Blockchain Technology to Strengthen Trust in Second Hand Markets

May 05, 2020 at 07:22 // News
Coin Idol
Used mobile phones can be registered using blockchain

Since the launch of cryptocurrency and its underlying technology, blockchain, many were puzzled as to how it would revolutionize various sectors of the economy. Now, businessmen have found a new use case for blockchain technology in the sale of used mobile phones.

While many companies striving to enhance their supply chain to make sure raw materials are of high quality, and the product is authentic, blockchain’s traceability is really important for the sale of second-hand goods, where it is necessary to track the entire history of an item to make sure it has a legitimate origin and appropriate quality. 

Generally, the secondary goods market lacks transparency and trust. To improve the situation, an IGWT Block company has launched a blockchain-based platform that would allow people to track the entire history of used mobile devices such as phones and tablets. Thus, the buyer would be able to ensure the quality, and the seller will get a chance to avoid intermediary services.  The idea aims at clearing doubts which consumers of used mobile devices normally have in the products because they have no idea what the first users did to the device.

Numerous industries might take advantage of blockchain

In fact, many researchers from various industries have been busy exploring blockchain technology and its applicability to real life. In some scenarios, the applicability was obvious, like in financial records management, while in others, it needed further research to ascertain the applicability of the innovation.

Banks and financial institutions such as Barclays, BBVA, Intesa Sanpaolo, HSBC, and others are some good examples of companies already employing blockchain technology to validate transaction data, ensure urgency, and enhance transparency. There is also a great potential of employing blockchain for voting. Some countries including the USA, Italy and South Korea are already exploring the technology potential for various voting processes.

The overall potential of blockchain is huge. Due to its transparency, traceability and immutability, it is able to disrupt many industries., a world blockchain news outlet, has reported numerous use cases of blockchain for enhancing shipment and supply chain throughout many industries. Indeed, even the airline industry seeks to take advantage of blockchain.

From user data to personal identification, the applicability of blockchain technology is increasingly becoming popular. We might actually see more blockchain use cases in various industries as companies deal with uncertainties and discover solutions.

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