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The blockchain is a real-time ledger of records which is stored in a distributed format which is independent of any central authority. It gained prominence with the introduction of cryptocurrencies, and therefore it’s great for accountability of all kinds and not just this one. All the businesses where security is paramount are exploring the blockchain technology and are ready to invest millions of resources in learning how to best implement it.
Not only one sector but almost all the industries with valuable digital assets need to protect their data and can find blockchain as their perfect fit.
1. Stocks: Initial coin offerings are enormous, in some part because they're not yet regulated as they take away the friction in funding a company. ICOs are entirely different from stock in being more flexible about what they enable the holder to do.
2. Shipping: Many big firms are testing using the blockchain technology to track cargos in a shipping company. This helps in reducing the chances of tampering with labels and speed up shipping timings.
3. Diamonds: If the entire history of diamond is stored on the blockchain, it cannot tamper, nor it can be sold with a fake report. The diamond’s blockchain data will exist forever, which means the next time that diamond will be sold in a second-hand market, its provenance and the digital report will remain intact. For an industry that has often struggled with winning consumer confidence, blockchain can be the ideal solution.
4. Livestock: Blockchain in the livestock sector has simplified the production and sales market. It is helping in reducing the food spoilage and fight with diseases, which many farmers were trying to solve. Wal-mart is making use of the blockchain technology to track the transactions about pork sales between the parties.
5. Law: Blockchain can create a smart contract that executes itself where no lawyer is needed. Blockchain can aid in improving the effectiveness of the criminal justice system by automatically accessing records collected through blockchain, which will act as more credible and reliable evidence.