Blockchain technology has implications for just about every industry and a wide range of companies have already begun to adopt it in their everyday business operations.

In a report from CompTIA, researchers found that 16% of companies had bought blockchain-enabled tools and a further 22% were developing tools using blockchain. However, 38% either had no current plans to incorporate blockchain into their business or were still unsure of how it might be applicable.

This is not the case in all industries, as the breakdown for early adopters shows:

51% asset management

49% asset tracking

49% regulatory compliance/auditing

48% distributed storage

45% smart contracts

44% cryptocurrency payments

Although many companies remain unsure of how best to use blockchain technology, here are several ways companies and organizations are already making it an essential part of their business.

Pharmaceuticals

By enacting new regulations to ensure the integrity of medications from manufacturing to consumption, millions of lives could be saved every year. Healthcare companies create unique serial numbers used to track units of medication and equipment. Blockchain technology can boost track and trace serialization, lowering costs, reinforcing trust and security, eliminate errors in data movement and enabling transparency of the supply chain in real-time.

DHL is working in collaboration with Accenture to produce a blockchain-based track-and-trace serialization system in six areas around the world. The system is already populated by over 7 billion unique pharmaceutical serial numbers and handles more than 1,500 transactions every second, according to Scott Allison, DHL’s president of health.

Voting

All elections require the verification of voters’ identities, trustworthy means of tallying votes and secure methods of recordkeeping to track votes. By utilizing blockchain, votes can be easily counted, tracked and double checked, which might end the need for recounts by eliminating voter fraud.

Follow My Vote and Democracy Earth are two examples of organizations working to use blockchain technology to make voting more secure.

Food safety

Companies such as Dole, Walmart and Nestlé are partnering with IBM to use blockchain in order to improve the regulation of food. This would make it possible for everyone in the global food supply chain industry to have access to information about where an item of food comes from and its condition. They can then track contaminated foods to their source and quickly remove them from store shelves.

These are only a few examples of how businesses are using blockchain, and as this technology becomes more widely understood, there is no industry which may not utilize it in some way, shape, or form.

BLMP ©2018, Singapore

BLMP (Blockchain Licensing Marketplace) is a blockchain technology company working to remove obstacles and facilitate trust in the complex issues surrounding Supply Chain Management transactions in the virtual goods industry.

BLMP Network uses blockchain technology to connect digital platforms around the world with global brands to monetize officially licensed virtual goods across any digital platform; from games to streaming services & social media, allowing millions of users access to a whole new world of branded virtual products.

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