20+ blockchain technology use cases

The integration of blockchain-based complex systems allows to automate most supply chain stages and increases its capacity.

Such systems allow to:

• Provide transparent access to information about location, origin, cargo condition and etc. for all the supply chain participants
  
• Automate shipping documents generation
  
• Automate and accelerate payments processing

For example, the SaaS platform Morpheus Network provides supply chain participants with a wide range of features, which facilitate their work. Platform integrated smart contracts allow to automate work with traditional contracts, shipping and customs documents, as well as automate international settlements processing in over 1600 banks worldwide.

EDI (Electronic Data Interchange) standard has been one the most essential parts of the document flow in supply chain management for decades. Integration of blockchain solutions supporting EDI can improve document workflow transparency and provide parties with a single source of assurance avoiding the need to use intermediate systems that ensure trust.

Implementation of blockchain technology for cross-border transfers is one of the most representative examples of the technology application. Dynamic development, implementation, and effective application of such payment networks and protocols as Stellar, Ripple, and IBM Blockchain World Wire represent how the financial industry benefits from blockchain technology.

Blockchain platforms allow to execute international transactions almost instantly and with low fees since there is no need for participants to address any intermediaries, such as banks.

Banks and other financial institutions can also increase the work efficiency by introducing decentralized systems inside banks connecting their divisions and independent counterparties. This is going to not only speed up the payments, but also increase trust between participants.

Implementing blockchain-based solutions gives businesses the opportunity to enable a variety of scenarios via smart contracts. They can help to automate the execution of invoicing and billing based on predetermined conditions.

IBM have developed a blockchain platform we.trade, which allows to:

• Create trade orders
  
• Manage all trade stages
  
• Settle payment conditions
  
• Manage bank products
  

The platform is completely automated, which significantly accelerates the whole process: from the order till the payment.

Blockchain technology established a new big niche of cryptocurrency exchanges — digital platforms for buying, selling, exchanging and storing cryptocurrencies. Unlike traditional exchanges, cryptocurrency exchanges have a lower entry level, higher transaction processing speeds and relatively low fees. The most popular crypto exchanges include Binance, Coinbase, OKEx, Huobi and others.

Also, blockchain technology empowered development of investment platforms, that enable users to invest not only in cryptocurrencies, but also in various tokenized assets. For example, the Roobee platform allows users to invest in stocks, ETFs, venture capital markets, precious metals, cryptocurrencies, IEOs and IPOs. Users can replenish the RoobeeWallet — platform wallet — by bank card or using cryptocurrencies and purchase tokenized assets, which will also be stored in this wallet.

Blockchain technology provides the immutability of information and helps trace data changes and its safety, which makes this technology perfect for storing, managing and exchanging such sensitive data as electronic medical records of patients.

The Medvice platform uses Stellar protocol and artificial intelligence to collect and analyze medical data and choose the most appropriate service methods.

Also, blockchain solutions can be used to store and analyze research data. The IBM company is working on the MiPasa project to help fight the COVID-19 coronavirus. The solution is built to collect medical, scientific and research data from various sources, synchronize them, identify gaps and differences, in order to ultimately create a single knowledge base for all participants. MiPasa is an open platform for verified coronavirus data received from the World Health Organization, the Center for Disease Control, the Israeli Ministry of Health and other qualified agencies.

The production and distribution of counterfeit drugs is one of the biggest healthcare problems. The integration of blockchain solutions into the supply chain will significantly reduce the risks associated with drug fraud.

The chinese delivery company SF Express uses blockchain technology to track drug shipments during the COVID-19 pandemic. Their solution will be able to track, verify and record every transaction in the logistics process, as well as determine the priority level of each order. They combined blockchain technology and Big Data to create a traceable logistics network, which can help prioritize the priority of the delivery of goods, as well as help to minimize the risk of fraud or prevent illegal products from entering the supply chain.

Smart devices in healthcare constantly help doctors by collecting such data on patients' condition in real time as information about heart rate, oxygen level, body temperature and other indicators. The devices are widely spread sports medicine, in studies of internal organs, in remote monitoring of patients' health, and etc. Storing such critical data in the blockchain will enhance its safety and reliability. Also, blockchain solutions can assist in creating a single transparent database that participants will be able to access freely.

Devices produced by the Trackle company help to track fertility in women. During the examination, data about the patient's condition is transferred to a mobile application and recorded in the blockchain provided by Ubirch, a company specializing in blockchain solutions for IoT devices.

Blockchain technology has great potential to improve the efficiency of electricity service providers.

LO3 Energy has developed the Pando platform, a marketplace for energy suppliers. The solution gives users flexible trading tools: suppliers can customize their marketplace, giving consumers the ability to purchase energy from local renewable sources. The platform gives suppliers the ability to analyze the market through sales and buyers reports, trade dynamics and others.

Consumers can access a mobile application that allows them to track their energy consumption statistics.

Blockchain technology and blockchain-based tokens help in designing various loyalty programs with the purpose of increasing energy efficiency.

One such program is the EnergiMine project. The company trades energy on behalf of large enterprises across Europe and uses blockchain to decentralize energy markets and create the EnergiToken platform that encourages energy preservation. For various energy-saving activities, such as choosing greener transportation or purchasing energy-efficient devices, users will be able to receive rewards in ETK tokens, which they can then use, for example, to pay electricity bills, purchase energy-efficient devices, or pay for public transportation.