Industrial applications of blockchain
The potential of blockchain technology to transform industries through increased efficiency, security, and transparency makes its industrial applications crucial and that’s why the adoption of blockchain across various industries is growing beyond the realms of finance. Industries including healthcare, banking and higher education stand to gain from the multiple benefits offered by blockchain technology.
Blockchain’s industrial applications have the power to revolutionise conventional business models and provide them with the ability to adjust to the ever-changing needs of the global marketplace.
Indicative projects
Acknowledging the significance of blockchain in industrial applications, IFF is proactively engaged in projects that aim to harness these benefits. One such initiative is INFINITECH, a project comprising a consortium of 42 partners from 16 countries, which has successfully developed blockchain applications like the INFINITECH KYC/KYB On Chain Data Governance DApp. Additionally, IFF is part of the DIGI4ECO, or ‘Digital Twin-sustained 4D Ecological Monitoring of Restoration in Fishery Depleted Areas.’ consortium that has recently secured funding from the Horizon Europe programme. This project aims to advance the management and restoration of marine ecosystems and their biodiversity, marking our inaugural venture into the maritime industry.
As blockchain technology progresses and becomes more integrated across different sectors, it holds the promise of not only improving operational efficiency but also fostering sustainable and innovative solutions to address critical global challenges. At IFF, we are already actively participating in projects that leverage its transformative potential, and we are eager to engage in further collaborations to identify and address these solutions and challenges across various industries.
