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How Blockchain will change the supply chain industry?
A Supply chain is a system of organizations, people,
activities, information, and resources involved in supplying a product
or service to a consumer. Supply chain activities involve the
transformation of natural resources, raw materials, and components
into a finished product that is delivered to the end customer. In
sophisticated supply chain systems, used products may re-enter the
supply chain at any point where residual value is recyclable.
Blockchain can enable more transparent and accurate end-to-end
tracking in the supply chain: Organizations can digitize physical
assets and create a decentralized immutable record of all
transactions, making it possible to track assets from production to
delivery or use by end-user.
How Blockchain will impact the jewellery market?
India is deemed to be the hub of the global jewellery market because
of its low costs and availability of high-skilled labour. India is the
world’s largest cutting and polishing centre for diamonds, with the
cutting and polishing industry being well supported by Government
policies. Moreover, India exports 75 per cent of the world’s polished
diamonds as per statistics from the Gem and Jewellery Export Promotion
Blockchain helps to authenticate, in an instant, the apparent high
value of any luxury item — from where it comes from to what it's made
of; from how many hands it has passed through to where and when it has
been stored, stocked and delivered — and that is extremely important
in the world of watches and jewelry.
How Blockchain will benefit the health and insurance industry?
All things that lead to risk-associated steps in which information can be lost, tempered with, and misinterpreted.
In fact, almost half of the 143 U.S. insurers surveyed by the Property Casualty Insurers Association of America and
FICO said that fraud accounts for five to 10 percent of their claims costs. There’s much left to be desired in terms
of security, efficiency and customer satisfaction.a
While blockchain is the hopeful solution, it won’t come without its obstacles. Insurance companies must overcome
regulatory and legal hurdles before fully embracing blockchain technology. There are a number of blockchain features
that could be inconsistent with current insurance laws. For example, personal customer data and their policy information
residing on blockchain must comply with existing privacy and data protection regulations.
Blockchain is gaining traction as a tool that could help solve some of the healthcare industry's
age-old problems that have resulted in wasteful spending and higher costs for providers, insurers and patients.
Once-reluctant competitors are joining forces to find out just what the technology can do and in the process are
developing new transparent business models.
They anticipate that blockchain will be the key that unlocks barriers to healthcare data-sharing and ultimately
enables an industrywide shift to value-based care.