Real world blockchain use cases
Marrs Buch ist eine aufschlussreiche und informative Untersuchung der transformativen Kraft der Technologie in der Wirtschaft des Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK. Across finance, healthcare, media, government and other sectors, innovative uses are appearing every day. Here is a list of 35 which I have come across.
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Real world blockchain use cases
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- Blockchain Offers Great Potential—If You Focus on the Right Use Cases
- Beyond Crypto: Blockchain Applications Deliver Enterprise Solutions
- Blockchain Use Cases For Banks In 2020
- Blockchain case studies
- Blockchain Demystified - Real World Use Cases
- 10 Use Cases of Blockchain Technology in Banking 2022
- Disruptive Blockchain Technology Use Cases 2021
- Blockchain Applications in Business: Use Case Landscape
- Blockchain Use Cases Revisited: Micro-Lending Solutions for Retail Banking and Financial Inclusion
Blockchain Offers Great Potential—If You Focus on the Right Use Cases
By now, you have probably already heard the word blockchain, including how well known, previously unknown and brand new businesses are boosting their revenue by integrating blockchain applications in business.
The business of blockchain is one filled with myriad opportunities. Established businesses, startup companies, family enterprises and even governments are trying to position themselves. But what are the real world blockchain applications that could apply to your business? This article will paint a use case landscape of blockchain applications in business. Defining blockchain is usually best done using analogies and especially emphasizing what blockchain is not. In fact, ledgers existed long before the first century.
They were, however, centralized, in the control of a single authority, and access given to specific people. In simple terms, blockchain is a distributed ledger technology DLT hosting digital ledgers which are replicated on several computers called nodes. Whatever data is entered into the ledger cannot be altered or deleted, the reason a blockchain is immutable. The several computers nodes making up the blockchain network are in different locations around the world, the reason a blockchain is distributed.
In a blockchain network, decisions are reached via a consensus system because it is not controlled by a single authority, the reason a blockchain is decentralized.
Satoshi Nakamoto, Bitcoin founder, was the first to develop a use case for the new technology in the financial services industry. Bitcoin, a digital currency, lets people transact without the need for banks and other middlemen. It can be argued that blockchain is not a new technology, but just a combination of several other existing technologies such as peer-to-peer, cryptography, hashing, mining and consensus algorithms.
One can liken blockchain to electricity, and bitcoin to a bulb. Blockchain is to bitcoin what electricity is to a bulb. Without the blockchain, there would be no bitcoin.
Just as lighting bulbs is not the only thing electricity can be used for, so also, bitcoin is not the only thing a blockchain can be used for. There are numerous use cases already developed or being developed worldwide. Beyond the hype, there are various reasons why the blockchain has become attractive to individuals and entities, private and public. Here are a few of those reasons, being the features of the blockchain.
Following are the significant challenges with Blockchain Applications:. Blockchain applications in business can be clustered into three broad areas —. There are exceptions to immutable blockchains as well, like the Accenture blockchain which uses the Chameleon hash.
Second is where there is a need for digitization of physical assets, an example can be representing a car, house or land digitally with a unique cryptographic hash. Third is where there is a need for digitization of processes, for example, the process of company incorporation until collection of incorporation certificate. Financial services companies can deploy blockchain for payments, clearing and settlements, cross border transfers, and trade finance.
The healthcare sector is one of those still labouring under an archaic system. Patient medical data are incomprehensibly entered into some paper file and carelessly shelved somewhere. Digital equivalents are centralized, prone to manipulations and cyber attacks. According to CB Insights , there are short, medium and long term blockchain applications in healthcare. Medical research equally has a lot to gain from implementing blockchain, as shown by this year old using blockchain to track genetics and DNA mutations.
Beyonce recently trending in the news brought attention to how she is smartly handling intellectual property in her works, from taking payment in stocks to negotiating partial payment in exchange for full rights.
This is probably easy for someone who is already an established artist and can afford professional advisors. What happens to the upcoming ones? Most times they have to slave under a label until a big break comes, or risk being popular but broke. Implementing blockchain would remove the gatekeeper veil, allowing creators connect directly with their fans, transparently track engagements and sales, manage the license of their copyrights and conduct private auctions.
The future of work is fast moving away from suffocating cubicles to wherever creativity leads. But is the workforce ready or well equipped? Bear in mind that fellow humans are no longer the competition — Think bots.
Blockchain applications in HR include utilizing as an alternative system for data-sensitive and cumbersome third-party verification. Job seekers can easily prove the existence of a skill, certificate or degree. HR managers for globally distributed workforces can now keep their sanity as they try to effect cross-border payment of employee salaries, allowances and benefits. Internet Companies or web-only businesses are now the fast-growing norm.
Employees are distributed in different continents, with everyone collaborating in the cloud. At the centre of blockchain technology is the ability to create a Decentralized Autonomous Organization DAO which can govern itself based on code smart contracts alone.
This is where rules of governance embedded in code, determine how the organization is run. Some describe this as a situation where code is law. Ticks a box in the three clusters earlier mentioned, and therein lies its definition. Tokenization is the representation of assets digitally on a blockchain by assigning a unique hash, usually numbers, to a specific asset. Assets could be digital photographic images, ebooks , financial shares, derivatives or physical land, cars, diamonds.
Aforementioned examples can all be categorized as non-liquid assets, because they are not easily converted to cash. The supply chain industry ticks all those boxes. Most notable is the joint venture between IBM and Maersk. Leveraging blockchain technology features like time stamping, transparency and immutability; merchants and consumers alike can track an item straight from the manufacturer to getting into the hands of the user. When trying to explain the immutability of data entries on the blockchain, real estate is a favourite staple.
