7 Major Blockchain Use Cases Explained by an Expert

  • Mark van Rijmenam, a best-selling author and blockchain blogger, has pointed out seven major use cases for enterprise distributed ledger technology (DLT).
  • Rijmenam wrote that Maersk, BP, Shell, UPS, and other giant multinational firms are currently working on developing blockchain-based systems to help streamline their business processes.

Mark van Rijmenam, an experienced speaker on topics related to artificial intelligence (AI), big data, and distributed ledger technology (DLT), recently published a blog post that mentions seven use cases for enterprise blockchains.

1. TradeLens

The A.P. Moller–Maersk Group, a Denmark-based conglomerate focusing on transport, logistics, and energy sectors, developed its first blockchain proof-of-concept in March of 2017, Rijmenam noted. 

While working in collaboration with the Dutch customs department and US Homeland Security, Maersk explored different ways to remotely access cargo data in order to expedite routine customs procedures.

TradeLens, a blockchain-based global supply chain platform developed by Maersk and IBM, has now grown to include 92 different entities - 20 of which are large ports and several customs authorities, Rijmenam wrote.

Notably, the TradeLens platform has now managed 154 million shipping events and is reportedly expanding at 1 million shipping events every 24 hours. As explained by Rijmenam, who is a Phd candidate at the University of Technology, Sydney, each participant on the TradeLens network operates their own node.

This type of blockchain-enabled supply chain management system “enables participants to cut out as many as five middlemen per transaction”, Rijmenam noted. 

2. British Airways

Another use case for blockchain, developed by British Airways, is for tracking and recording flight arrival and departure information. Key findings from British Airways’ pilot program were that permissioned blockchains require proper governance, and they must adhere to industry standards such as adopting adequate security measures.

As explained by Rijmenam in his blog, “the performance, resilience and scalability of a private blockchain can be a useful tool to improve the air transport industry.”

3. UPS

Other large organizations like UPS are working on a pilot that utilizes DLT to autonomously route shipments via several logistic services - while also completing transactions between stakeholders in a quick and cost-effective manner.

4. Walmart

As covered by CryptoGlobe, giant multinational retail corporation, Walmart, recently announced that by September 2019, all its food item suppliers would be required to upload data to IBM’s proprietary blockchain-based Food Trust platform. The main goal of this initiative is ensure food safety, as Rijmenam also mentioned in his blog.

5. BP And Shell

The co-author of ‘Blockchain: Transforming Your Business and Our World' further noted that giant oil companies such as Shell and British Petroleum (BP) are working together to develop a DLT-based platform for trading commodities.

As most companies aim to achieve by using blockchain, BP and Shell are looking to “reduce the administrative burden” of managing the oil trading process while also “making transactions immutable, verifiable and traceable”, Rijmenam wrote.

6. TravelPort

TravelPort, a UK-based and New York Stock Exchange (NYSE) listed provider of distribution and payment solutions for the travel industry, has partnered with IBM “to more efficiently manage the different tours and activities offered through cruise ports or large hotel chains.”

7. Save The Children

At present, a charity called “Save the Children” is also working on a proof-of-concept for a blockchain-powered “humanitarian passport” which could potentially allow the organization to perform quick background checks on volunteers before deploying them - instead of using the traditional system that currently takes a very long time.

OKEx to Foster Crypto Talent Via Mentorship Program

Popular cryptocurrency exchange OKEx is launching a mentorship program called Beacon Program in Europe to support those interest in the cryptocurrency space during the lockdown and foster new talent in the space.

According to a press release shared with CryptoGlobe, OKEx has noticed the cryptocurrency industry has been gaining significant traction, with the total number of confirmed Bitcoin transactions per day steadily rising since the March market crash, and the total trading volume on major exchanges surpassing $680 million in March.

The pandemic, according to the exchange, “undoubtedly accelerated the adoption of crypto” and encouraged people to see Bitcoin as a safe haven like gold or real estate. Given the increased interest, OKEx is expanding its presence beyond the 180 countries and regions it is currently serving, and expects to double its staff over the next two years.

The exchange’s CEO Jay Hao was quoted as saying:

This is an exciting time for OKEx, we plan to open new offices in more regions to better serve our users, and we’ve already started recruiting passionate blockchain professionals to grow and prosper together. We expect a 100% increase in the total number of staff in 2 years serving customers from around the world,

Hao added that OKEx is launching its Beacon Program to nurture talent in the cryptocurrency space. The program will recruit 6 mentees for a one-month mentorship program with Jay Hao himself and OKEx’s Director of Financial Markets Lennix Lai.

The program will see mentees join their mentors once a week for a 30-minute mentoring session on Telegram, and will allow them to participate in masterclasses given by industry professionals on topic surrounding the blockchain and cryptocurrency space.  The OKEx team will guide them by sharing industry research, news digests, and more with them so the most talented mentees join the firm.

As CryptoGlobe reported, OKEx burned 70% of its OKB token’s supply earlier this year, helping the cryptocurrency’s price surge little over 90% in a 30-day period. At the time it launched a testnet for its decentralized exchange, which further helped demand grow.

Featured image via Pixabay.