The blockchain technology is one of the most disruptive technologies ever created. What built initially to power a peer-to-peer cryptocurrency (Bitcoin) has since found acceptance from numerous industries and sectors over the last few years. However, how many of them have actually incorporated the blockchain and created a working product? This what today’s article is going to focus on — the applications of the blockchain technology in our daily lives and how FLETA can help boost blockchain adoption.

Real-life blockchain use cases

We are going to be focusing our attention on two areas where the blockchain has found proper real-life application:

International payments.

Supply chain.

International Payments

The international payment system, as we know today, is completely broken. Even though the world has become increasingly more connected, this sector has refused to evolve. We are still unable to conduct basic and efficient cross-border payments. Here are some of the most common issues with this sector:

Bloated transaction fees: When you use SWIFT to send someone money, you are connecting your bank with the receiver’s bank with a bridge of banks. Each bank will be charging their own commission fee, which dramatically bloats the transaction fees.

When you use SWIFT to send someone money, you are connecting your bank with the receiver’s bank with a bridge of banks. Each bank will be charging their own commission fee, which dramatically bloats the transaction fees. Time: Since each of the banks in the bridge will have their own processing time, it will increase the time taken to complete the transaction.

Since each of the banks in the bridge will have their own processing time, it will increase the time taken to complete the transaction. Payment tracking: International transactions are pretty opaque and it is near impossible to track the payments between different parties.

So, how has the blockchain provided a solution here?

Projects like Ripple are closely working with banks to help make their transactions as smooth and efficient as possible. Ripple conducted a test with ATB Financial, SAP SE, and ReiseBank AG to send 1000 CAD from Canada to Germany. Typically, this transaction would’ve taken 2–5 working days. However, during the test, they were able to conduct this transaction in just 20 seconds. Since then, they have improved on the system and have managed to cut down the transaction time to only 10 seconds.

Ripple now has over 200 partner banks.

Supply Chain

Having a transparent and easily traceable supply chain is not just convenient, but extremely critical as well. Back in October 2006, multiple states in the US suffered a significant E-Coli outbreak through spinach intake. Around 199 people were affected, of whom 22 were children under five years old. 31 of the 199 developed a type of kidney failure called hemolytic-uremic syndrome, and three people died.

The FDA had to shut down the spinach industry for two weeks, only to find out that the source of contamination was just one lot from one spinach farm! That one lot of spinach shut down an entire industry from two weeks because there was no transparent way to trace the spinach to its origin.

The blockchain technology’s inherent transparency and immutability makes it the perfect choice for the supply chain management industry. Many big companies like Walmart are teaming up with IBM to incorporate their “Food Trust System” blockchain in their supply management system.

Walmart has already done two test runs with IBM, one with Chinese pork and the other with Mexican mangoes. Walmart and IBM used the “Hyperledger Fabric,” a blockchain initially built by IBM and now housed under the Linux Foundation’s Hyperledger group for these tests.

Food traceability, which earlier took days and weeks, can now be done in mere minutes.

What is lacking in the current market?

So, we have just shown you two real-life examples, however, those are very industry specific use-cases. What is stopping the blockchain technology from entering every fabric of our lives? Why are we not using blockchain-based dapps every single day? The simple answer to that is we can’t or, to be more exact, we can’t do it with the technology we have right now.

The platforms that are out there are either not scalable enough, or they are not practical enough for developers to create large-scale applications which face no latency issues. This is where FLETA is going to step up and change the game.

How will FLETA drive up adoption?

FLETA’s main purpose is to create a platform where the blockchain technology can reach its full and true potential. We want to build a platform where developers around the world can create the kind of applications which is going to draw a mainstream audience. We have incorporated several innovations which have helped us create an ecosystem which is fast, secure, and decentralized. Innovations such as: