How Blockchain is Benefiting Numerous Industries: From Sustainability to Brand Quality Control

Industry InsightsOctober 25, 2023
New image

You’ve probably come across some articles written by our team that highlight the wide coverage of blockchain — it’s not just about tokens and digital ledgers anymore. Blockchain is, indeed, taking the world by storm.

First, Web3 projects sought out ways to turn this technology into more than a buzzword related to crypto. When countless other use cases began to emerge, it was the traditional companies’ turn to seek out these blockchain-based companies and applications to better processes, and even find new ways to tackle old problems.

In fact, we have been working with other blockchain projects and traditional companies in the development of tools and applications meant to help people in real life, not just software developers and cybersecurity companies.

We’re now at a stage where non-Web3 companies look for new ways to improve their businesses. In this article, we are naming a few that have been making a difference by using blockchain-based tech.

Using Blockchain to Verify a Brand’s Authenticity

The Aura Blockchain Consortium created solutions for luxury brands such as OTB, the Prada Group, Mercedes-Benz, and more. But why would such world-renowned brands want to be involved with a blockchain-based enterprise? Two things: to prove to their clients you can trust them by providing trustworthy data about the products they own, and to help tackle counterfeit production. According to an estimate by the Organization for Economic Cooperation and Development, pirated goods amounted to more than 3% of the total world trade.

By creating digital registrations of each item on Aura, clients can access their data and in some cases, even track its origins. The counterfeit part is easy to figure out: if the brand’s products are all online, then fake ones aren’t, and this can be easily tracked.

Authentique is yet another blockchain application created for the sole purpose of protecting goods by creating a digital ID of a product. Once this ID is embedded in the blockchain, an NFT — which is unique — is generated.

Saving Earth, One Block at a Time

Do you know what the Voluntary Carbon Market (VCM) is? It is a trading system for carbon credits, which are units representing reduced or avoided greenhouse gases. These credits are used by companies as a way to demonstrate how much they’ve been “helping the planet” by reducing their carbon footprint through certain actions. These actions can be anything, from the installation of wind farms to planting trees, installation of solar panels, and so on.

This system was created to help corporations tell the world they’re contributing to sustainability, but also to make them accountable. It’s also a way to quantify the impact that industries and consumption have in the planet. However, it doesn’t seem to be working, and the Verra certification firm scandal is proof of that — according to an investigation by the Guardian newspaper, around 90% of their rainforest credits were worthless. A credit is generated when a project to protect a part of the rainforest is implemented. The idea is that the area saved is proportional to the amount of carbon those trees are able to absorb. Companies buy these credits to make up for their own gas emissions percentage, and if Verra’s ones didn’t really exist, that means these companies spent money on projects that never actually happened.

The world has since then discredited the carbon trading market because it is very difficult to monitor expenses, contributions, and how much is being saved versus what’s being wasted. Once again, blockchain seems to come to the rescue. DMRV stands for Digital Monitoring, Reporting, and Verification and it’s a new way to measure and follow up on these carbon reduction projects — Until now, the sector used traditional MRV, which has many downsides, like the fact it relies on subjective data, is costly, takes a long time and depends on exterior consultants.

This is one of those cases where blockchain’s transparency and traceability come in handy, as it’s helpful to track project implementations, inspections, and so on. There isn’t enough manpower to be on top of every single project taking place around the world, so automating this process via blockchain can only have a positive outcome. Although this technology isn’t going to be the main solution to this problem, it might help in terms of processes and automation, making processes leaner, easier to follow, and faster to finish.

Endless Use Cases with Integritee

Integritee is a blockchain project providing solutions to Web2 and Web3 companies, but also developers and builders seeking to harness the advantages of blockchain technology without compromising on privacy. The Integritee Network has two layers (L1 and L2), where L1 is our mainnet, and L2 is our sidechains. These have the same features as our L1 but computations done in them can be independent, allowing for privacy, more scalability, and faster processes. We already have some projects — traditional and Web3-based — building different applications on our sidechains, which by the way, work for virtually any use case.

If you’re looking for a place to build your application or develop your project to which privacy is key, Integritee is it. Contact us if you’re looking for a safe, privacy-preserving blockchain solution to make your idea come true!

You Might Also Like

New image
Industry InsightsMarch 02, 2024

The Potential of Tokenizing Assets: From Houses to Private Equity & Whisky

New image
Industry InsightsFebruary 16, 2024

Embracing Unpredictability: The Role of Randomness in Blockchain

New image
Industry InsightsFebruary 01, 2024

Uncovering Blockchain Consensus Mechanisms: Proof-of-Stake, Proof-of-Work & Beyond

New image
Industry InsightsJanuary 17, 2024

Decoding CBDCs: Advantages & Challenges in the Digital Monetary Landscape

New image
Industry InsightsDecember 19, 2023

Unleashing Scalability and Speed: The Importance of Layer 2 Blockchain Solutions

New image
Industry InsightsNovember 24, 2023

Bear With Us: Blockchain Technology is Still Relevant, Even when Crypto Declines

New image
Industry InsightsNovember 14, 2023

The Imperative for Privacy in Blockchain: TEEs & Privacy-Preserving Software

New image
Industry InsightsOctober 17, 2023

KYC in Web3: How DiD is Saving the Day for Projects & Companies

New image
Industry InsightsSeptember 13, 2023

Blockchain in Aerospace: Reducing Costs & Enhancing Efficiency

New image
Industry InsightsAugust 15, 2023

DAOs: How Fair can Decision-Making be and Why is Private Voting Essential?

New image
Industry InsightsMay 11, 2023

Web3 Bounties: Rewarding Developers with Tokens

New image
Industry InsightsApril 27, 2023

Digital Twins: Increasing Efficiency Without Compromising Privacy

New image
Industry InsightsJanuary 31, 2023

AI and Blockchain: The Combo of the Future

New image
Industry InsightsDecember 15, 2022

L2 in Blockchain: TEE Sidechains vs ZK Rollups

New image
Industry InsightsAugust 16, 2022

Blockchain: Back to Basics

New image
Industry InsightsJuly 27, 2022

From Web 2.0 to Web3: A Step Forward

New image
Industry InsightsJuly 07, 2022

XCM Integration: What Is It and How Does It Work?

New image
Industry InsightsJune 20, 2022

Here’s What You Need to Know About XCM Integration on Polkadot

New image
Industry InsightsJune 15, 2022

How Can Integritee Help Prevent Fraud Schemes?

New image
Industry InsightsMay 16, 2022

How Integritee combines the benefits of Web2 and Web3 technologies

New image
Industry InsightsMarch 17, 2022

A Healthier Approach to Wearables

New image
Industry InsightsMarch 08, 2022

Event Series: Learn How Integritee Is Taking Gaming to the Next Level With Ajuna

New image
Industry InsightsFebruary 23, 2022

TEE 101: How Intel SGX works and why we use it at Integritee