Taking a food and beverage business as an example, Livshits noted that blockchains can provide “the required transparency that consumers today demand and expect” as the “average consumer today no longer just cares about what they eat and how it should be cooked,” but consider where ingredients are sourced and how they’re handled.Livshits added that the adoption of blockchain technology could become mainstream and “even help with quicker payments.
Sankar Krishnan, executive vice-president and industry head of banking and capital markets at Capgemini Financial Services, told Cointelegraph that blockchain technology is “very ESG friendly,” referring to environmental, social and governance standards to which investors have increasingly been paying attention.
Moreover, Krishnan added, a blockchain provides more transparency and improves tracing capabilities for raw materials while also making data available to every involved party simultaneously, significantly reducing the risk of fraud. He added: Despite all of these use cases and possibilities, there’s a reason not every company in the world is diving into the blockchain world and the technology isn’t being adopted en masse.While the use of blockchain technology has kept on growing over the last few years, some companies have yet to start adopting it despite the numerous advantages offered. The problem with this type of technology is the required investment necessary to implement it.
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