If you often must explain that blockchain goes beyond crypto to your relatives, friends, or acquaintances, we have something in common.
Yes, blockchain is heavily related to the crypto economy, since the first application was introduced in this sector. This gives DeFi a head start, and that is why the finance sector is the most advanced in the use of blockchain. However, the race is not over, and other sectors are catching up too.
Blockchain technology can be integrated and bring value to almost any field. Today, we will discuss a few examples and use cases that are already in the market. We hope that this information helps to explain the possibilities of blockchain beyond crypto in future discussions.
Blockchain & Luxury Goods
Every artist, creator, and inventor wants to be credited for their work. However, there are always people looking to make a profit by illegal use of the trademark with no consideration for copyrights. Luxury goods face this problem often. Although brands are trying to battle it by issuing authenticity-proving numbers or other means to protect their creations, counterfeit goods are still circling the market.
LVMH, Prada Group, and Cartier believe that blockchain technology can help fight this problem. In 2021 they formed the Aura Blockchain Consortium - the first blockchain to work on a global scale and be for luxury brands exclusively. It seems that other high-end companies liked the idea, one of them being Mercedes-Benz, who joined the project in 2022.
The Aura Blockchain is a comprehensive project. In addition to serving as an authentication tool, it also tells the whole story of a product. Aura stores the information of a full record lifecycle of goods, making the entire process more transparent and accessible. According to Toni Belloni, managing director at LVMH, Aura is a great tool to help brands strengthen connections with their customers.
One of the Aura Blockchain Consortium tools is Aura SaaS (Software as a service). It allows luxury brands to embrace the blockchain in their day-to-day business operations. SaaS helps to generate smart contracts, register products, keep track of product ownership acquisition and transfer, and much more. This tool is already implemented by Cartier and the results are great. The brand’s cost estimate approval rate has increased, and the customer satisfaction rate is 4.8 out of 5.
SUPER HOW? Input for Authentication
Our team has partnered with and provides blockchain support to a similar project called Veritise. This project goes beyond product authentication by verifying human and business identities. It is a digital authenticator that simplifies and brings innovation to current systems providing beyond the product's lifecycle tracing, proof and transfer of ownership, backed by a trustworthy ecosystem of verified identities. Veritise Verification Technology is patent protected and was among the companies selected for its unique innovation in the blockchain spaces at CES Vegas 2022 exclusive event “CES Unveiled”.
Now that we have familiarized ourselves with how blockchain can make an impact in the private sector, it’s time to see the possibilities for the public sector too.
Blockchain & Politics
We find that the best way to present the usage of blockchain technology in the public sector is through a voting system. Voting is the cornerstone of any healthy democratic society, therefore, it is essential that this process be trusted, efficient, and as stress-free as possible.
Blockchain technology has the potential to revolutionize voting systems by making them more secure, transparent, and accessible. In fact, some countries have already tested the idea of incorporating blockchain technology into the voting process. Let’s dig into some examples.
Tsukuba is the first city in Japan that launched an online, blockchain-based voting system, which was used to vote for social development proposals. The system got a blessing from the city’s mayor Tatsuo Igarashi who found it easy to use. The test had some issues but overall, it was a great experience, and maybe we will see this technology applied in the government elections as well.
Another economically strong country, the US, has used blockchain technology twice already for collecting votes. The first time was during the midterm elections in 2018. A blockchain-based mobile voting platform was used during the primary elections in West Virginia. The second test run of such a voting system was for the 2020 Presidential election in Utah County.
These two countries are not the only ones testing blockchain technology for voting systems. Similar projects are happening all over the world, but most of them are still low-key. Nonetheless, we hope that with time, they will grow into something much bigger and more accessible.
Blockchain & Logistics
It is important to mention that not everything that sparkles is gold. In some fields, blockchain technology did not complete the testing phase and evolved to something more. One such project that was suspended recently involves the shipping industry.
Two major players, Maersk, and IBM were working on a project that was supposed to revolutionize logistics. The angle was to use blockchain technology to help track goods while they are being shipped through complex supply chains. This tracing method would have been a wonderful time saver in customs and all the related paperwork.
SUPER HOW? Input in Logistics Sector
However, there are some good examples of blockchain applications in the logistics field too. One of them is the Secro - an independent technology company helping buyers and sellers of bulk commodities to digitize their core business workflows and optimize working capital.
Secro, which is a member of BIMCO, provides a frictionless digital trade documentation platform that is safe, trustable, and seamless. The customer is onboarded to the Secro platform with a nimble click-through process and can collaborate with its trading partners in minutes.
The main Secro product is an electronic bill of lading (eB/L). It performs all the same functions as a paper bill of lading with increased speed, lower cost, and unmatched security without the need for a private agreement. Secro enables parties to write, negotiate and sign contracts on a secure and intuitive digital platform. The Secro eB/L uses blockchain technology, which allows it to fight illicit activity, ensure transparency, and track the history of ownership and changes.
Comparison of the two logistics projects
Although the Secro project also is a solution to optimizing logistics, unlike in the previously mentioned example, it is up and running. Part of the reason for such a difference in success involves the space left for human errors.
The first example creates an additional task that requires manual labor, while the second one optimizes the whole system, without creating an additional burden for the people in the field. Moreover, Secro eB/L is legally recognized globally and does not require cumbersome, upfront private agreements, substantially simplifying compliance and expediting crucial business flows between traders, carriers, banks and their customers.
It is also worth mentioning that at SHIPPINGInsight 2022, Secro received the organization’s Innovation Award by securing the most support from investors and shipowners in the event’s “Shark Tank”.
As you can see, blockchain technology is very universal. Its application definitely goes beyond crypto and today we looked through only a small part of it. Many great blockchain projects already exist, and we believe that the number is only going to increase.
Stay in touch for more information about the most promising blockchain projects from all around the world and our team too.