While Bitcoin and cryptocurrency may have been the first widely known uses of blockchain technology, today, it’s far from the only one. In fact, blockchain is revolutionizing most every industry. Here are just a few of the practical examples of blockchain technology.
Food Safety Traceability
In the food distribution and retail industry, there are so many involved parties that transparency, even if desired by all parties, is a virtually insurmountable task. Food Safety and recalls are time consuming and vastly expensive endeavors. When a recall is issued, it typically occurs on a large-scale or national level, costing companies millions of dollars in product loss.
Frank Yiannas, Walmart Vice President, said that by leveraging Blockchain, they were able to shorten the time it took to track produce from six days to two seconds. Starting in September 2019, Walmart will require suppliers of fresh, leafy greens to implement real-time, end-to-end traceability of products back to the farm which it says will reduce waste, as well as improve contamination management and transparency
Blockchain in Transportation Alliance (BiTA)
Supply Chain and Transportation is one of the most affected industries by blockchain technology. The ability to instantaneously reconcile the transfer of assets between multiple carriers for a shipment is truly game changing. This is why huge players like FedEx, UPS, Werner, CSX, Target, and the Home Depot and joined the alliance along with countless others. Liberty Fox has done multiple presentations on the impact to the supply chain industry and how companies can begin to adopt the technology. The seamless data transfer between partners is the equivalent of EDI’s rebirth in the 21st century.
Blockchain’s Success in Healthcare
The Republic of Estonia is a golden model for healthcare blockchain. The Estonian government, in partnership with Guardtime, a cybersecurity company, has constructed a blockchain-powered secure health records management system for processing EHR information. By putting 1 million Estonian healthcare records onto a shared blockchain, patients and providers have a secure and comprehensive medical record system for the first time in history.
In Estonia, doctors are mandated by law to transmit data to this online health record. All patient relevant health data, such as their recent appointments, analyses and diagnoses, time-critical data such as allergies, prescriptions etc., is gathered in the record. So a patient’s Electronic Health Record is accessible to all licensed medical practitioners in Estonia, meaning that doctors from one practice can easily access patient data from another practice when treating a patient – so patients no longer need to fill out forms.
Blockchain can lead to better care, improved transparency, and added protection for all trusted parties.
How Can Liberty Fox Help?
As blockchain becomes ever-more prevalent in various industries, companies are at a loss for how to leverage it. Liberty Fox has a proven process of Education, Consultation and Implementation. We work with you to make sure you understand the technology, how it applies to you, whether it is the right fit for your needs, and what the implementation roadmap looks like. We present on this topic frequently, most recently to the Eastern US Confectionery Logistics Council, explaining how companies can benefit from blockchain integrations. We have the team and capabilities to help you do so. Contact us today!