How Are Blockchains Used?

As we now know, blocks on Bitcoin’s blockchain store data about monetary transactions. Today, there are more than 10,000 other cryptocurrency systems running on blockchains. But it turns out that blockchain is actually a reliable way of storing data about other types of transactions, as well.

Some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to their locations3

Why do this? The food industry has seen countless outbreaks of e. Coli, salmonella, listeria, as well as hazardous materials being accidentally introduced to foods. In the past, it has taken weeks to find the source of these outbreaks or the cause of sickness from what people are eating. Using blockchain gives brands the ability to track a food product’s route from its origin, through each stop it makes, and finally its delivery. If a food is found to be contaminated then it can be traced all the way back through each stop to its origin. Not only that, but these companies can also now see everything else it may have come in contact with, allowing the identification of the problem to occur far sooner, potentially saving lives. This is one example of blockchains in practice, but there are many other forms of blockchain implementation.

y integrating blockchain into banks, consumers can see their transactions processed in as little as 10 minutes, basically the time it takes to add a block to the blockchain, regardless of holidays or the time of day or week. With blockchain, banks also have the opportunity to exchange funds between institutions more quickly and securely. In the stock trading business, for example, the settlement and clearing process can take up to three days (or longer, if trading internationally), meaning that the money and shares are frozen for that period of time.

As we now know, blocks/ledgers on the Bitcoin blockchain store data about monetary transactions. On the blockchain, more than 10,000 different cryptocurrency systems are currently operational. However, it has been discovered that blockchain may be used to hold information about various types of transactions.

Blockchain technology has already been used by Walmart, Pfizer, AIG, Siemens, Unilever, and other companies . The Food Trust blockchain, for example, was created by IBM to trace the path that food commodities take to reach their final destination.

Why are you doing this?

Countless E. coli, salmonella, listeria outbreaks, and hazardous particles mistakenly introduced to meals have happended in the food business.

It used to take few weeks to figure out what was causing these outbreaks or what was causing people to get sick from what they were consuming.

Thanks to blockchain, brands can follow a food product’s journey from its origin to each stop it takes and eventually to its delivery. If a food item is tainted, it can be traced back to its source through each stop.

Not only that, but these businesses can now view everything else they have come into contact with, allowing for early detection of problems.