Written by Tom Clarke • Published 15th July 2019 • 3 minute read
The last decade has seen blockchain technology go from a relatively unknown entity to an unquantifiable beast. Understanding what blockchain is and how cryptocurrencies function can sometimes leave people feeling overwhelmed.
We’ve profiled three industries below and highlighted how blockchain has been used to help give a better understanding of how the technology can bring major benefits outside the world of Bitcoin.
Food supply chains
It might seem an odd industry for blockchain technology to be implemented in, but ask yourself; how do you know the sustainably caught fish you’re eating is actually sustainable? Recent research has suggested that fraud in the seafood industry is a big issue. If you think about the journey a fish takes before being served up to you, manually tracking the journey can be as hard as swimming upstream…
One tech startup is leading the way in turning the tide on this situation. UK based Provenance has created a blockchain-based platform that helps brands become more transparent when it comes to their produce’s journey from sea to plate. Harnessing its platform, businesses can easily gather information about a product’s origin and the journey it’s taken so consumers can have confidence in what they’re eating.
With longer life expectancy and an ever-growing population, the UK’s road congestion is currently at an all-time high and is only set to continue to skyrocket. The global rewards platform, Dovu is trying to tackle this by making the public more conscious of how they travel. Dovu users will earn tokens in return for sharing and improving the way they travel. In turn, by analysing the data, mobility companies will be able to get closer to their customers and in the long run help cities get smarter.
One of the key features of blockchain is once information has been added to the ‘chain’ it cannot be changed. In the music industry, this could provide critical when it comes to determining who owns assets such as the masters to royalties of music.
Enter award-winning artist Imogen Heap, who has headed up her very own blockchain project, Mycelia, which she hopes will cut out the ‘middlemen’ and ensure artists get paid properly for their work. Heap has emphasized that she wants to create a fair-trade environment with a simple one-stop-shop-portal to upload newly created music.
The adoption of blockchain technology in an industry like recruitment, might have been seen as something of an uphill battle. But businesses such as former client APPII, have pioneered a strategy which enables candidates to apply for roles using blockchain verified CV’s.
Through a digitalized tracking system candidate CV information such as their current workplace, past experience, their education or even training qualifications can be verified easily. This significant step forward in the industry allows for improved streamlined checks including the reduction in referencing as everything would have already been verified. It also allows the caliber of candidates applying for roles to be verified quickly and much more efficient for hiring managers.
When it comes to police investigations, establishing a clear trail of evidence is vital to uncovering the truth. Blockchain technology can help flag transactional patterns which aid the authorities in tracking any suspicious financial activity.
A business leading the way is Elliptic, run by former law-enforcement agents and computer scientist; Elliptic help revel the truth behind Bitcoin activity.
Currently the Elliptic software can be found in some of the world’s largest banks and Bitcoin exchanges, monitoring billions of dollars in transactions every month. The software itself is used to identify and investigate Bitcoin’s role in cases of terrorist financing, arms trafficking, blackmail and child pornography. These are the people who find the truth in data.
If you would like to find out more about how PR could connect you with the right audience for your blockchain offering then please get in touch with us today.