The blockchain technology plays so many roles in today’s society that can be found anywhere in our social life. And people’s awareness on blockchain is also getting higher and higher. Now I sorted out some of its latest progresses.
With blockchain, we can track every details about the product. From production to delivery, shipping to stores, we can always track it. For example, to prevent gems from being used to finance violence, Anglo American’s (AAL.L) diamond unit De Beers launched a blockchain project to track gems once they are dug from the ground. In the project, every supplier tracks and records the source of the diamond and all of its traces. The project may be hard to understand but we can use this system to track all details we want.
Previously, although we had these records, there was no way to verify it. Last year, blockchain technology was introduced into the diamond industry and every diamond that enters the market needs certification. Its entire distribution process is recorded on the distributed ledger, which prevents some synthetic stones from entering the market and any fraudulent activity. This year this program will be officially launched. All diamond transactions will be recorded in the general ledger in real time. If we find that the diamonds purchased are not recorded in the general ledger, we will know that the diamond is not clear.
Another use case for the blockchain technology is land registration. In many parts of the world, many countries have digitized it to expedite the process, but at the same time such practices have also caused corruption. Some will manipulate records in the database, amend the ownership of the land, and revise the history of this land. Such situation is hard to find.
So now in many places, real estate information is recorded on distributed ledgers, so that we can see the entire process of land transaction, who the owner of the land is, who the mortgage lender is, and if anything changes, we also can see.
As a technology, blockchain has the common benefits to all things’ development. It takes time to let everyone know it, accept it and use it. We firmly believe that the blockchain technology will get better and better. In the future, we will see more uses of blockchain technology in real life.
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