How To Harness Blockchain Technology For A Better World

It is possible to harness Blockchain technology in a variety of industries. Blockchain technology comes handy in the music industry, real estate, and international trade among others.  This technology has potential to replace most centralized trusted third party such as notaries, land registries, and banking trades with its distributed computer system. Blockchain technology allows open transactions and transparency for secure and efficient exchange. Below is how to harness blockchain technology for a better world.



In the pharmaceutical industry

Blockchain technology can be harnessed to enhance the integrity of drugs. It makes it possible to clearly identify and track a drug from production to consumption saving millions of lives. A track-and-trace serialization process based on blockchain technology makes this possible. This system handles more than 1,500 transactions per second and replaces more than 7 billion serialization systems in the pharmaceutical industry. The track-and-trace system lowers costs, increases security, and confidence with no chance of errors during data movement. Everyone takes part in the validation process.

In the fashion world

It is now possible to track the whole lifecycle of a garment. There is a possibility of all companies handling fashion, apparel, and retailers working together. This lessens chances of relying blindly on value sustainability of fashion. With blockchain technology, there is the possibility of tracking the garment’s sustainability and conformity to standards. This technology has potential to make significant milestones in all major industries usually controlled by the big giants.

Easier cross-border payments

Developing and underdeveloped countries have limited access to capital especially for small food producers. Luckily, with blockchain technology, systems are now in place offering banking solutions from corporations like IBM. These have come handy to make international payments faster and more cost-effective. To keep abreast with trending news on blockchain technology and other news, bookmarking Fossbeta is the best solution.

Guaranteeing food safety

Companies such as IBM are working with food giants like Nestle and Walmart to enhance food safety through harnessing blockchain technology. It is possible to collect data regarding breeders, suppliers, traders, processors, and retailers for supervisory authorities and consumers. Each transaction is traceable with accessibility to view all information regarding the food. All stakeholders have access to the blockchain to allow elimination of contaminated food from the production and supply chain.

Enhancing the education sector

It is now so easy to determine students who genuinely need scholarships through Blockchain technology. Students who can actually finance their education have been benefiting from scholarships meant for needy students. This would lead many poor students to drop out of school or end up with too much debt.

Lastly ...

With its tremendous benefits, blockchain technology is here to stay. In the future, everyone will be using blockchain technology in their regular activities. This explains why it is important to keep abreast with all trending news regarding blockchain technology. A wonderful idea is to find a wonderful online news site that you can trust for the latest viral news on blockchain and other sectors.

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