The blockchain technology was already found to have a near-unlimited amount of potential use cases, and the new ones are being discovered and added to the list almost on a daily basis. While many of them are ways to improve something that is already possible, there are also those that show potential for bringing new technological advances, something that was previously deemed impossible with the technology that predates the blockchain.
The collaboration between the AI and blockchain industries, tokenization of assets might allow us to order various goods and services that would be performed or delivered via autonomous machines. When the work is completed, users might simply pay with cryptocurrency. The entire transaction may have seemed like something from a Sci-Fi movie only a few years ago, but in a few more years — it might become a reality.
With that in mind, here are several ways in which the everyday city life as we know it may forever be changed through a combination of robots and blockchain technology.
1. Revolutionizing The Supply Chains
As online shopping grows bigger as a trend, it has the potential to replace the traditional methods of shopping. However, the change in the behavior of buyers also results in the change in the behavior of producers, and, as an extent — the supply chain.
For starters, things like production and warehouses where the goods are being kept should move closer to cities, since this is where the majority of their customers live. Furthermore, delivery services need more employees who would bring the goods to the buyers. Tasks such as these will likely fall to machines which will be able to perform them without human surveillance, which will not only speed up the process but also reduce the costs that companies are dealing with.
Many households around the world already use smart devices and IoT technology. If all of them get connected via the blockchain technology, same as delivery drones, devices in our homes would know when there is a lack of certain goods such as groceries, and they would be able to order them and even pay for them via smart contracts.
Ethereum’s infrastructure, for example, allows humans to interact with robots, as well as robots to interact with other robots. While many technological aspects need perfection in order for something like this to be possible, the chances are that it will become a new trend at some point in the future.
2. The Origins Of Products
Some of the top concerns regarding any product revolve around their quality and place of origin. There have been numerous cases of scandals regarding certain products, the way they were made or grown, shipped, or any other aspect of their existence. Consumers wish to know that the goods they are purchasing are coming from a trusted source, and are managed by trusted services.
Because of this, tracking the products’ origin via blockchain still stands as one of the most supported use cases. Each stage of production can be documented and stored on the blockchain, without the ability to manipulate, change, or delete this information. That way, buyers can know anything about the products they are interested in, and a lot of this information may impact their decision whether or not to buy.
This practice holds a lot of potentials, as it will root out any shady practices, and only the top quality goods will reach the shelves, and in extent, consumers.
Source/More: Top Five Key Areas in Life Where Blockchain and the Tokenization of Assets is Ripe for Change