We are offend asked to provide real world examples of how Blockchain technology is being used in the enterprise. Blockchain technology is gaining traction as a solution for tracking and traceability across various industries. By providing an immutable, decentralized ledger, blockchain is helping to increase transparency, reduce fraud, and improve efficiency in supply chains and beyond. In this post, we will explore some of the ways in which blockchain is being used by our clients for tracking and traceability, and provide examples of real-world use cases.

1. Food safety and traceability

Blockchain is being used to ensure food safety and traceability from farm to fork. This is achieved by creating a transparent, tamper-proof record of a food product's journey through the supply chain, from its origin to its final destination. One notable example of this is Walmart's partnership with IBM to track food supply chains using blockchain technology. Through this partnership, Walmart can quickly trace the origin of contaminated food products, minimizing the spread of illness and saving lives.

2. Pharmaceutical supply chain management

The pharmaceutical industry is also benefiting from blockchain-based tracking and traceability. By creating a secure and transparent record of a drug's journey through the supply chain, blockchain can help reduce fraud and counterfeiting, improve quality control, and ensure patient safety. One notable example of this is the partnership between blockchain startup Chronicled and the MediLedger Project, which aims to create a blockchain-based solution for managing the pharmaceutical supply chain.

3. Diamond supply chain traceability

Diamonds are one of the most valuable and heavily regulated commodities in the world, and blockchain is being used to ensure that they are ethically sourced and conflict-free. One example of this is the Everledger platform, which uses blockchain to create a digital identity for each diamond, allowing buyers to verify its origin, authenticity, and ownership history.

4. Logistics and transportation management

Blockchain is also being used to improve logistics and transportation management by creating a transparent, tamper-proof record of a product's journey through the supply chain. By tracking a product's location, temperature, and other important data points, blockchain can help optimize logistics and reduce waste. One example of this is the partnership between IBM and Maersk, which aims to create a blockchain-based platform for global trade.

5. Sustainability and environmental tracking

Finally, blockchain is being used to promote sustainability and track environmental impact. By creating a transparent, immutable record of a product's environmental impact, blockchain can help companies and consumers make more informed purchasing decisions. One example of this is the Plastic Bank, a social enterprise that uses blockchain to track the collection, recycling, and sale of plastic waste, while also creating jobs and promoting environmental sustainability.

As you can see Blockchain technology is being used to provide a secure, transparent, and tamper-proof record of a product's journey through the supply chain, from its origin to its final destination. This is helping to increase transparency, reduce fraud, and improve efficiency in a range of industries, from food safety and pharmaceuticals to diamonds and logistics. With its potential to create a more sustainable and ethical supply chain, blockchain is poised to revolutionize the way we track and trace products in the years to come.

How can Traction Technology help?

Traction Technology is a ground-breaking platform engineered expressly to eliminate internal innovation silos, thereby enabling enterprises to seamlessly collaborate and align their business needs with promising technologies. By providing dynamic features that promote collaboration and innovation, they aim to accelerate digital transformation in the enterprise.

Here's how Traction Technology can help:

Discovery of Relevant Startups: Traction Technology helps established companies discover relevant advanced technologies aligned with their strategic goals and innovation areas. It curates startups based on different industries, technology trends, and areas of business interest, making it easier to find potential partners or investment opportunities and share this information across the enterprise.

Collaboration and Engagement Tools: Traction Technology offers tools that help manage the engagement process with startups. It provides a structured approach to evaluating, tracking, and managing interactions with multiple startups across multiple project and pilots, improving efficiency and collaboration.

Data-Driven Insights: The platform provides data-driven insights to help make informed decisions. This includes information on startup funding, growth indicators, customers and competitors, which can help in assessing potential startup partnerships.

Innovation Pipeline Management: Traction Technology aids in managing the innovation pipeline. It helps companies capture ideas and request and track innovation projects, monitor progress, and measure results in real time, promoting a culture of continuous innovation.

Track KPIs and Generate Custom Reports: Effortlessly track Key Performance Indicators (KPIs) with real time dashboards and generate custom reports tailored to your organization's unique requirements. Stay

ahead of the curve by monitoring projects progress and engagement.

By leveraging a platform like Traction Technology, established companies can gain a competitive edge, driving their digital transformation journey and adapting to the fast-paced business environment. It supports the integration of startup agility, innovation, and customer-centric approach into their operations, which is critical for success in the digital age.

About Traction Technology 

We built Traction Technology to meet the needs of the most demanding customers, empowering individuals and teams to accelerate and help automate the discovery and evaluation of emerging technologies. Traction Technology speeds up the time to innovation at large enterprises, saving valuable time and money by accelerating revenue-producing digital transformation projects and reducing the strain on internal resources, while significantly mitigating the risk inherent in working with early-stage technologies.

Let us share some case studies and see if there is a fit based on your needs.

‍Traction Report Update: 23 ways AI could  transform your business in 2023. 

For more information

●     Explore our software and research services.

●     Download our brochure: How to Evaluate Enterprise Startups.

●   Watch a demo of our innovation management platform and start your free trial.

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