Supply Chain

Current supply chain management (SCM) is inefficient with a number of pain points, such as information asymmetry, poor inventory management and risks of counterfeiting. The OECD and the EUIPO stated that the value of counterfeited goods reached USD 500 bn in 2016.
Blockchain can benefit SCM in terms of traceability and security, by streamlining operations. According to Gartner, 20% of top global grocers will use blockchain for food safety and traceability by 2025.

Maersk and IBM started a venture to establish blockchain-based system for digitizing trade workflows and end-to-end shipment tracking.
IBM launched Food Trust initiative for food transparency and safety, with over 80 members in the Trust such as Walmart, Albertsons Companies, Nestle, Unilever.
LVMH partnered with ConsenSys and Microsoft to launch AURA, a blockchain platform ensuring authenticity and provide full transaction records of luxury goods.


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Financial Services

Financial institutions are the no.1 target for cyber attackers. According to Forbes, financial institutions suffer cybersecurity attacks 300 times more frequently than businesses in other industries. The average cyberattack costs of each financial institution was 18 million in 2018.
Integrating blockchain in financial services enable instant settlement of transactions and mitigate the risks of data loss. According to IDC, financial sector account for $552 million blockchain spending in 2018.

J.P. Morgan created the JPM Coin to facilitate instantaneous transfer of payments between institutional accounts.
The Hong Kong Monetary Authority launched eTradeConnect in Oct 2018, aiming to digitise trade documents and automate trade finance processes with blockchain. Major banks such as HSBC, Bank of China and Standard Chartered have joined this initiative.
Top banks around the globe such as Societe Generale, BNP Paribas and ING have been teaming up to explore blockchain applications optimizing their operations.




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Real Estate

Information asymmetry is the key pain points for various stakeholders in property transactions. Fraud in real estate in the United States increased by 1100% from 2015 to 2017, according to the Internet Crime Compliant Center.
Blockchain can benefit real estate market through smart contracts and tokenization. It eliminates the middleman, promotes cost-effectiveness and increases liquidity of property.

Barclays, Royal Bank of Scotland (RBS) and R3 completed a blockchain trial, with the process of property transaction settled from 3 months to less than 3 weeks.
The Dubai Land Department (DLD) and Mashreq Bank released a blockchain mortgage platform to digitise documents for paper transactions and streamline the brokerage process.


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Identity

Identity theft remains a key issue for modern society. In 2017, 1 in 15 people became victims of identity fraud. There’s a new victim of identity theft every 2 seconds.
The blockchain identity management market is emerging, estimated to reach $3,454 million by 2024, at a CAGR 80% from 2018 to 2024, according to a report by Zion Market Research.
Korea, Estonia and Nederland are all exploring ways to employ blockchain technology in government areas. Personal digital signature allows citizen to have documentless identity authentication, which eases daily activities such as voting, receiving government subsidies, and automobile purchase.

IBM launched its blockchain “Trusted Identity” to create a decentralized approach to identity management, and is combined with open standards including Decentralized Identity Foundation (DIF), World Wide Web Consortium (W3C) and other standards groups.
Microsoft is collaborating with partners in ID 2020 Alliance to launch blockchain-based identity system.

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Remittance

According to the World Bank, global remittances reached $689 billion in 2018. Mexico ($30.02B) receives the greatest amount of remittance, followed by China ($16.14B). A report by Clovr shows that 15.8% of remittance are sent through cryptocurrency in the United States.
Sending remittance using crypto minimizes the transaction fee and transfer time, it also allows p2p money transmission.

Facebook is experimenting on GlobalCoin, which has potential in the remittance market.
Money transfer giant Western Union also collaborates with Coins.ph to enable Filipino to send remittance with cyrptocurrency easily.

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