by Lumai Mubanga
How would you feel to learn that the most beautiful diamond you are wearing is as a result of many innocent people who died in its mining, or is a a product of the efforts of a warlord who fought to finance his war efforts? What about being told you just consumed a GMO you had avoided for long for personal reasons but it was not labelled as such? Some may simply brash that aside while many sensitive buyers and users will raise eyebrows in disbelief. Many are the times when the conscious of sensitive end users are hurt.
The good news is that very soon, that will come to an end. Sensitive users will now be able to purchase any time with a clear conscious because they will have known everything about the product before purchasing it. Indeed, when fully-fledged, sensitive users will find block chain more appealing. The following paragraphs explains how that will be possible in specific situations.
Genetically modified foods Food & Merchandise traceability
GMOs, as they are commonly called and its consequences on human health and nutrition has raised a lot of concern on some sectors of society. The biggest threat caused by GM foods is their supposedly harmful effects on the human body. The belief is that “consumption of these engineered foods can cause the development of diseases which are immune to antibiotics”. To sensitive consumers, these raises concerns and because commerce is all about profits, many are times when such information is concealed from the consumer.
Proper implementation of blockchain in supply chain management can curtail such mischievous practices. Consumers and indeed sensitive suppliers like Walmart or other big grocery stores would have all their merchandise tracked to make sure they know where their food is coming. Blockchain will make that possible.
Additionally, consumers who love their milk products from New Zealand for example will be able to trace the source of their favorite product.
Wedding rings made from diamonds in war torn countries will also be prevented from reaching consumers abroad, or sensitive consumers will avoid purchasing such products. Imagine wearing an expensive ring only to realize later that it was a product of child soldiers who died in a bloody conflict! Blood diamond as they are known will be traceable on block chain and be avoided by sensitive consumers.
How many times have you lost on your flight insurance when your flight was delayed or cancelled without notice? That may be outdated when blockchain test cases are fully realized in the insurance sector. How will this play out?
Since all flight times, arrival times and take-off times are public, whenever your flight is delayed more than two hours for example, automatically, you should be paid for your insurance payment on the spot. This will be possible because of special and specific smart contracts on the blockchain that will handle these automated payments. Benefits to both clients and insurance companies will be immense.
With these few and specific applications of blockchain technology in supply chain management, insurance and smart contracts, it is safe to predict that many will indeed embrace blockchain when fully implemented.