2 seconds , thereby reducing the risk of dirty food reaching consumers. 1.2. Automation through smart contracts Smart contracts are pieces of code that execute themselves when certain conditions are met, helping to automate processes and reduce dependence on intermediaries.
1.3. Cost savings According to the World Economic Forum, blockchain could save global commercial banks more than $20 billion a year by eliminating manual and intermediary audit steps. 2. While blockchain can be applied in almost any industry, some areas are seeing the strongest impact: 2.
1. Banking and finance HSBC Bank has indonesia telegram data executed the first credit transaction via blockchain, reducing processing time from 10 days to 24 hours , demonstrating the huge potential in cross-border payments and trade credit. 2.2. Supply chain From cargo management to anti-counterfeiting, blockchain offers comprehensive transparency.
IBM Blockchain partners with Maersk to manage cargo transportation, increasing efficiency by up to 15% . 2.3. Retail Amazon and Alibaba have been testing blockchain payment systems, offering a safer and more transparent experience for customers.