What is Blockchain beyond Bitcoin & Cryptocurrencies?

What is Blockchain? Today, we focus on the unsexy part of the blockchain world.We will be moving beyond just Bitcoin and Cryptocurrencies.

One of the many use cases for Blockchain

Background
The blockchain process of transacting and storing information on a decentralized, distributed ledger yields many benefits for enterprise application data:

• Ability to set rules for each blockchain enforces compliance
• An integrated network, updated in real-time with always-consistent data
• Consent, protection, and control of consumer/customer data
• Increased efficiency of industry processes, reduced auditing costs
• Tracing data from provenance to present to reduce disputes and increases cost of fraudulent activity
• High level of trust in repository of transferable data

While blockchain use cases are tremendous and forward looking, it’s important to point out the gap between potential and tangibility of implementation.

What problems can blockchain solve?

The video explains the the possible solutions for blockchain in agriculture.

Summary :

1. Food Safety. Bringing transparency to the supply chain will allow us to identify and remove bad actors and poor processes. This ensures ideal conditions from farm to market, and we can pinpoint the sources efficiently and quickly in the event of a food safety outbreak. This could save time, money, and lives.
2. Traceability. The benefit to buying local food is always described as “you know exactly where your food comes from and who grew it. You know it’s fresh”. What if we could make this happen at scale? Meaning, no matter where you bought your food, you know where it came from, when it was harvested and processed, and even who produced it.
3. Logistics. Anyone who has worked in the agricultural supply chain knows the challenges that come with logistics. Products usually have a very short shelf life, are in uncertain conditions in high quantities. Also, often the supply can be uncertain (it’s not like a factory producing widgets).

Potential use cases outside of agriculture :

• Coordinate logistics, payments, financial terms, and contract rules
• End-to-end visibility and tracking of supply chain process in real-time
• Auditing — Records can be instantly independently verified.
• Compliance — Track processes against regulations with pre-defined rules
• Business Contracts — Set predefined rules for transactions between two or more companies engaged in a partnership

Credits: China matters ( link )