Most global trades revolve around exchanging goods from various parts of the world, with customs and regulatory procedures varying from country to country. Visit a website to Learn about trading to trade in bitcoin with the help of advanced AI technology; the platform is suitable for even novice traders. As the blockchain grows in popularity and broadens its applications, businesses are turning to it for a more transparent view of their supply chain.
The Chinese government has recently approved multiple blockchain projects, including an upcoming payment system for state-funded development projects. In addition, China’s largest online retail company – Alibaba Group, has recently taken steps to implement blockchain technology within its supply chain and between its wholesale marketplaces.
They have also partnered with Sync sort Corporation, a global company providing various international shipment solutions, expanding their business services into China’s domestic market and adopting blockchain technology as an authenticating partner. They have also developed a new supply chain management system that uses blockchain technology to track the products’ origin and movement throughout the entire supply chain.
Blockchain resolving tracking issues:
Every company involved in commerce faces the challenge of tracking its products through various stages. In some cases, the products must be tracked from the point at which they were harvested; in other cases, to the customer. Tracking products in a globally connected society is daunting, with many things that can go wrong.
Alibaba is not alone in its blockchain endeavours. The world’s four largest container shipping companies – MSC, Evergreen Marine, CMA CGM and OOCL, have recently formed a partnership with Trade Lens. This solution uses blockchain technology to track international shipments throughout its supply chain. Let’s discuss how alongside the development of blockchain, businesses are going to implement it.
Implementation in the banking sector:
Due to the increasing digitization of the financial sector, the usage of blockchain as a technology is increasing rapidly. A 2016 Deloitte study estimated that by 2022, more than 10% of banks will have started using blockchain technology for corporate and retail customers; however, recent reports have stated that more than 20% of banking bodies are using blockchain.
Implementation in the logistics sector:
The logistics industry has been one of the most vital sectors in adopting blockchain technology. According to a study by PwC, around 30% of businesses in this sector are expected to implement blockchain technology by 2022. As a result, shipping companies are increasingly getting involved with blockchain technology initiatives, including shipping registers. As a result, people will use blockchain technology to track every step in the supply chain, from the point of origin, through customs, to the delivery of goods.
Implementation in the food industry:
Millions of people worldwide suffer from food allergies; in some cases, a simple misunderstanding about their ingredients could prove fatal. According to The Telegraph, several use cases exist when a product’s journey can be validated using blockchain technology. In addition, blockchain technology is being increasingly used by food companies for tracing the origin of products.
Implementation in gaming:
An increasing number of new online games has also led to a shortage of players and developers. The problem is that no centralized regulatory body ensures fair distribution of dividends, and payments to developers are often delayed. To prevent foul play, the user can use a blockchain-based solution to record and distribute payments among gaming communities effectively and efficiently.
Implementation in the e-commerce industry:
E-commerce is rapidly growing, with the number of retailers multiplied at a furious rate. As a result, the need for logistics companies to track shipments has increased. Blockchain technology can be used by organizing to help them do just that by recording and verifying information about the origin of products sold online.
It would allow retailers to provide better customer service and more confidence in their products thanks to the complete transparency embedded in this digital ledger system. In addition, by using blockchain technology, retailers will have direct control over their transaction records. As a result, they can reduce errors such as those that could occur when border control officers send back shipments without following strict procedures. Implementation in the financial industry:
Financial institutions today are very much in need of a trusted record-keeping system. Financial transactions are the most appropriate use cases to implement blockchain technology because they involve large sums of money and high levels of trust. In addition, financial institutions need an immutable ledger that cannot be altered, tampered or erased. Blockchain provides what these institutions require: a distributed but secure ledger that the consensus of its participants can only update.
There are some hindrances to the mass adoption of blockchain technology in almost every industry across the planet. In addition, there have been some industries where blockchain implementation has caused issues for Businesses due to unsuitability and uncertainty about how this will affect them moving forward.