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Logout• Payments to Automotive Suppliers: Because transactions are done directly between the payer and the payee, blockchain enables the transfer of monies anywhere in the globe without the need for traditional banking transactions. It’s also safe and quick, requiring only a few minutes versus days for automatic clearing house payments.
• Supply chain traceability: Companies can utilize distributed ledger systems (blockchains) to track product status at each stage of the manufacturing process. The records are irreversible and permanent. They allow each product to be traced back to its source.
• Electric Power Micro-grids - Solar panels’ excess power is being redistributed using smart contracts. The Transactive Grid is a blockchain-based application for monitoring and redistribution of energy in a neighborhood micro-grid. To save money and reduce pollution, the application automates the buying and selling of green energy.
• RFID-driven Contract Bids and Execution tracking the status and final delivery performance using RFID.
• Cold chain monitoring: Temperature, humidity, vibration, and other external factors can be recorded by sensors on sensitive products. After then, they can be saved on a blockchain. If a storage condition differs from what was agreed upon, a smart contract can be triggered to remedy the situation. Depending on the amount of the divergence, for example, the action can be to change the storage. It might, however, go as far as revising “use-by” dates, declaring things defective, and imposing penalties.
These are some of the applications but there are many more and the careers in this sector are also very promising.