• Agriculture sector:
• The blockchain technology enables the traceability of information
in the food supply chain and thus helps improve food safety. It
provides a secure way of storing and managing data, which
facilitates the development and use of data-driven innovations for
smart farming and smart index-based agriculture insurance. In
addition, it can reduce transaction costs, which will benefit
farmers’ access to markets and generating new revenue streams.
Despite enormous potential advantages, key limitations remain
for applying the blockchain technology in agriculture and foodsector.
Healthcare sector:
Blockchains in healthcare can be envisaged in five primary
areas:
• Managing electronic medical record (EMR) data
• Protection of healthcare data
• Personal health record data management
• Point-of-care genomics management
• Electronics health records data management
Banking sector:
• ICICI Bank, Axis Bank and Yes Bank, which have been at
the forefront of blockchain efforts in the country, have joined
JP Morgan’s blockchain platform, ‘the Interbank Information
Network (IIN)’ in September 2019, which enables faster
cross-border payments by providing secure exchange information to banks at lower cost.
Mining sector
A peer-to-peer computer process, Blockchain mining is used
to secure and verify bitcoin transactions. Mining involves
Blockchain miners who add bitcoin transaction data to
Bitcoin’s global public ledger of past transactions. … In the
same manner, a lot of computing power is consumed in the
process of mining bitcoins.
Finance sector:
•With blockchain, the financial industry is improving
security, lowering risk and saving costs by bringing
visibility and lowering friction along the long list of
transactions that accompany
most financial interactions, according
to financial industry authorities
and blockchain experts.
Education sector:
• Helps in the Verification of Student Records and
Accreditation. Blockchain technology transforms
record-keeping of certificates and student credentials
in learning institutions. There is no need for an
intermediary in verifying degrees, certificates,
diplomas, and other academic papers with blockchain
technology.
Blockchain and the food industry
This includes the secure handling and storing of
administrative records and digital authentication
to strengthen intellectual property rights and
patent systems, as well as bring transparency
throughout the supply chain, reduce food frauds
and enhance food safety.
