Industries require a lot of trust and transparency: buyers need to be confident the goods they buy are genuine, and the sellers want to know their products will reach their customers in good condition. Platforms like BITCODE METHODS COM have some amazing features like user friendly interface, suitability for all traders and amazing trading tools for bitcoin trader. Blockchain has now come up as an answer for this, with use cases for everything from food chains and diamond trading to managing extensive inventories.
But first, people must resolve a few challenges to implement blockchain, mainly its scalability, TPS, and consensus mechanisms. The need to adopt a standard protocol has been a significant concern. And organizations believe that there is no single protocol or platform which would serve all industries and sectors effectively. It poses a challenge regarding which protocol should be used across various verticals.
Industrial Supply chains:
A supply chain is a linear process consisting of a series of steps, starting with the raw material or component entry and ending with the finished product. The industry uses the supply chain to maximize resource efficiency, improve quality, and control costs in bringing products to market.
Start with; you will find raw materials mined from your soil or extracted from your sea. In this case, each vessel/machine has its blockchain to keep track of every transaction made (or every verified block). In addition, it assists you in tracking contaminated products – such as fish which has been frozen – back to their source.
Blockchain guarantees transparency and accuracy. The blockchain comes into play again to track your product’s provenance and keep an eye on these stock people (or machines) and whether they are honest. It might raise their morale, too, knowing that companies can easily trace them should anything go wrong.
Healthcare and life science:
Healthcare blockchain is a relatively new, multi-purpose technology that organizations could use to ensure the integrity of pharmaceuticals and medical records. In the healthcare industry alone, opioids, counterfeit medications and other frauds cost an estimated $200 billion in losses yearly.
It threatens public health by denying access to safe and effective treatments, driving up prices for consumers and taxpayers. Instead, the blockchain can revolutionize the healthcare ecosystem by empowering patients with greater control over their data, including their medical history, providing physicians with access to critical data about patient treatments and offering innovative new solutions for managing electronic health records (EHR).
The Telecoms industry is undergoing massive changes brought on by technology. You no longer depend on your telco to provide your desired service as a customer. An example of how companies could implement blockchain would be to keep track of users’ requests for different information. For example, if users want to access their data, they need ID verification only, which is needed when dealing with any organization or company. If a hacker tries to access the user’s data, they would be notified by user people, and their account would be locked.
The entire logistics industry has grown to become one of the largest industries in the world due to its vast supply chains, which span various industries. In addition, transport hubs continue to expand due to new demand from different regions and countries.
The transportation and logistics sector is estimated to reach over USD 9 trillion by 2028. The blockchain can help make all of this happen efficiently. Government-backed blockchain-based companies have been created specifically for shipping, parcel delivery or freight forwarding, as well as air, land, sea and rail transport.
Oil and gas:
With the advent of smart contracts, the energy sector is an obvious candidate for blockchain implementation. The organization will implement improved safety measures in this case due to increased transparency and trust. Furthermore, improved transparency is also expected in supply chains of oil and gas products on which blockchain can work perfectly.
Travel and accommodation:
Right now, it’s not possible to book a hotel or a flight with your mobile phone. You only have a few options: you can book online or contact your travel agent – if they have announced availability on their website. The problem here is that there might be multiple agencies offering many similar products, but they do not communicate with each other; neither do they keep track of all the people who have accessed their websites.
Media and entertainment:
Corrupt practices include downloading a movie or a TV show and then deleting it after watching it. It happens because of many issues like copyright infringement, apparent title issues, etc. Blockchain is here to improve the process of intellectual property management. The film or music industry will be in charge of its digital revolution using blockchain to help it combat piracy and other issues related to copyright infringement.
By creating games on blockchain technology, developers can create a new gaming experience while allowing players to take control and ownership over their digital assets.