA has selected the BRUINchain ecosystem as part of a pilot project program in the pharma supply chain. The platform helps correctly dispense prescriptions while keeping track of expired or counterfeit drugs.
The right to privacy in the internet age is evolving. This prompted the passing of the General Data Protection Regulation (GDPR) in 2018. “Part of that regulation was ensuring the storage and retrieval of data is 100% irrefutable,” Joisto says. The company developed a blockchain-enabled archive that ensures all data is immutable. It adheres to GDPR standards of data protection.
Horizon is a blockchain infrastructure company working on innovating gaming. SkyWeaver is their flagship trading card game. It is free to play, with 500 unique cards and blockchain-ensured ownership. By creating decks, players can fight each other. SkyWeaver uses Ethereum ERC-1155 tokens as the basis of ownership.
9. Real Estate
Home rentals can be a laborious process that includes a lot of repetitive paperwork. The Japanese NEXCHAIN consortium is using blockchain to provide an end-to-end home leasing solution. Through one platform, users verify their identity, pay utilities, and view properties without an agent. With every relevant party sharing the same platform, the process is easier and faster.
10. Social Impact
Hala Systems is a project trying to save civilian lives in the Syrian Civil War. Their Sentry Early Warning System warns citizens of impending airstrike attacks. The solution saves hundreds of lives, and this data is important to report. By recording it on a blockchain, they can ensure it has not been changed. They can also report war crimes faster through the Ethereum public network.
Blockchain is an excellent solution for specific problems. You can find these problems in any industry, your own included. Do these use cases fit in with your business? Have our examples helped you recognize new options?
To learn more, sign up for one of our upcoming Principles of Successful Blockchain Deployments Webinars. Mainly, we will talk about what you need to know when choosing blockchain. We can also answer your questions.