Hey everyone. Welcome back to the course. In the last lecture, we discussed some of the top blockchain projects and also discuss their advantages and disadvantages. Now, let's go and see some of the business effects of the blockchain and understand why industries need to adopt the blockchain solutions. Till now, we have discussed about the multiple benefits of blockchain as compared to the traditional technologies. Some of the benefits of blockchain are immutability, cost saving, transparency, and fast processing.

These benefits can be efficiently utilized by the industries to upgrade their existing systems and build much more efficient solutions. industries such as supply chain pharmaceuticals and energy have been running on the traditional processes for quite a while. Long time now, disruption for such enterprises is around the corner. blockchain is only acting as a catalyst for the disruption. Some of the solutions for these industries are already present in the market, with many more solutions being implemented for different sectors each day. Let's look at some of the solutions regarding different industry sectors.

Pharmaceuticals, pharmaceuticals have started using blockchain where DHL is working with a center to establish blockchain based track and trace system in six areas worldwide. Currently, this system is handling about 7 billion unique pharmaceutical serial numbers and more than 1500 transactions per second. the fashion industry is also being revolutionized with blockchain. blockchain has the potential To enhance intellectual property protection, and even provide transparency for enterprises to track their goods. One of the solutions developed by CGS is already working for the same. CGS aims to provide tracking of garments and compliances of apparel and fashion clients across the globe.

Banking was the first major sector disrupted by blockchain. Most of the banks around the world are already looking into blockchain solutions. Currently, 90% of the total banks around the world are working to see how they can use blockchain with their systems and traditional applications. IBM also has developed a new blockchain banking solution that allows financial institutions to move quickly and cost effectively for payments globally. The other market which has at the tip of disruption is food and agriculture. IBM has already partnered up with Nestle, Walmart and dole to set up a blockchain for regulation and tracking of food products.

Walmart has given the project to IBM to implement the food tracking with blockchain across the whole firm by 2020. Even the United Nations is not far behind and is currently using the blockchain for tracking their 16 different internal agencies, including human trafficking, and World Food Program. jewelry industry has also started to look into the blockchain for possible solutions. Brilliant Earth, a significant company working in the jewelry industry has partnered up with every ledger to use blockchain and tracking and tracing the provenance and origins of diamonds and others. gemstones. This will ensure that their jewelry stones are conflict free.

This will also reduce the counterfeit diamonds and other gemstones in the market. These are some of the examples of the industries using blockchain. There are many more examples throughout the world enterprises have realized how blockchain can help them work much more efficiently compared to the traditional technologies. blockchain advantages such as transparencies security, and immutability are proving to be the Wonder pills for the industries. Now let's see what industries can take up from the continuous growth of blockchain. The blockchain revolution started for enterprises with the Pioneer offering of Bitcoin in 2009 bitcoins Bitcoin showed us how blockchain could be utilized to build us secure system.

Bitcoin was the first major project which defined a working implementation of the blockchain. This revolution marked the first disruption for the financial market and is known as blockchain 1.0. This disruption brought in the concept of cryptocurrencies, multiple distributed payment services, and trade off resources or physical assets represented as tokens in the digital world. blockchain 1.0 brought in the new definition and functions to maintain the finances after blockchain 1.0 the second evolution or disruption, which came in was due to smart contracts. smart contracts disruption is also known as blockchain 2.0. smart contracts opened up new opportunities where we can utilize rules and regulations between two parties Institute Following global rules of the chain in Bitcoin smart contracts are very similar to legal contracts. But smart contracts are available immutably and are programmable over the blockchain.

Multiple applications utilize smart contracts including energy sharing letter of credit, insurance and mutual funds. smart contracts also opened up new ways of performing crowd sales known as initial coin offering. After the disruption through smart contracts, we saw the potential of blockchain and where it can take us. Developers started creating new ways of interacting with blockchain. And we came to the third disruption which is known as blockchain 3.0. This led to the creation of decentralized applications where front end applications employed blockchain services to perform functions.

This also generated a concept of decentralized autonomous organizations who would act similar to blockchain and have people throughout the world connected and working together remotely. The blockchain is changing the way we think about the services and its interaction capabilities. blockchain 3.0 is still ongoing and now we have many advanced platforms like the Ag and hash graphs, which can even compete with Visa and MasterCard services. We will talk about them in later sessions. The current disruptions in industries have created a lot of opportunities in the market, starting from blockchain 1.0 to blockchain 3.0. The current blockchain 3.0 opens up many more opportunities.

Let's see some of the exciting disruptions which would suit Come and change their traditional sectors. One of the exciting sectors would be the entertainment industry. We already have a movie known as braid, which was the first movie to be produced by doing an Ico the concept of doing an IC o for braid movie wants to generate money for the independent developer. The people who participated in the Ico receive tokens as per their participation. As per the percentage of total tokens bought by people. They also receive the same percentage of profit from the movie release.

So whatever the movie earned in theaters, the people who put in the money in the Ico received the profit as per their contribution for the same. Property rental is also one of the essential sectors waiting to be decentralized. Multiple or organization and nations are working across the globe to remove dependencies across the sector. Rent Barry is one of the platform which work with property rental and aims to address the common pitfalls and the headaches related to the traditional rental model. The conventional model is filled with middlemen services, and central authorities and rent berries trying to remove the same politics is also not far behind. Sarah Looney has already conducted the elections on the blockchain.

Japan is also trying out the same system by doing the polls on the blockchain. This makes sure that the whole process is transparent, and citizens can see how many votes are being given to which candidate. Moreover, there is no tampering of ballots and the integrity of words are maintained. The education sector is also at the brink of disruption. currently one of the companies making considerable advancements to change the traditional approach of 3d internet. Distributed educational services are also up and running.

And you can see companies like Odom creating a marketplace for teachers and students. advertisement sector has been running with the traditional processes from the point of web 2.0. advertisement sector will utilize the blockchain capabilities sooner than later. One company currently working in digital advertisement sector is basic attention token. This company is trying to solve the problem related to digital advertisements. They have created a ledger to maintain the trusted advertisement domains, thus reducing the cost and saving money for multiple firms. The blockchain is not a challenge to other technologies future holds The potential of working multiple technologies like IoT, artificial intelligence, blockchain and machine learning together to solve much more significant problems.

One of the companies operating out of China known as Walton chain seeks to integrate IoT and blockchain technology. multiple industries are seeking and developing proof of concepts for the utilization of blockchain in their sectors. There are some reservations as well related to the implementation of the blockchain projects. These reservations are primarily due to the challenges created by either the cryptocurrencies or the limitations of the blockchain. Let's go ahead and understand what are some of the challenges for blockchain implementation in industries. If you have any queries feel free to contact us at info at the red v two blocks.com