Since we have gone through the A-B-C last week, we shall continue with the D-E-F of industries using the blockchain technology this week.
It is said that blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency, bitcoin. However, many industries have put the technology to test and have gained success. Some of the examples are as below:
Have you ever wondered where does the money you contribute for charity go? Now there are no more worries on that matter as some of the organizations have ventured into blockchain to keep track of the donations received.
By doing this, the donor and the organization itself can be very transparent about the money involved, from the donor up to the receiver. For example, the United Nations Children’s Fund (UNICEF) or previously known as United Nations International Children’s Emergency Fund that has created a UNICEF Cryptocurrency Fund to collect and hand out donations in the form of bitcoin and Ethereum.
Digital fundraising can be transformed on a wider scale, by enabling charities to accept payments from anywhere in the world without the need to pay foreign exchange fees or consideration of currency exchange rates especially for organizations working in rural parts of the world, the ability to trade in non-geographic currency can also be a massive benefit.
Based on the analysis made by Joint Research Center (JRC), the internal scientific service of the European Commission, a series of studies conducted in various European universities confirms that the relationship of the blockchain with education is in an embryonic phase while offering a series of recommendations to encourage the development of this technology.
Talking about education, it is something common nowadays for someone to ‘create’ their academic certificates. Earlier in May, it was reported that one in 20 potential hires in Malaysia has fake qualifications while one in 10 has credentials from unaccredited institutions.
So, when blockchain technology is involved, it would be much easier to track the academic record of an individual, from the first day of class until he or she graduates. Not only it benefits the student, but it also makes it easy for the employers out there to choose the right candidate for their organization.
It is notable that Sony has developed a new educational platform in partnership with IBM that uses blockchain to secure and share student records, a few months back.
Food & Beverage (F&B)
Usually, when you say food and beverage or F&B, the first thing that comes to your mind would be the food served on your table at the restaurant. Actually, there is more to it, as the whole process from the farm to the plate.
In supply chains and networks within the food and beverage industry, there is growing recognition that supply chain traceability is a strong use case for blockchain technology, where we can trace each step of processing, sourcing and storing the product.
Let’s take an onion for example. Once it is harvested, it will be sent to the market to be sold. After that, despite its long shelf life, it still needs to be used or cooked by a certain period of time, depending on how you store it.
Then again, once it is cooked, the dish that contains onion will have another expiry date and if it is not sold by that date, it has to be thrown away. Although some may feel it is still safe to consume it, even after its expiry date, some people’s digestion system may not agree to it.
So, if this whole process is recorded in a blockchain system, it would be easier for consumers to be extra careful and informed about the expiry date. This will definitely be a way to avoid unnecessary circumstances and complications.
That is all for the D-E-F of industries in blockchain, let us see the G-H-I the upcoming week and understand it better.
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