While the usability of blockchain technology has been questioned for years, it would appear that smaller-scale innovative ideas see merit in this technology.
The use cases for blockchain technology transcend the financial industry. Exploring other options, ranging from geological exploration to sugar trading, will prove worthwhile for those bold enough to take a risk. New ventures are popping up in the UAE and Russia to highlight the blockchain’s potential.
Blockchain Technology and Geological Exploration
On paper, there is not necessarily a link between conducting geological exploration and blockchain technology. However, both industries could not be further from one another, yet the crossover makes sense. A new cooperation agreement has been signed in Russia to develop a platform-oriented solution based on blockchain technology. Additionally, the concepts of tokenization and the application of modern blockchain technologies will enhance geological exploration.
This new development is made possible with the help of Universa Blockchain and the Russian State Geological Holding Rosgeologiya. Digital transformation plays a crucial role for both entities, as does the introduction of advanced technological solutions. Through the use of blockchain technology, both parties want to make operations more efficient and enhance the overall production processes. Automating the collecting, processing, and storing of product information will be a crucial first step.
In the world of geological exploration, there is a lot of “administration” to consider. By digitizing this aspect further, it becomes easier to provide the correct “field” data and reduce the time spent documenting everything by hand. Additionally, the two entities want to explore the possibility of building a platform to tokenize junior assets. Doing so can create a new and appealing market for investors looking for opportunities in geological exploration. Such tokenization processes will require the use of smart contracts, a technological extension of blockchain technology.
Speaking of smart contracts, those will also prove essential for the team’s focus on building application solutions in cooperation with Universa Blockchain. Being the technology partner of Rosgeologiya highlights the demand for transparent, accessible, and scalable solutions in this industry. Processing vast amounts of data at high-speed performance and business continuity will transform the geological exploration segment. Automating complex business processes seemed nigh impossible in this field, but that may not be the case for much longer.
Sugar Trading with the Blockchain
Another intriguing use case for blockchain technology exists in the UAE. Al Khaleej Sugar, the world’s biggest sugar refinery, pays close attention to blockchain technology since it launched its digital sugar trading platform DigitalSugar. By trading tokens tied to up to 100,000 tonnes of raw sugar with the help of the Universa blockchain, traders can benefit from low exchange fees and decent yearly storage fees. It is remarkable how the same blockchain is used for two entirely different purposes, as sugar trading and geological exploration are nothing alike.
The versatility of blockchain technology and its extended features, such as smart contracts, is not to be taken lightly. Numerous business ventures and operations can benefit from a transparent digital approach. Moreover, it does not impact the user experience negatively, as most consumers wouldn’t even know they are using a blockchain in any official capacity. As government officials pay attention to this space and maintain an open mind toward blockchain technology, teams can explore many exciting ventures in the future. They won’t all be successful, but keeping all options on the table will foster innovation and competitiveness.
While the usability of blockchain technology has been questioned for years, it would appear that smaller-scale innovative ideas see merit in this technology. Bringing those concepts to a larger crowd is the next step. As the UAE’s Highness Sheikh Mohammed bin Rashid points out, 50% of the federal government transactions will be conducted over the blockchain in 2021. A significant step forward toward showcasing the appeal of this technology and how it can transform existing concepts and processes.