A lot goes into the purchase of land or house; unending paperwork, high-rates hourly-billing lawyers, shylock banks and the bureaucratic government. The obvious loopholes of this process means there are times when it is impossible to prove ownership because possession does not automatically translate to ownership.
Industry 4. However, more than half of the energy is wasted i. For instance, tokenizing energy means customers can sell off unused portions of their quotas and minimize waste. And he did not leave it all to chance. He beat the odds against casinos who always set up things in their favour. These days, most gambling and lotteries happen online, and they also have issues of trust and security to grapple with.
When a system is decentralized, it automatically levels the playing field for everyone involved. Rules of entry become easy for virtually everyone to be able to meet. Also, using cryptocurrency to facilitate payments means legal restrictions imposed on payments in traditional currency like dollars and Euros, no longer matter. Finally, online gambling players can take advantage of the anonymity offered by cryptocurrency in making payments or receiving their winnings, since they are only identified through a wallet address.
Imagine social sports communities where fans can engage with their sports idols and clubs in a direct manner. Signing on the blockchain would score goals like incentivising active contributors to the ecosystem, as new possibilities for sporting interactions are unlocked.
Law and government always play catchup to technological advancement, reason we still vote by thumbprinting when we already have facial recognition technology. Smart contracts could change the way governments run their nations and serve as the legal engine of a country.
Countries like Dubai are already hard at work utilizing smart contracts in building an efficient automated smart city. Compared to the era of the birth of the internet, blockchain technology, which is just a decade old, still has a long way to go.
As things get refined and the technology scales, we can expect its potential to exceed limitations. Blockchain Developer at a UK-Based startup. View 6 Similar Projects. Outsourcing vs Insourcing for Tech Startups. No Attribution Required! View Illustrations. Looking for Freelance Jobs? View 6 Open Projects. Check out remote developer jobs.
Beyond Crypto: Blockchain Applications Deliver Enterprise Solutions
The purpose of this publication is to describe relevant use cases beyond cryptocurrency for the application of these technologies. In the process of outlining several use cases across discrete economic application sectors, we covered multiple industry verticals, as well as some use cases which cover multiple verticals simultaneously. For this document, we considered a use case as relevant when it provides the potential for any of the following:. From concept to the production environment, we also identified six separate stages of maturity to get a better assessment of how much work has been done within the scope and how much more work remains to be done. Identification of some other key features in the use case implementations such as Smart Contracts and Distributed Databases have also been outlined.
Blockchain Use Cases For Banks In 2020
By now, you have probably already heard the word blockchain, including how well known, previously unknown and brand new businesses are boosting their revenue by integrating blockchain applications in business. The business of blockchain is one filled with myriad opportunities. Established businesses, startup companies, family enterprises and even governments are trying to position themselves. But what are the real world blockchain applications that could apply to your business? This article will paint a use case landscape of blockchain applications in business. Defining blockchain is usually best done using analogies and especially emphasizing what blockchain is not. In fact, ledgers existed long before the first century. They were, however, centralized, in the control of a single authority, and access given to specific people.
Blockchain case studies
Blockchain Demystified - Real World Use Cases
Blockchain: A true disruptor for the energy industry has been saved. Blockchain: A true disruptor for the energy industry has been removed. An Article Titled Blockchain: A true disruptor for the energy industry already exists in Saved items. Explore additional advantages this technology could bring to the industry and why companies will likely need to collaborate to maximize these benefits. In its ongoing journey to power the world, the energy industry has faced many structural challenges that have been addressed through the effective deployment of innovative and groundbreaking technologies.
10 Use Cases of Blockchain Technology in Banking 2022
The protection of endangered species is being facilitated via a blockchain project that records the activities of these rare animals. Shipping is a natural fit for blockchain and Maersk have been trialling a blockchain-based project within the maritime logistics industry. Waltonchain is using technology to store waste management data on the blockchain in China. In a bid to boost its tourism economy, Hawaii is examining ways in which blockchain-based cryptocurrencies can be adopted throughout the US state. Blockchain technology has been used to provide a transparent record of where fish was caught, as a means of ensuring it was legally landed. I enjoy the technical writing process and answering readers' comments included.
Disruptive Blockchain Technology Use Cases 2021
Introduction: What Are Smart Contracts? Smart Contract Use Cases in Finance. Smart Contracts and Blockchain in the Legal Industry.
Blockchain Applications in Business: Use Case Landscape
Steph Curry. Paris Hilton. Mark Cuban. The full list of celebrities who have embraced non-fungible tokens NFTs — whether through creating, collecting or hawking — seemingly grows longer by the hour, and it runs the gamut from Rob Gronkowski to Lil Nas X. NFTs are here. Specifically, art and collectible NFTs have gone mainstream with breathtaking speed — faster than even the most starry-eyed, to-the-moon crypto bull could have dreamed.
Blockchain Use Cases Revisited: Micro-Lending Solutions for Retail Banking and Financial Inclusion
Though blockchain technology came to existence with Bitcoin, blockchain has a far-reaching potential outside of the cryptocurrency today. Besides cryptocurrency, blockchain provides various applications in financial services, supply chains, and the public sector. To support blockchain applications, governments are legislating new laws to promote the use of blockchain. For example, signatures secured through blockchain technology are approved under state law in Arizona. Governments and organizations are using the system to serve a variety of purposes such as fast, efficient and transparent transfer of value, keeping transparent and immutable records of transactions etc.
Learn how blockchain technology can transform your business through real-world use cases. Leave this field empty if you're human:. Hit enter to search or ESC to close. Close Search.