Unless you’ve been living under a rock for the last 10 years, you’ve heard of blockchain. There is tremendous fascination in following the price of Bitcoin, Ethereum and other cryptocurrencies. Cryptocurrencies were the first use of the new distributed ledger technology.
Cryptocurrencies, however interesting they are, only represent a small percentage of the possible applications of blockchain technology.
As you look deeper under the hood, you will begin to understand the truly awesome potential of this game-changing technology.
If you think your firm could benefit from implementing blockchain technology schedule a consultation with Labrys, an Australian blockchain company.
Supply Chain Management
This is one of the most compelling applications of blockchain technology. Using blockchain’s transparent and permanent record, businesses can track a product’s journeys, ensuring authenticity, preventing fraud and upholding purchasing standards.
Blockchain allows businesses to trace every product’s travel, from origin to final destination. By using transparent and tamper-proof record keeping, companies can trace the movement of goods with incredible accuracy.
IBM and Walmart joined forces to track mangos from their origin to their stores. The tracking time was reduced from seven days to two seconds. This type of speed and accuracy allows for better and more efficient supply chain management.
Entertainment and Media
NFTs are more than just a passing fad. Many people think of them as digital trading cards or art – unique collectables. Many other applications are being explored. There are some very interesting use cases you should understand.
Independent artists are always looking for ways to get their projects funded and advance their careers. NFTs can be linked to almost any asset like a music album or a film.
Artists can sell NFTs to fund their latest project. This lets the artist skip the traditional studio model and operate independently. By selling the NFT directly to end users, the artist generates the revenue needed to produce their song, movie or other artistic creation. The NFT buyer gets a fractional ownership of future royalties or revenues generated by the art.
Intellectual Property Rights
Counterfeiting of designer goods costs manufacturers and consumers almost one billion dollars a year. Industry giants Louis Vuitton, Bvlgari, Prada and Cartier partnered to form the world’s first luxury blockchain. The objective is to provide customers the ability to track a luxury product through its life cycle.
It allows the manufacturers to create a unique digital identifier for each product at the time of manufacture. It keeps a record of every transaction related to the product in the product’s certificate. Customers receive an authentication certificate which gives them information about the product’s manufacture. Customers can track maintenance and repair of the products. The blockchain certificate verifies the authenticity during any resale of the product, without the need for third-party verification.
The technology is so vital that the Australian government has set up a blockchain roadmap for the entire country. Cryptocurrencies will continue to attract a lot of attention, but the real significance of blockchain will be its impact on industry and commerce.
