Some of the many applications the MustangChain platform can be used for.
A top equine breeder is aiming to breed the fastest and most hardy sport horse but their efforts are restrained due to the inaccessibility of big data on crossing breeds. They wish to obtain all breeding information to make the most informed decision possible. However, to achieve this, they would have to contact all studbooks personally asking for pedigree and heritage reports, go through long waiting times to get what little information they are eligible to receive, and stitch the information together themselves. Even then, they cannot track many other variables that are also important to consider when breeding a top sport horse.
By utilizing the MustangChain platform the breeder is now able to access all data on pedigree and heritage and couple it to a horse’s sport result effortlessly. Moreover, they can also track all the variables included in the data asset. Extracting big data from horses that are registered and have a data asset on MustangChain is as easy as doing a search on Google. All this data will be available to breeders who are registered to the corresponding Dapp, enabling them to make informed breeding decisions.
An equine specialist veterinarian is researching information regarding injuries for a specific breed of horse, but struggles to find the comprehensive data needed online. There are some databases that could be useful, but they are closed to the public. Furthermore, a lot of federations and organizations manage these databases so the veterinarian would need to get permission from countless parties to gain access to the data which is a time-consuming process.
By utilizing the MustangChain platform, the process to access datasets and databases is made effortless. All the data that pertain to the horses that are registered on the MustangChain platform are accessible to all. On the platform veterinarians can filter the database based upon their exact specifications, to pinpoint the results needed for their research. For example, analyzing the amount of injuries for a specific breed of horse or the best injury treatment practices.
ACQUIRING A HORSE
An equine enthusiast wanting to buy a new horse, searches far and wide until they find the perfect one. The prospective buyer waits several weeks until the verification documentation of the horse comes through. Struggling to validate the verification documentation, the equine enthusiast begins to doubt the horse’s authenticity. Even if the verification documentation is eventually certified, the equine enthusiast’s doubts are compounded by the time the research and validation process would have taken.
With the click of a button on the MustangChain platform, the prospective buyer can gain instant access to the horse’s history which has been audited and verified. If at this point the buyer decides to acquire the horse, the sale can be registered on the blockchain via a smart contract. The smart contract mechanism makes sure that the funds only get released to the seller when the horse arrives to the buyer. This streamlined process enables the buyer to purchase a horse with a lot more confidence and significantly reduce the time taken to do it.
TAKING OUT AN INSURANCE POLICY
An equine sports rider wants to insure their horse and themselves before entering into a competition. The rider scours the internet comparing insurance packages and policies, filtering on variables such as price and type of insurance coverage. More often than not, once the rider has found the policy that best suits their needs, they have to go through a long and arduous process of submitting correct documentation that is required before their insurance coverage is approved.
Using the MustangChain platform equine riders can easily choose the best insurance policy for their needs. As the equine is registered on the MustangChain, when the rider inputs their horse I.D. the application will show numerous insurance policies from different companies that are best suited to this rider based off the data of the equine on the Blockchain.
The insurance companies can be ranked on rating and price, which in turn will enable the customer to choose the policy that is the best value for money. Because the equine is part of the MustangChain ecosystem, the data is not only reliable but also audited. This enables instant insurance coverage based upon a smart contact that is deployed. If there is a claim to be made, this can also be handled by using the application.