How Blockchain Technology Is Making the World Better

Blockchain technology could be extremely beneficial in the insurance, banking pharmaceutical, and health industries and supply chain management of various sectors (agribusiness international trade, luxury, distribution, aeronautics, wines, and automobile) music industry as well as energy and real property.

Blockchains could take over the majority of the centralized "trusted 3rd parties" such as banks and notaries, the land registry, and more through the use of distributed computers. Listed below are the industries where blockchain technology companies can come in handy. 

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1. Medicines / Pharmacy

Blockchain technology can be utilized to increase the integrity of drugs. If drugs are able to be easily traced from their production to consumption, it can help save as much as one million lives per year.

2. Fashion

The CGS project allows consumers to track the entire lifecycle of a garment. This brings together companies from the fashion, apparel, and consumer goods sectors to work together. With this solution, consumers no longer need to rely blindly on the value in sustainability fashion. Blockchain technology allows tracking of sustainability and conformity of the garment

3. Cross-border payments

In developing and underdeveloped countries, access to capital for small food producers is often a big problem. Binkabi is a cross-border agricultural trading platform that is breaking new ground with the help of a block bridge solution from Sweet bridge. Thus, a system for fair commodity trading is to be developed.

A blockchain banking solution has recently been announced by IBM. This is intended to make international payments faster and more cost-effective.