How the Blockchain Accelerates the Digital Transformation of Industries

By Shikhar Sahni, Senior Vice President at GreyB

The world around us is becoming increasingly digital. We have seen a sea change in the way we share information over the past decade. In addition, the appearance of Covid-19 has really pushed
businesses to embrace digitization. Now businesses run on information. Therefore, a technology that provides fast, transparent and immutable information is imminent. This is where blockchain comes in. Blockchain is accelerating digitalization in different industries and here are some examples-

Shikhar Sahni, Senior Vice President at GreyB

Blockchain in the agricultural industry – Blockchain innovation has certainly revived the digitization of processes in the agricultural sector. It also revealed the need for timely, accurate, transparent and reliable data records to underpin the value chain and trade.

GrainChain, for example, offers a software system that integrates Internet of Things (IoT) data, market data, and farmer data into a blockchain platform for transactions in agricultural commodity markets. The solution aims to involve banks, insurers, suppliers, cooperatives, exporters and farmers on a single platform via smart contracts.

Blockchain in the dairy industry – The technology corrects the mismatch between the different stages of the dairy supply chain. It brings many other technological advancements that are beneficial for businesses as well as consumers.

Connecting Food is one such company helping the food industry transition to blockchain technology, providing greater transparency and traceability of goods throughout the supply chain. Another good example is the government of Kerala in India which is using blockchain to make the production, supply and distribution of milk, fish and vegetables efficient and transparent.
Blockchain will also make it easier to recall products (for example, in the case of mishandled products) as it makes it easy to trace the source of goods.

Blockchain in Telecom- Communication service providers have opened their arms to blockchain technology as it solves some of the industry’s most prominent problems. From eliminating subscriber ID fraud to enabling 5G as well as eSim, blockchain technology is transforming the telecom industry.

BubbleTone has partnered with another California company, ShoCard, to
securely and verifiably authenticate the end user’s digital identification.

Blockchain in smart buildings- Recently, Zhongsi Boan Technology Beijing Co Ltd, one of China’s leading blockchain companies, came up with a secure method of transmitting and storing data in an intelligent building system using blockchain technology.

The future of smart buildings depends on IoT and blockchain technology may become a necessary core technology to manage the data stream generated by IoT devices.

Blockchain in beauty or cosmetics – The marvels of blockchain technology have not escaped the cosmetics industry either. Blockchain’s transparency and security features have made it easy for cosmetics brands and consumers to track their products across the value chain. Additionally, blockchain has made it easier to determine the authenticity of products, launch attractive loyalty programs, and create personalized products.

Cosball skincare, for example, is leveraging blockchain technology to help its customers
securely upload their skin attributes and get personalized product recommendations. Also
reward customers with tokens, which they can use to get discounts on products.

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