Understanding Blockchain Use-cases for Business

Sustainability is the major element which is capturing the eyes of various globalized agencies and individuals. The United Nations has defined 17 Sustainable Development Goals (SDGs) to meet the urgency of environmental and political challenges that are being faced by our world. These are further divided into 169 sub-targets. A consensus has to be maintained within these sectors or communities by keeping in mind the demand of the present generation and the need for future generations. For achieving this goal, we need to understand how enterprise grade blockchain solutions can contribute to economic development.

The implementation of blockchain technology is revolutionizing the world and helping in the creation of a sustainable environment. The integration of these two constituents provides an environment of transparency. It eliminates the loop of bureaucracy; incentivizes the environment by governing the workflow. Let us understand the various use-cases of blockchain technology.

Use Case 1: Supply Chain

Supply Chain consists of a network of complex and distant entities that define a landscape of goods and payments. The implementation of blockchain in the supply chain helps in analyzing the following in real-time:

• Provenance of goods and services

Blockchain helps in realizing the accurate route of the manufactured goods. Earlier, buyers and sellers were unable to keep track of the true origin and destination of the goods. Transparency in the supply chain helps in diving deep in the trails and therefore provides a sense of satisfaction to the consumers by providing a verifiable and accurate source of goods. For example, in food provenance, blockchain can help trace different types of details such as the route from the origin, the condition under which it was planted, production type, ingredients of food and more.

• Transparency in pricing

The ambiguity in pricing was posed by many corrupt middlemen who forbid real end-users in knowing the actuality of the earnings. Blockchain solutions at enterprise scale can enhance efficiency by informing true human rights by making it easier to review details like whether or not child labor was indulged, if there was a bad working condition in the factory, explosion of employees to the toxins and more.

• Efficient document handling

Inefficient maintaining and recording of documents take a toll on the company’s revenue. Proper utilization of the benefits of blockchain is optimizing the value chains of supply chain startups and recognized players of the industry.

Use Case 2: Institutional Weakness

The distributed ledger technology has the potential to eliminate the risks and weaknesses of the institutions by implementing transparency in the processes and by removing the corruption and uncertainties of the business.

• Traceability of donations

Blockchain provides transparency of transactions on a real-time basis and therefore defines the origin and course of donated money. It helps track the funds and analyze the real journey of donated money and whether or not it is being used for the exact cause it is donated for.

• State Corruption

It helps in realizing what happens to various funds that are allocated to a specific industry; whether or not the money of taxpayers has been used effectively. Thus blockchain applications help in mitigating the associated risks by fighting the red-tapes and individual discretionary. It enables the public entities to fully share their data and funds and thus strengthens the image of public organizations.

Use Case 3: Governance, Government & Impact Assessment

There are various areas of government and governance where blockchain-based applications could be implemented which can be defined as below:

• Impact assessment & global governance tool

Until now, it was difficult to monitor and reduce the defective impact that was destroying our planet. Now, combining blockchain with AI helps make the geographies more transparent and reliable. By efficiently recording and maintaining data, rules would be more stringent by the international treaties. Assessing the impacts can be much quicker and easier by tracking the leads. The Government can considerably track the emissions separately and can understand the impact of activities on the environment.

• Transparent Government

Proper aligning and documentation of taxpayers’ money with the e-governance tools would help in reducing the total costs of the bureaucracy.

Use Case 4: Inclusion of unbanked and undocumented population

Not all individuals have a proper identity card through which they can define their identity. Billions of people still struggle to prove their identity as they do not possess any document to prove the same.

• Lack of identification and documentation

Millions of refugees from various regions are struggling to take their human rights. Thus KYC blockchain solution can provide a digital identity to every individual.

• Access to the banks

Though the conventional banks are working hard to reduce the unbanked population, still there are around 1.7 billion adults globally who have remained unbanked. The unbanked population has to rely on the alternative mechanism of financing which is often very exploitative. Blockchain technology comes with a peer-to-peer verification process that would remove the physical verification process. Various agencies are working closely on this platform to bring in efficiency, transparency and security of the processes.

Use Case 5: Mitigation of information asymmetries

Smart contracts are coming and replacing the demography of clearing or governmental institutions. Blockchain-based applications are integrating to remove the various intermediations and thus empower the people directly by reducing the asymmetries of power and information. For instance, it can be implemented in the renewable energy sector. Once the electricity is generated and countered, it will be transported into the system of blockchain which would replace the conventional method of sourcing. This would further accelerate the processing and would result in the automatic creation and distribution of certificates to save the illegal distribution of energy.

Looking Ahead

Blockchain solutions at enterprise scale need to be implemented to facilitate an environment of sustainability. Smart contracts when applied correctly channelize the vitality of the producers, consumers, governments and various agencies.

We, at Antier Solutions, can help you integrate blockchain into your businesses. We follow a coherent roadmap – right from use-case identification to blockchain development and implementation of the solution – to help businesses navigate from conventional technology to the revolutionary blockchain technology.

A free consultation is available to discuss your business needs, no obligation, just a friendly chat to work out if we can help.