Since its introduction, blockchain has rapidly outgrown its own original ambitions.
The numbers speak for themselves, after initial coin offerings raised massive sums of money for blockchain-based projects in the last two years. Even after raising $5 billion in 2017, the industry has already surpassed that number in 2018 with no signs of stopping.
But as you already know by know, it’s not the fund raising that matters but the actual use case.
Blockchain’s advantageous design has already led to disruptions in several industries. In fact, blockchain-based startups have already designed many novel use cases that span the entire gambit of private and public-sector services. From logistics to digital identities, the ideas being born from blockchain are astounding. These are five of the best use cases that have emerged so far from the nascent blockchain industry.
Streamlined supply chains
Global commerce has grown unevenly, more as a reaction to changing needs than an organized expansion. This dynamic has also made supply chains needlessly convoluted, with manufacturing activity taking place across the globe and transparency between suppliers oftentimes nonexistent. For suppliers, warehousing, and even logistics providers, prioritizing accountability is not only popular, but essential when considering the countless moving parts involved.
Blockchain is perfectly suited to the task at hand, with real-time tracking that’s especially appealing to companies with multiple supply chains. Major multinational retailer Walmart has partnered with IBM to work on the Hyperledger Fabric blockchain, for example, to track food staples from supplier to shelf. Proper implementation of the ledger could also prove valuable for pharmaceutical giants, which are required by law to maintain the chain of custody over every pill.