Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· Distributed ledger technology (DLT) such as blockchain helps simplify transactions and conduct efficient, secure interactions with multiple independent parties around the globe, without the need for a third-party intermediary.
· Use case 1: Farmers collect large volumes of data during planting and harvesting. Licensed data it qualifies as intellectual property of a farmer such as which crops to plant or how many seedlings can be anonymised, sold to third parties and offer the agricultural industry with real-time insights on farms across the world. However, farmers are unsure how to monetise this crop data.
· Farmobile addresses these challenges through a blockchain-based exchange built on AWS. The solution empowers farmers to licence data to approved buyers and includes account set-up, creation, confirmation, execution of the offer, and delivery of the digital asset.
· Use case 2: Moving resources through the oil and gas supply chain involves many stakeholders, including landowners, governments, oil and gas company operators, surveyors, and financial institutions.
· GuildOne believed companies needed more efficient, secure and cost-effective ways to execute royalty contract transactions. It developed a solution through which contract terms are capable of being replicated, and consensus agreed using blockchain.
· Blockchain solutions are transforming the way companies and individuals do business, locally and globally, by simplifying transactions and increasing their efficiency.
Raj 5 years
Kindly Review. Thanks!!
IAS Parliament 5 years
Good attempt. Keep Writing.
