In 2018 IBM
( and Maersk launched its own blockchain platform, TradeLens, to record supply chain transactions. Now, Maersk supply chain managers use TradeLens’ distributed ledger to collaborate with shipping companies, importers, suppliers and agencies around the world to automate archiving, speed up document approvals and share shipment data. IBM) Image: Taking out mortgages
Another industry with a history of complex transactions? Property. Just as products move through supply chains, mortgages change hands faster than one might think. In fact, 70% of all mortgages will change hands – some within days of a bank closing the transaction, others several times over a mortgage’s decades-long life cycle. These frequent wire transfers can cause errors, and unfortunately borrowers are most often the victims.
To address this problem, mortgage lender Figure launched blockchain-based mortgages much like NFTs, unique digital identifiers that prove ownership and authenticity. Figure’s system records where a mortgage comes from and allows individuals to track the history of owners and transfers of a mortgage. As a result, the system speeds up transfers, saving time and value for borrowers and lenders alike.
Doodles: Provide digital references
More than 50,000 PhDs are purchased from diploma factories every year, according to the New York Times. To fight fraud and ensure that digital learning experiences are recognized and accredited as much as their in-person counterparts, universities and e-learning providers have begun experimenting with blockchain-based certificates.
For example, Scribbles offers blockchain-protected transcripts to ensure the authenticity of K-12 records. Similarly, Credly offers digital badges that students can share with employers or their networks. In both cases, network participants gain a tangible benefit: trainees have a trusted certificate and employers confirm that the salary they pay employees is well spent.
Codex: Verify Art Collectibles
Finally, blockchain offers the art world a new way to protect art experts from buying counterfeit objects. Previously, prolific forgers escaped discovery by cleverly forging a work of art’s provenance, which traces a painting’s origin, lineage and authenticity. One of the most prominent forgers of the 20th century, British artist John Myatt, used fake paper to deceive two of the best art houses in London.
Codex registers art and collectibles on a blockchain to eliminate paper-based loopholes. When art dealers want to ensure a piece is authentic and trusted, they search the Codex Registry, which records comprehensive data on all registered works of art. The process is relatively simple. After entering the title, maker, or registration number of a work of art, a collector can view documentation, browse digital photographs, and confirm identity. As a result, art houses regain confidence in the provenance of their objects and collectors ensure that they buy the right work of art.
In each of these four use cases, the blockchain application offers its participants real economic value. Maersk reduced the administrative costs of shipping. Figure reduced real estate losses. And Codex increased the integrity, security and trust of the art market, reducing costly mistakes.
So ask yourself: if you are creating a blockchain application, will participants pay to access its benefits while imagining your own blockchain use case?
For more information on identifying a suitable blockchain use case, go to Oxford Blockchain Strategy program – a six-week masterclass designed for executives, entrepreneurs and innovative professionals.