Blocks in Bitcoin's blockchain store data on monetary transactions. However, it turns out that the blockchain is actually a reliable way of storing data about other types of transactions as well.
Walmart, Pfizer, AIG, Siemens, Unilever are among the companies that have already started using the blockchain. For example, IBM developed the Food Trust blockchain to track the journey they take to get to the location where food products will be sold.
Why did they do this? The food industry has witnessed numerous outbreaks of e Coli, salmonella, listeria, as well as accidental contamination of foods. In the past, it took weeks to find the source of these epidemics or the cause of illnesses people get from eating.
Using Blockchain gives brands the ability to trace a food product's route from its source, at every stop it stops, and finally at the delivery point. If a food is found to be spoiled, it can be traced back to its starting point. Not only that, but these companies can now see everything the product can be in contact with, allowing the problem to be identified much earlier and potentially save lives. This example explains how blockchains came to life in practice, but there are many other blockchain implementation forms.
- CandleFocus Editor
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