Get All Access for $5/mo

Five Sectors That Can Use Blockchain To Improve Productivity Finance Minister Arun Jaitley in a statement while renouncing the validity of cryptocurrencies acknowledged the potential behind Bitcoin's technology.

By Vanita D'souza

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Blockchain is beyond Bitcoin and now even the Indian government is officially willing to experiment and discover areas where the distributed ledger system can be implemented. In fact, during the recent Union Budget announcements, Finance Minister Arun Jaitley while renounced the validity of cryptocurrencies acknowledged the potential behind Bitcoin's technology.

In conversation with Entrepreneur India, Raj Chowdhury, Managing Director, HashCash, a global blockchain company, shares five sectors where blockchain can be applied:

Supply Chain

Blockchain can help you to understand the province of origin of the supply material/ parts. So for example, if there are few defective car models in the market and the manufacturer cannot pinpoint the parts which are defective, he will end up recalling millions of cars back to the facility.

However, with blockchain, the automobile manufacturer will be in a position to identify the defective models among his fleet and can also trace the defective auto part's supplier for even small accessories like a nut or flange.

Pharmaceutical

There are a lot of fake drugs in the market which raises a threat to the lives of millions of people.

Generally, pharmaceutical companies might not intentionally market fake drug. They give contracts to an external manufacturer to produce the drug on behalf of them. These manufacturers in turn source raw material from companies around the globe. These drugs are then exported globally. Hence, it is very difficult to point out the loophole.

With the help of blockchain, pharma companies can not only track the source of the raw material but can also control or eliminate fake drugs circulating in the market.

Gems & Jewellery

Blockchain can be widely used in the origin verification of precious stones. Let's take the example of a diamond. The seller might help you with a certificate verifying the authenticity of the diamond, but one cannot say if the document is original.

The technology can help you track the origin of precious stone, its size and even its value. Additionally, it can also help stop the sourcing of blood diamonds from the war-zone or troubled areas in the market.

Legal Space

Chowdhury says with the advent of smart contracts, the industry cannot just automate contracts but even auto-implement them.

He agrees that there are risks involved with smart contracts as they are algorithmically executed. But there are a lot of simple contracts that do not specifically need any legal intervention and could be executed easily.

Public Sector

The state governments of Andhra Pradesh and Telangana, along with various countries are looking to maintain land registry or records on blockchain.

In the emerging nations, Chowdhury added we have seen a lot of land disputes where it is difficult to prove the real owner of the land. With blockchain, authorities can know who was the owner at any given point by accessing the database, which will help them in minimizing land disputes and lot of the civil cases that are pending in courts.

Vanita D'souza

Former Senior Correspondent, Entrepreneur India

I am a Mumbai-based journalist and have worked with media companies like The Dollar Business Magazine, Business Standard, etc.While on the other side, I am an avid reader who is a travel freak and has accepted foodism as my religion.

News and Trends

Ratan Tata Receives 23000% Return From Upstox Investment

Discount stock broker platform Upstox recently said that it has completed a buyback of 5 per cent of former Tata chairman Ratan Tata's holdings in the company.

Business News

Melinda French Gates Announces Open Call for $250 Million Fund. Here's Who Can Apply.

The fund is part of French Gates's $1 billion philanthropic plan.

News and Trends

Rata Tata Turns 86: Some Lesser-Known Facts, Impactful Investments in Startups by Him

Born to Naval Tata and Sooni Tata, the Chairman Emeritus of Tata Sons and Tata Trusts Ratan Tata is a skilled pilot and the first Indian to pilot the F-16 Falcon in 2007. Besides this, he is prolific investor in various startups too.

Business Plans

How to Master Your Strategic Planning As You Prepare Your Business for 2025

Here's how to best think about strategic planning, communication rhythms and maintaining alignment for consistent growth as you plan for next year.

Branding

You Don't Need Thousands to Turn Your Business Idea Into Reality — Here's How I Did It on a College-Kid Budget

From creating the packaging designs online by myself to learning how to take professional product photos, I found ways to launch a company on a low budget. Here's how you can do it, too.