Top Consumer-centric Applications of Blockchain

Top Five Consumer-Centric Use Cases of Blockchain

Since its inception, Blockchain has been flooding the Internet with news on various partnerships, mergers and acquisitions, product launches, implementations and what not. Undeniably, the technology has been doing wonders in all the domains, from agriculture to financial systems. The myriad of use cases that are being disclosed everyday are remarkable. It is amazing to see the way blockchain has streamlined businesses and governance across the globe.

Here’s a series of few handpicked customer-centric use cases of blockchain reported so far. Here we go!

Food Tracking

The technology, which was earlier known for just being the underlying technology behind cryptocurrencies, is now making news every day. But now, blockchain has instilled innovation in the food sector as well. Various companies have collaborated in the last few months to use blockchain technology for tracking food. This has enabled public get in-depth knowledge of what they are consuming. In addition, companies have succeeded in adding value to their products.

The tracked information includes all details such as where the food was grown, the identity of the farmer, the manures and fertilizers used, quality, and many more. This builds consumers’ trust in food products and companies as they can distinguish between genuine and fake products and actually see the whole lifecycle of the food product. Many companies like Walmart, Sweat, have already stepped on to the platform for providing customer satisfaction by using blockchain-based food tracking.

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One of the fields which pose great trouble to common people in terms of transparency is healthcare. With the advancement of science and technology, availability of drug manufacturing equipment has become very easy and hence, it becomes very difficult to differentiate between fake and genuine medicines. There has been a lot of news related to death or severe side effects due to the consumption of fake drugs. Here, blockchain comes as the savior as firms like NITI Aayog have devised blockchain-based platform that helps in tracking the supply chain of medicines, thereby curbing the issue of fake drugs. Similarly, recently, Rational Surgical Solutions has also collaborated with a blockchain-based solution to record informed consent on surgical interference.

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Renewable Energy

Many big names like the US Department of Energy and Iberdrola have successfully completed pilot projects aimed at tracking the source of renewable energy. The motto of these companies is to monitor and encourage sustainable use of energy resources, distribute energy equally, ensure low wastage and reduce costs involved in the process. The implementation is claimed to have helped in tackling issues such as depending on third parties. Moreover, producers also get a way to earn as they have the option to sell or rent the extra energy produced.

Tokenized Recycling

Blockchain has also encouraged people in recycling wastes. Recereum, a blockchain-based platform, is offering Recereum coins as tokens to people who either sort wastes or exchange plastic and aluminum bottles, old batteries, electronics, and other wastes. These coins can then be used as discount coupons in availing the services offered by its partners or simply to buy coffee. It is surely a simple yet effective and innovative way of motivating people to clear garbage and make the world sustainable and environment-friendly.

Blockchain-based Voting

Implementation of blockchain for casting votes is a recent trend which is gathering much attention and applause. As the information recorded in blockchain is shared between multiple nodes, thus, it becomes hack-proof and immutable. In case of voting, the blockchain-based vote casting platform instills trust as votes are uploaded in blockchain networks with a timestamp which proves the authenticity of the vote. This ensures greater transparency and builds trust on governance.

Since its introduction in the year 2007 by Satoshi Nakamoto, Blockchain has been a breakthrough technology which has gained a lot of popularity within a very short period. Many companies, nations, and experts have already stated that the technology, though in its nascent stage, has a lot to offer to the humankind.