Recently, blockchain technology has been something that everyone has been talking about. This is a type of digital ledger of transactions, with storage capacities that can help companies in a lot of different industries. Are you interested to find out how this modern technology can be used in several industries? Let’s take a closer look.
The Auto Industry
Another area where you are going to see blockchain is the auto industry. Companies are always quick to jump on technology trends in this industry and this means that blockchain is something we are going to see more of in the next few years. In particular, it is being used for smart cars and this is something that Toyota has experimented with in a new program. The technology enabled the exchange of data between different smart cars. Volkswagen is also making the most of blockchain and they are advancing technology that will allow smart cars to tell each other about conditions out on the road. This could help to keep people safe and to reduce the risk of accidents caused by the weather.
Food Industry
Next, blockchain is being used in the food consumer industry and particularly when it comes to manufacturing goods. In particular, this type of technology is making it possible for manufactured goods and their timeline to be tracked. This means knowing where goods have been since they have been at shipping facilities all the way to the shelves they are placed on in stores. Think about it as being like a food traceability system but with added elements. So, this is going to provide a lot of information about where products have been in the journey from sourcing of products, manufacturer, shipping and sale. This is also a great way to avoid counterfeit items appearing within the system at any point along the way.
Pharmaceutical Industry
Millions of people every day are taking medication. Their health and welfare are very important and that is why companies have to ensure drug integrity. In particular, the pharmaceutical industry is going to be able to benefit from blockchain technology. It is going to allow a system of track and trace, which can make sure that medications are being used correctly and they are safe for people to take. There is going to be transparency in the supply chain and this can include trust with companies and their patients.
Fashion Industry
When it comes to the fashion industry, brands want to make sure that their customers are being taken care of. In particular, a lot of people now care about their apparel and what they are wearing. Of course, we do not just mean what clothes look like and how fashionable they are. We mean that consumers want to know where their garments are front and their full lifecycle. This is something that blockchain technology is going to provide. It can be used to track the garments and know how they have been created. Thus, brands are going to be able to prioritize sustainability and give consumers what they want.
