Blockchain goes beyond Bitcoin, and even the Indian government is now officially experimenting with discovering areas where it can implement a distributed ledger system. In fact, in a recent Federal budget announcement, Finance Minister Arun Jaitley admitted the potential behind Bitcoin’s technology, abandoning the effectiveness of cryptocurrencies.
In a conversation with American entrepreneurs, Raj Chowdhury, managing director of HashCash, a global blockchain company, shares five sectors where blockchain can be implemented.
The blockchain will help you understand the origin of supply / parts. For example, if some defective car models on the market and the manufacturer are unable to identify the defective parts, it will bring back millions of cars to the facility.
However, blockchain allows automakers to identify defective models in the fleet, and can track faulty auto parts suppliers with small accessories such as nuts and bolts.
There is plenty of placebo on the market, threatening the lives of millions.In general, pharmaceutical companies do not intentionally sell placebo.
They contract with outside manufacturers to produce drugs on their behalf. These manufacturers procure raw materials in turn from companies around the world. These drugs are exported worldwide.
Therefore, it is very difficult to point out loopholes.
With the help of blockchains, pharmaceutical companies can not only track raw material providers, but also manage or eliminate placebo in the market.
Jewelry and jewelry
Blockchains can be widely used to confirm the origin of jewelry. Let’s look at a diamond example. The seller can assist you with a certificate certifying the authenticity of the diamond, but cannot say if the document is original.
This technique helps track the origin of precious stones, their size and even their value. In addition, it also helps stop styling without Smart sourcing from war zones or market trouble areas.
Chowdhury said that with the advent of smart contracts, the industry can not only automate contracts, but even implement them automatically.
I agree that smart contracts are risky because smart contracts are executed by algorithms. However, many simple contracts do not require any legal intervention and can be properly implemented.
The state governments of Andhra Pradesh and Telangana are working with various countries to maintain land registration or blockchain records.
In emerging countries, Mr Chowdhury added that he has experienced many land disputes that are difficult to prove to be the true owner of the land. With blockchain, authorities can find out who was the owner at a particular point in time by accessing the database. This minimizes land disputes and numerous civil lawsuits pending in court.