With the emergence of blockchain technology, innovation seems far from over, and as new processes and systems emerge, entrepreneurs should be looking for market pain points in need of innovative solutions. Related:How Blockchain Is Poised to Disrupt the Gig Economy. Of all the industries that can benefit from blockchain solutions, three stand out.

 

 

Transparency and traceability in supply chain management  

 

Traceability, transparency and authenticity are the three key pillars of efficient logistics. However, the present day standard databases that are used to store the key information about the goods in transit are neither efficient nor foolproof. The records can be easily tampered with and manipulated, information is often not available or updated in real-time, and there is a serious lack of transparency, with no way for consumers to be able to track products from their origin to their endpoint.

 

Blockchain offers an efficient solution to such problems. If, for example, a drug is manufactured in Singapore and shipped to a U.S.-based patient, with a specific need to be stored below 4 degrees Celsius, placing a blockchain-supported RFID tag on the drug will cancel out the possibility of any damage or misuse occurring during transport. Smart sensors equipped with RFID record all necessary details and broadcast them in real time to the blockchain network, which will be accessible to all parties involved. In case of any violations, alerts can be sent out to all stakeholders who will then be able to deal with the issue instantly. Recording all data points on the tamperproof blockchain will ensure that the end customer will be able to track every single movement of the drug from its source to end delivery and the use of smart contracts will help in reducing the overhead costs and paperwork.