How the blockchain can promote global economic development

Since 2008, the year of birth of blockchain, the sector has been very successful and there are many companies in the sector that have established themselves globally. This huge boom will surely lead other companies to approach technology and radically change their working methods.

Agribusiness

In the agri-food sector the use of the blockchain will make the production, distribution and storage of goods completely transparent. The decentralized register system will provide the consumer with very important information about the good you want to buy, from where it was produced to when it reached the store and how long it has been in stock.

A Walmart study indicates that digitizing the food supply chain could reduce the risk to consumers of buying potentially infected products. Walmart has partnered with IBM to develop a Hyperledger system to manage all information about two specific products: pork and mango. The project demonstrated that there can be a food chain that minimizes waste and improves product quality. Frank Yiannis, vice president of food safety at Walmart, said:

„With the blockchain, you can make strategic product removals, and let consumers and businesses have confidence. We believe that improving traceability is good for many aspects of the food industry.“

Voting systems

The traditional voting system has existed for many years now, but it could be argued that it is now dated. For some years now there are digital systems that would like to replace the traditional solution, but there are still strong doubts about the degree of security it can offer, especially in the face of possible hacker attacks. How can the blockchain improve this area? The goal, as always, is to make the process as transparent and secure as possible.

With elliptical curve encryption, voters can create two keys, one public and one private, to cast their vote. The public key is given to the scrutineer who verifies it, while the private key is registered anonymously and used to count the ballots during the counting process. Once the ballot box is closed, anyone could verify the validity of votes with the public key: so the blockchain could usher in a new era of digital voting, simpler and safer.

Date Sharing

If the 21st century and the six months of pandemic have taught us anything, it is that the digitization of the planet is proceeding at an increasingly rapid pace. Many companies, researchers or individuals need to exchange information with each other safely, and the blockchain can have a huge impact in this area.

Traditional methods of data exchange are full of problems, while the blockchain allows peer-to-peer transfer of information securely and independently from third parties.
For example, Ideaology, open source blockchain project on Ethereum, is a platform that allows entrepreneurs, engineers, artists and scientists to freely review and monetize their ideas.

Medicine and pharmaceuticals

According to the BBC, about 200 billion dollars a year are lost due to counterfeit drugs or other problems in the pharmaceutical industry. If integrated with supply chains, the blockchain could revolutionize the business of pharmacies around the world. The distributed registry system already complies with the requirements of the US Food and Drug Administration’s Drug Supply Chain Security Act. By being able to monitor every stage of a drug’s life, from production to distribution, such a system would greatly reduce the incidence of counterfeit pharmaceuticals.