Real blockchain solutions are not limited to cryptocurrencies and Bitcoin, despite their initial use of the technology. The concept of blockchain was first introduced by Satoshi Nakamoto as an immutable digital ledger for economic transactions. However, it has the capability to store almost anything that has value and can be programmed accordingly.
The potential of blockchain technology extends beyond cryptocurrency applications. It has proven to be beneficial in various industries and continues to revolutionize traditional operations. Governments, manufacturers, business enterprises, and consumers have all benefited from the positive changes brought about by blockchain technology.
The main focus of this article is to discuss real blockchain solutions that cater to customers' needs. some of them are below.
Blockchain For Tracking Sources Of Products-Blockchain technology provides an immutable ledger system that makes it ideal for tracking products right down to their sources. Consumers often prefer to know the origins of specific products, such as sustainably farmed food products. Through the ledger system, consumers can easily track the source of the goods and the parties involved in their production and distribution.
Australia is currently implementing a project known as the Sustainable Sugar Project that utilizes encrypted data on a blockchain to provide sugar buyers with clear information about the source of the sugarcane used in sugar production and the sustainability of the farm. This is just one example of how blockchain can be used to track the sources of products and provide consumers with valuable information about the goods they purchase. Real blockchain solutions like these have the potential to revolutionize the way we track and verify the sources of products.
Blockchain For Sending And Receiving Products
Another real blockchain solution is the use of blockchain technology in combination with the Internet of Things to simplify and streamline the process of sending and receiving products. IBM Watson IoT and Blockchain offerings, for instance, provide a way to track products at each stage of the supply chain. This is possible because they have access to detailed information about the specific package and can receive updates via GPS as the goods move from one location to another.
Furthermore, this technology enables easy payment release at each stage once the transaction has been verified successfully. Since all the information is stored in the blockchain, neither party needs to prove the delivery status of the goods since the blockchain keeps a record of it. Real blockchain solutions like these are making the process of sending and receiving products more efficient, reliable, and transparent for businesses and consumers alike.
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Blockchain For Sending And Receiving Payments
Another significant use of blockchain technology is for sending and receiving payments. Blockchain offers a secure and transparent way to transact without the need for a centralized banking body, eliminating the need for middlemen.
The traditional banking system has several features that slow down the transfer of funds, such as lengthy identity verification and excessive fees for international transfers. In contrast, blockchain technology allows customers and businesses to make payments without intermediaries like payment processors or banks. This reduces payment processing time to minutes instead of days or weeks.
Mastercard has recognized the potential of blockchain technology for payments and has adopted it as an alternative mode of payment for consumers. Instead of swiping a card, customers can transfer money easily from one location to another using Mastercard's blockchain service, which is available for traditional currencies, not just cryptocurrencies. Real blockchain solutions like this have the potential to revolutionize the way we send and receive payments by reducing costs, improving security, and increasing efficiency.
Smart Contracts On Blockchain Technology
Blockchain technology isn't only useful for transactions involving physical goods but also for transactions involving non-physical goods or services. This is made possible through the use of smart contracts on the blockchain. Smart contracts link specific contractual obligations to specific actions using an IF/THEN model. Once the smart contract is set up, specific actions take place when certain contractual conditions are verified on the blockchain as fulfilled or not.
For instance, if a customer signs an agreement with a firm for a service to be delivered on a particular date, such transaction is stored in a smart contract that is recorded on the blockchain. If the firm fails to deliver the service on the agreed date, then the customer is entitled to a refund. On the other hand, if the firm delivers the service as agreed and the customer verifies it, payment is automatically transferred to the firm.
All transactions on the blockchain are publicly verified, immutable, and cannot be tampered with or altered. This ensures that all parties are permanently bound by their contractual obligations and the actions based on them cannot be altered by anyone.
Customers often face difficulties when firms or service companies fail to fulfill their contractual obligations, and they have to go through the stressful process of seeking compensation. This process can be complicated and time-consuming, and often requires third-party intervention. However, with smart contracts that have automated consequences when a party fails to comply with contractual provisions, it becomes unnecessary for customers to go through stressful processes or bring in third parties to settle differences. This also reduces the time, resources, and effort required to resolve issues and levels the power imbalance between businesses and customers.
In conclusion, blockchain technology has revolutionized various aspects of transactions. From tracking sources of products to sending and receiving products and payments, and even utilizing smart contracts, blockchain technology has proven to be a game changer. Its decentralized and transparent nature has reduced the need for middlemen in various transactions, making processes faster and more efficient. With the adoption of blockchain technology by major companies and governments across the world, it is clear that this technology is here to stay and will continue to shape the future of transactions.