Of the industries that can benefit from blockchain solutions, three stand out.
Traceability, transparency and authenticity are the three pillars of efficient logistics. However, the current standard database for storing critical information in the transport of goods is neither efficient nor secure. These records can easily be tampered with and manipulated, and information is often not available or updated in real time. And there is a serious lack of transparency, and consumers cannot track the way products go from their place of origin to their destination.
Blockchain provides an effective solution to these problems. For example, if a drug produced in Singapore is shipped to the United States, treat patients in the United States. If the drug must be stored below 4 degrees Celsius, and placing an RFID tag that supports the blockchain on the drug eliminates the possibility of any damage or misuse during shipping. RFID-equipped smart sensors record all the necessary details and broadcast them in real time to the blockchain network, accessible to all interested parties. In the event of any violation, an alert can be sent to all stakeholders who will be able to deal with the issue immediately. Recording all data points on the tamper-resistant blockchain will ensure that the end customer is able to track every move of the drug from source to final delivery, and the use of smart contracts will help reduce overhead costs and paperwork.
Research reports show that the cost of introducing new customers is five times that of existing customers. Can the blockchain help maintain customer satisfaction and maximize business profitability?
The member points system is one of the most common ways to retain customers who purchase more products in order to redeem the previously earned member points. Despite the success, such projects still pose challenges to businesses. In addition to operating management fees, if a large number of customers simultaneously redeem their loyalty points, the company’s profit margin will also be affected.
Creating such a system on a blockchain based on a public token can help solve these problems. Unlike member points for a given business, customers can get blockchain tokens shared by companies. If many unrelated companies join the same network, this will greatly reduce their costs, and customers will also benefit from having more choices to use their membership points. You can earn membership points in your grocery store or in your flight miles program and then spend it on a car wash or pay for a call.
Because intermediaries make a difference, merchants and businesses often pay high advertising costs. There are many problems in this process, and when user data is shared by so many people, its privacy and security are threatened. For example, we saw in the scandal of Cambridge Analytica that more than 50 million users of data were accessed by third parties without their knowledge or permission.
Blockchain-based advertising platforms provide better ROI at lower cost and enhanced data security. To provide direct contact between advertisers and publishers, both parties can consider options and choose the open rating system that works best for them to ensure transparency and feedback.