With fame linked to its most famous product, the bitcoin cryptocurrency, blockchain technology is gaining an extra boost in global markets in 2022. Companies from everywhere and different sizes accelerate their projects. The objective is to explore the resources of systems intended to strengthen the transparency and security of transactions and properties on the Internet.
Capable of transforming everything from digital identity to banking, blockchain is having an increasingly significant impact on production, distribution, trading and consumption chains. From agriculture to the area of services, successful examples of initiatives are accumulating. It is increasingly evident that digitization has gained speed and that block technology will be fundamental for the application of new concepts such as the metaverse and web 3.0.
Data from a survey published by the Statista Research Department shows that global spending on blockchain solutions accelerated from 4.5 billion to 6.6 billion dollars in 2021. And by 2024, spending on new projects is expected to increase to around US$6.6 billion. $19 billion, with more companies leveraging technology in data validation, data access and identity protection strategies.
Dissemination: the time is now
During the last couple of years, blockchain has become easier to implement even for small and medium-sized players. Successful use cases involving large global IT companies gave the necessary nod. There are a range of stories based on specific applications that can attest to the returns on investments.
In addition, there are a variety of dedicated apps that can trace food not only to the farm and field where it originated, but also to the seed itself, as well as providing complete supply chain visibility for all participants, including consumers.
Today it is possible to consider the “beginnings” of blockchain occurred about five years ago, when Walmart and IBM were first researching the feasibility of using the technology in the food industry. At that time, great programming efforts were usually required to create a working solution. Today, you can consider that apps are becoming almost as easy to use as email.
Advances in food and beverage production
A report by BIS Research identifies blockchain technology as a game-changer for the food and agricultural industry. Innovations deployed on farms and industries provide accurate and tamper-proof information on food inventory and tracking. And they contribute to the storage of land records and other data to keep food production safe, even during natural disasters.
According to market research by PwC, pioneers in the use of blockchain-based systems have signaled the creation of “incredible potential to help companies verify the origins of their products and trace the movement of the supply chain, minimizing problems of fraud and contamination".
Manufacturing
For industrial production, the immutable recording of information blocks creates obvious advantages in the development of tasks, such as real-time tracking of incoming raw materials, real-time inventory and production control, integrated into networks, and routing of goods as they move and change hands throughout the supply chain.
In logistics, the use of technology opens up several options for companies that transport these goods, with real-time tracking and full control of information. Entries on a blockchain can be used to queue events with a supply chain – allocating newly arrived goods at a port to different containers, for example.
Retail
Before taking a product home, the consumer has greater guarantees about the origin and quality of the alternatives available on the shelves. Offering more information also benefits merchants, who are also better able to track their suppliers, as well as monitor inventories and trading costs.
The market tends to see novelties, such as the application of the metaverse and the trading of virtual products, the NFTs. Non-fungible tokens have already gained the status of the most popular blockchain application since cryptocurrency. They are, in short, digital items, such as music, art, GIFs, videos, among others.
More applications
Compliance/Regulatory Supervision: Availability of up-to-date records to regulators and companies in real time, with reduced delays and early detection and issuance of warning signs and inconsistencies
Financial Management and Accounting: Security for customers concerned about financial fraud.
Records management: Preventing the production of duplicates, fraudulent entries and the like.
Cyber security: Removing the risk of a single point of failure, including end-to-end encryption and privacy.
Supply Chain: Tracking the location of goods as they are shipped and ensuring they remain within specified conditions.
Asset Tracking: Monitoring assets and machines to record activities and outputs as an alternative to cloud solutions.
When a technology gets mature it starts to pop up everywhere. Are you ready for the transformation? How are you planning to bring Blockchain and traceability to your business?
Talk to us, DdF can help you.