Blockchain for Businesses
The most important application is the traceability or the origin of the data. In the future, with the decentralized technological revolution and development, it will be necessary to understand consumers and provide them with full transparency. For example, if you buy cancer drugs that have a very high price, you need to know that they are authentic. And here blockchain technology offers a technological solution. Therefore, these supply chains could be a crucial use case for blockchain, especially with a view to the next decade.
The second use case relates to peer-to-peer trading. But how is P2P trading really related to the supply chain? This has to do with the logistics market. Let’s say a company wants to ship a container from Amsterdam to Australia. He needs to go to a shipping company, which, among other things, will transfer a container to a ship. Also on the other side of the road there are transport companies that do the same. They unload the container and forward it to the importer. But what if there was a marketplace or a platform where you could see how many ships will sail the next day or the next hour?
And the third and last aspect concerns the exchange of documents: how can all bills of lading, letters of credit and certificates be stored digitally? Currently, this is possible with a cloud solution, but it’s easy to hack a PDF. And there have been cases when shipping companies have faced millions and even billions of dollars in fraud, so they were forced to hold on to paper documents, because they knew that paper is accurate evidence and they have something tangible in their hands.