Today we all are the witnesses of the hype around this mysterious word “blockchain”. For most of us this word is associated with cryptocurrency, Bitcoin, and Ethereum, but in fact, the space for its usage is much wider than we can imagine. So, here’s the Top 5 Real-World Blockchain Projects which aren’t trivial at all.
1. Walmart Supply Chain
The famous international retailer Walmart is going to use blockchain technology in its trading process. According to the announcement of Frank Yiannas, Walmart Vice President of Food Safety and Health, with the blockchain it was possible to shorten the time of tracking products from 6 days to 2 seconds. Waste reducing, contamination management and transparency are the things that blockchain is going to improve. Moreover, thanks to blockchain the whole system is protected from hacking and data alteration which is very important for the business of such scales.
2. Blockchain and Smart Contact Insurance System
Solidium Partners, swiss-based ILS (insurance linked securities) dedicated company, has introduced its authentic catastrophe reinsurance smart contract based on a private blockchain. The main aim of the smart contract is to replace normal insurance contracts with those “smart” ones making the whole system become automatic and more secure avoiding third parties.
3. BitPesa's Business Transactions System
BitPesa appeared in 2014 and within these years it got more than 6,000 clients who have made 17,000+ transactions through its blockchain. Its main goal is to reduce the cost and increase the speed of business transactions. The scheme is the following: the sender registers online and sends funds through local bank transfers or via electronic funds to BitPesa, which purchases Bitcoin and sends it to a receiving bank account in another country. Commissions are calculated into the exchange rates, exactly like at airport currency exchange counters. The main market of BitPesa is sub-Saharan Africa but the platform is gaining popularity throughout the world.
4. Diamond Tracking Platform on Blockchain
Everledger Diamond Platform is a platform built on Hyperledger was developed for the diamond supply chain to prevent fraud and illegal trading. The main aim of the platform is to track the whole life cycle of a diamond: from its mining to delivering to a shop. In a short three years (was founded in 2015) Everledger has encrypted the provenance of over 2 million diamonds.
Why is the usage of blockchain in this field so successful? The answer is its core characteristics. Immutability, speed and security create favorable conditions for tracking and protecting important data. A combination of public and permissioned ledgers provides everyone with an opportunity to see the whole information about a diamond but at the same time only few people have an access to change the data which makes the data more credible and authentic.
5. Credit Card Verification System by Mastercard
Not so long ago Mastercard has announced their intention to use private blockchains in securely verifying payment cards. According to its patent document the two-way method first encodes an image of a payment card and then stores it on the blockchain after encryption with a public and private key. Upon a retrieval request when a payment is being made, the system will use the provided private keys to decrypt the image so it can be verified. This innovative technology makes the transactions extremely secure and reduces the risk of skimming. Mastercard has a plan to build another blockchain which will allow sending travel itineraries and reservation requests to merchants. It will simplify the model of hotel and air ticket aggregators and will adjust the whole system.
So you can see that Blockchain can be very useful if implemented correctly. Thanks to its main characteristic which is extreme security it can improve the most important fields of economy, education, insurance, and healthcare which have been waiting for something like blockchain for so long. Feel free to get in touch with us to understand how Blockchain and Distributed Ledger technology can contribute to your industry.