Blockchain Technology and Its Applications

The video discusses the transformative potential of blockchain technology across various industries, emphasizing its role in enhancing transparency and trust. It highlights blockchain's application in supply chain management, particularly in the diamond, textile, and seafood industries, to ensure product provenance and quality. The use of distributed ledgers and IoT devices is explored to prevent fraud and improve sustainability.

What did Ginni Rometty compare blockchain technology to in terms of its impact on industries?

• The Internet's impact on information

• The invention of the telephone

• The rise of social media

• The development of the steam engine

What is a key benefit of using blockchain in the diamond industry?

• Enhancing the color of diamonds

• Increasing the size of diamonds

• Preventing the circulation of blood diamonds

• Reducing the cost of diamonds

What is the purpose of using distributed ledgers in supply chain provenance?

• To make supply chains more efficient and transparent

• To eliminate the need for transportation

• To reduce the number of suppliers

• To increase the price of products

What is a potential outcome of using blockchain in the diamond industry?

• Higher diamond prices

• A marketplace for whistleblowing

• Reduced diamond quality

• Increased diamond mining

How does blockchain help in the textile industry?

• By increasing the speed of production

• By reducing the cost of raw materials

• By enhancing the color of fabrics

• By improving labor standards and supply chain transparency

What is a challenge faced by the textile industry that blockchain aims to address?

• Limited color options

• High cost of fabrics

• Difficulty in tracking product origins

• Lack of fashion trends

What problem does blockchain address in the seafood industry?

• The taste of seafood

• The size of fish caught

• Illegal fishing and fraud in supply chains

• Overfishing in international waters

How does blockchain technology help in preventing fraud in the seafood industry?

• By increasing the number of fishing boats

• By tracking the provenance of seafood with distributed ledgers

• By reducing the number of fish species

• By enhancing the taste of seafood

What technology is combined with blockchain to ensure sustainable practices in the seafood industry?

• Artificial Intelligence

• Virtual Reality

• Internet of Things (IoT)

• Augmented Reality

What role do IoT devices play in the integration with blockchain for the seafood industry?

• They enhance the flavor of seafood

• They increase the size of fish

• They provide tamperproof GPS tracking and data collection

• They reduce the cost of fishing