How Blockchain speeds up the digital transformation of industries

How Blockchain speeds up the digital transformation of industries

By Shikhar Sahni, Sr. Vice President at GreyB

The world around us is becoming increasingly digital. We have seen a drastic shift in the way we share information in the past decade. Moreover, the onset of Covid-19 really pushed
businesses to embrace digitization. Now businesses run on information. Hence a technology that delivers fast, transparent, and immutable information is imminent. That’s where blockchain comes in. Blockchain is speeding up digitalization in different industries and here are a few examples-

How Blockchain speeds up the digital transformation of industries
Shikhar Sahni, Sr. Vice President at GreyB

Blockchain in Agriculture Industry – Blockchain innovation has certainly revived the digitalisation of processes across the agriculture sector. It has also revealed the need for timely, accurate, transparent, and reliable data records to underpin the value chain and exchange.

GrainChain, for example, offers a software system that integrates internet-of-things (IoT) data, market data, and farmers’ data into a blockchain platform for transactions in the agriculture commodity markets. The solution aims to involve banks, insurers, vendors, cooperatives, exporters, and farmers on one platform via smart contracts.

Blockchain in Dairy Industry – The technology is fixing the disconnect between various steps in the dairy supply chain. It brings a lot of other technology advancements beneficial for companies as well as consumers.

Connecting Food is one such company helping the food industry shift to blockchain technology giving greater transparency and traceability of the goods throughout the supply chain. Another great example is the Kerala Government in India using blockchain to make the production, supply, and distribution of milk, fish, and vegetables efficient and transparent.
Blockchain will also make product recalling easy, (for example, in case of mishandled products) since it makes it simple to track down the source of the goods.

Blockchain in Telecom- Communication service providers has opened their arms to blockchain technology as it is solving some of the industry’s most eminent problems. From eliminating subscriber ID fraud to enabling 5G as well as eSim, blockchain technology is transforming the telecom sector.

BubbleTone has formed a partnership with another California-based company ShoCard, to
securely and verifiably authenticate the end user’s digital identification.

Blockchain in Smart Buildings- Recently, Zhongsi Boan Technology Beijing Co ltd, a top Chinese blockchain company, proposed a secure data transmission and storage method in an intelligent building system using blockchain technology.

The future of smart buildings is reliant on IoT and blockchain technology can become a core technology needed to manage the flood of data, generated by IoT devices.

Blockchain in beauty or cosmetics – Wonders of blockchain technology have not shied away from the Cosmetic industry either. Blockchain’s transparency and security features have made it easy for cosmetic brands and consumers to trace their products throughout the value chain. In addition, blockchain has made it easy to determine the authenticity of products, launch attractive loyalty programs, and build personalized products.

Cosball skincare, for example, is leveraging blockchain technology to help its customers
securely upload their skin attributes and get personalized product recommendations. Also
reward customers with tokens, which they can use to get discounts on products.

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