Blockchain

What are the impacts of Blockchain on the traditional industry? (I)

2 min read

Blockchain has swept through the tech industry because it paves the way for safe and secure transactions and provides an alternative to performing our day-to-day tasks more efficiently. It is poised to disrupt more and more industries in the not too remote future. What are the impacts of Blockchain upon different sectors?

Logistics and Supply Chain Management

Logistics is one of the many industries disrupted by Blockchain.

When consumers purchase meat in a supermarket, they trust the supermarket to do their best to avoid mishandling and defect.  When collectors buy red wine online, they are not able to verify the provenance of the wine.

The old system lacks a sense of transparency and we place a huge amount of trust in the supply chain, even though we are kept in the dark most of the time.

Blockchain technology can bring transparency of the supply chain to an all-new level. A retailer would know about all the dealings of his supplier because all the transactions are stored and shared in an open virtual space with no possibility of getting hacked. From the consumers’ perspectives, the livestock’s date of birth, use of vaccines, and location where they were harvested can easily be accessed.

Voting

The significant impact of Blockchain on the voting system is also unimaginable.

The introduction of online voting is an easy solution for those who are too occupied to go to the polling place. However, online voting comes with its own defects. It has a low level of security and easily opens the door to fraud.

Counting votes manually can be erred and rigged. With blockchain technology, the accuracy, security, and integrity of the electoral process can be guaranteed collectively. The identity of the voter can be verified, and each vote is cast in an unalterable way. Blockchain voting can therefore eliminate voter fraud and maintain a clear record of votes, avoiding fraudulent elections.

As you might have imagined, there are more industries that are currently being disrupted by Blockchain. Stay tuned for our next article!


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