Recent Blockchain Innovations: 4 applications that are reshaping industry
The far-reaching potential of blockchain has been a popular topic of discussion for some time, and we are starting to see a growing number organizations utilize the technology in rolling out new ideas and ways of operating.
Here are a few of the more recent innovations in blockchain helping reshape industries ranging from finance and supply chain to agriculture and beyond.
Proton by Metal Pay
The crypto payment solution Metal Pay has unveiled a brand new delegated proof-of-stake blockchain called Proton that makes different banks and payment platforms compatible with one another – and with digital assets.
It is, in essence, a universal network for payments designed to do away with the current siloed nature of payment networks.
Say, for example, you wanted to send money to an individual via Venmo. Ordinarily, both parties would need to have Venmo accounts set up to facilitate the transaction. Proton does away with this, creating one central hub that can link to all other payment platforms.
If a payment platform can integrate with Proton, customers can send funds to one another regardless of which platform is sending and which is receiving. Users can also configure their Proton account to show a verified wallet name rather than the typical string of numbers and letters, easing the execution of transactions without losing any of the security benefits of the blockchain.
In-progress working capital loans product by Ripple
Ripple recently published a job listing that suggests it is currently in the process of creating a working capital loans product – and media outlets have taken and run with this information.
Not much is known about the project to date, but a blockchain-based loan product could have the potential to reduce the timeline companies need to avail capital loans, reduce paperwork, and improve transparency and accountability between involved parties.
The application makes sense, as Ripple has established a significant reach across major financial institutions that could make use of such a product. This also would not be the first time Ripple has unleashed a blockchain-based product within the world of finance, as we’ve seen them do so to help facilitate remittance payments in the past (among other uses).
Blockchain in the seafood industry
The Food and Agriculture Organization of the United Nations recently published a report titled “Blockchain Application in Seafood Value Chains” designed to increase awareness of the role blockchain could play within the seafood industry.
Safety and sustainability are two key issues at the heart of the global seafood trade, but it has always been hard for providers to track the origins of their products efficiently while also ensuring these two critical factors. This is largely because most seafood companies have long relied on paper-based recordkeeping systems.
The U.N.’s report, however, shows that blockchain could be the answer to an industry-shifting traceability solution.
The report lays out an ideal solution that would include automatic identification and logging of a product when it enters a supply chain, as well as all supply chain transactions and all transactions related to products leaving the supply chain.
The distributed ledger nature of the blockchain network would ensure everyone in the supply chain was aware of all transactions taking place on the network.
For this and other blockchain applications to come into effect, however, there are several key challenges that must be overcome. The report goes into immense detail and can be found here in its entirety.
Indian government partnership with Agri10x
Agtech startup Agri10x recently announced a partnership with the Indian government to help remote farmers sell their produce at a fairer value.
Under existing conditions, farmers in India engage with middlemen to sell their produce. The middlemen find a buyer, execute the sale, and then take a percentage of the profit from the farmers.
The new blockchain network removes the middlemen from the equation, giving Indian farmers easy access to a global marketplace that allows them to sell their produce directly to the buyer. The presence of the network also means farmers can receive prompt payment using smart contracts, thus eliminating third-party delays in payment and putting the money directly into the hands of the farmers.
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