In our previous guide, we have discussed some of the real-life applications of Blockchain technology. Some of the critical use cases of this technology that we have discussed in the Part-1 article include Asset Tokenization, Supply Chain Management, Energy Market & Healthcare. In this guide, let’s talk Food Safety & Diamond Industry, where the blockchain technology is being used extensively to solve more significant problems.
🥗 Food Safety
Do you know where your food is coming from? Any idea on where it is being produced or who produced it? Have you seen some of those viral videos where artificial cabbages are made out of some chemicals in China? Or many scams in third world countries where various food items such as cooking oil, eggs, milk, etc. are mixed with dangerous chemicals to extend the storage capacity of perishable items? Yes. All of these are true. Food companies commit some of the biggest sins on this planet.
Hence it is essential to know what kind of food you eat and how pure it is. The supply chain of food items is always complicated and opaque. There is no transparency regarding where the food is produced, packed, re-packed, etc. So there are high chances of fraud happening with the tracking technology we have as of today. But with blockchain tech, users can verify the history of the food items very quickly.
Various other details such as batch numbers, location of production, storage temperatures, where the item is packed, its expiry dates can easily be recorded as well. Since the entire blockchain is transparent, anyone who has access to the respective blockchain can gain access to all those details. If executed correctly, the efficiency of the food supply chain can easily be improved. IBM Food Trust is one such blockchain that deals with most of the problems we discussed above.
💎 Diamond Industry
We all know how precious the diamonds are. They are incredibly scarce, and that makes them one of the most luxurious jewelry items. But the Diamond industry is currently facing a lot of problems such as insurance fraud, smuggled diamonds, etc. Diamond companies are following different complex procedures to make sure quality control is in place. Also, insurance companies are taking various measures to make sure the fraud doesn’t happen. However, these measures and procedures consume a lot of time and money. But what if we say there is one simple solution to all these problems?
Yes, the solution is Blockchain technology. Using this tech, provenance tracking can be done for the diamonds at every stage of its production, like from where they are mined to the retail stores. Typically, a serial number is given to the diamonds, which capture close to 40 properties of it. This serial number is embedded on the diamond while cutting & polishing it. All of these parameters related to a particular diamond can be stored in a blockchain. There’s a company known as EverLedger, who does exactly this. Essentially they convert the physical asset into a digital asset by taking all of its information for provenance tracking. As of today, they are tracking over 2 million diamonds, and by these services, users are sure that they have made the right purchase.
Some of the biggest problems in the world like terrorism can be tackled if companies like EverLedger prevail in the market. Blood diamonds are one of the largest ways of funding terrorist groups around the globe. Illegal mining of diamonds can completely be eliminated with the help of blockchain technology.
These are just two of the many industries where blockchain is being used for improving the existing conditions. Some of the other major industries include Real-Estate, Intellectual Property, e-governance, etc. We hope you enjoyed reading this article. Cheers!