Blockchain as an innovation has the power to revolutionize and disrupt business standards in nearly every domain. According to the latest reports by a trusted market research organization, Blockchain in the telecom business is anticipated to expand from USD 46.6M in 2018 to USD 993.8M by 2023! So, what is all the buzz really about? Blockchain is a distributed ledger replicated across the participants available in a network that manages the records of all transactions occurring between two or more individuals. It is…
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Image source Use Cases of Blockchain in the Energy Sector Peer-to-Peer Energy Transaction Blockchain in the P2P energy trading space is probably one of the most influential and disruptive use-cases. It brings multiple facets together like community resilience, finance, and renewable energy development. By operating in a close-knit community or geographic group, renewable energy resource owners can transact surplus electricity to neighbors and other stakeholders in the community. Here are a few examples of Blockchain-based P2P energy trading podiums: The Brooklyn Microgrid:…
Did you know that the blockchain space is expected to rise from USD 2M in 2018 to approximately USD 18M by 2025 in the energy market? The impact of Blockchain in financial institutions is known to all. The technology is now gaining more attention in the renewable energy industry as well, its metaphoric potential appears remarkable. Instead of being regulated by a single entity, Blockchain allows for decentralization and cannot be amended by anyone. With its distributed ledger, immutability, and cryptographic algorithm,…
Supply Chain Blockchain Use-Cases Since the supply chain is among the most occupied domains, it has specific use-cases where Blockchain can be implemented successfully. Food Verification Whenever we buy produce or other FMCG products, we are always curious to know whether it is safe. Presently, the food supply chain includes tiresome methods like manual record maintenance which is inclined to human errors. Blockchain in the supply chain plays a crucial role by making it transparent. Data entered at each level can be…
Blockchain in Supply Chain for Better Traceability, Transparency, and Trade Ability
Published January 20, 2021
Supply chain traceability is among the top use cases for Blockchain. Substituting the conventional methods with distributed ledger could boost U.S GDP by 5% and trade size by 15%. Blockchain gives the capability of tracking any physical or digital product during its lifecycle. It has the competence to increase ethical and sustainable production, as well as the consumption of any product globally. Nearly every business utilizes third-party producers or multiple products from various merchants before building and marking the production of products.…
