How far has blockchain succeeded in real life?

While the digital landscape is filled with positive stories and news about Blockchain technology, many people still have a hard time to separate reality from the hype. It is true that there has been much hype created by the entities and individuals who want to fulfil their business purposes but the ground reality is also impressive. In this blog we will talk about the ground reality of the blockchain technology with the help of the real examples to demonstrate the scope of Blockchain technology and how far has it been succeeded in achieving its major objective of delivering a better experience to all with the help of decentralized digital ecosystem: 

Everledger: Confirming genuineness of diamonds

Everledger is a promising Blockchain platform that efficiently traces the entire history and each milestone of diamonds- right from mine till the selling point. In short, it can be called the DNA of the diamond. Everledger aims to register all the certified diamonds in its blockchain ledger so as to offer 100% transparency and allow all the stakeholders to vet any desired information about a specific diamond.

One of the major reasons for the success of Everledger is that genuineness, integrity, and transparency are topmost concerns for every stakeholder in the diamond industry. Diamond business/buying requires very high investment and no one can afford to take the risk without being fully confirmed about the genuineness of the diamond. With the help of Everledger, they can now have the transparent, secured and incorruptible medium to verify the genuineness of the diamond before buying or investing in it. 

BitPesa: Facilitating cross-border payments in remote regions

While most of the new age technologies are essentially aimed at helping the high spectrum of society and corporate interests, the Blockchain equally adheres to ground realities. One of the major examples is BitPesa. This Blockchain initiative is aimed at offering a quick and low-cost medium for business payments in sub-Saharan Africa. With the help of BitPesa, the sub-Saharan African business can now receive or transfer the funds from/to other regions in the most cost-efficient manner without any hassles or unnecessary delays. While the BitPesa has a strong presence in Nigeria, Tanzania, Uganda, and a few other African countries, it can support remittances to more than 85 different nations that open the huge potential for the sub-Saharan African businesses.

When the buyers transfer funds through bank transfer/electronic fund transfer to the BitPesa the Bitpesa buys bitcoin and transfer the amount to the receiver’s bank account. The commissions are reasonable and there are no unreasonable delays or hassles associated with the fund transfer that promotes healthy and smooth business operations.

Walmart’s Blockchain project: Enhancing the efficiency of Food tracking

Wal-Mart has already completed the trial run of its ambitious Food based Blockchain platform that is aimed at strategic contamination management and shrinking the wastage.  As the practical application of its Blockchain based system, Wal-Mart successfully demonstrated to have significantly reduced the period it takes to track the sliced mangoes. The tracking process that traditionally takes as many as 6 days was reduced to just 2.2 seconds with the help of this ambitious blockchain based food technology. Though technically a trial run, it involved the same complexity as any real-life food tracking technology/process does. Along with 10+ farms, it also included a total of 8 different intermediaries including warehouses, processing facility, packing houses etc.

CatBonds: Blockhain in Finance

Cat bonds is the short form for catastrophic bonds. These are the risk linked securities. The investments are tied to a specific catastrophe. If the catastrophe occurs, the issuer gains and the investors lose. The funds are automatically transferred as per the conditions of the smart contract. As this blockchain based project works on the principles of smart contracts it fully eliminates the need for filing claims and saves the parties form associated hassles and time investment.

Already numerous Cat Bonds have been successfully completed by a company named Solidum Partners through this Blockchain based ecosystem.

Maersk and IBM: Revitalizing Global supply chain

Global supply is one of the most complex ecosystems where tracking is vitally important and equally difficult. To overcome this problem the two giants joined hands- The shipping giant Maersk and the technology giant IBM, with a common objective to find the reliable solution to level up the security and competence of global supply chain. This ambitious blockchain project spearheaded by IBM aims to develop a decentralized ecosystem among all the intermediaries so that they can simultaneously monitor and assess the shipment transactions. It will not only strengthen the trust among different parties but also promote the healthy global supply ecosystem by eliminating the possibilities of false promises and discrepancies.

Conclusion

Blockchain technology is definitely among the most promising technologies of this digital era but in order to understand the real capabilities of Blockchain technology you need to update yourself about the present Blockchain projects and the companies that are already helping the industry in delivering better experience and providing a trust less ecosystem to verify the genuineness and integrity of product as well as the business. In this blog, we have mentioned such companies and projects with the help of the real-life use cases.