Real world applications of blockchain technology

By and large, we are living in the age of interdependence. The emergence of innovation and dependence is enabling businesses and people to bridge the gap and ensure security and pave a way to a future that was beyond imaginable a few years back, but not anymore. Businesses are collecting humongous data from IoT devices and social media. AI integration turns that data into insights with more accuracy and at a faster rate, and Blockchain assures security and privacy.



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WATCH RELATED VIDEO: Blockchain Applications - Blockchain Applications Examples - Blockchain Technology - Simplilearn

Practical Blockchain Applications


Blockchain technology has been with us for some time now. While it may feel like the wider world isn't jumping aboard, that couldn't be further from the truth. Many industries are already getting on the blockchain tech train - ourselves included! In fact, we predict a lot of use cases will arrive.

In the next few years, blockchain technology will solve more problems than you think! From improving the supply chain to securing medical records, many industries are readily using blockchain technology, and many more are expected to follow! Let's get the obvious one out the way.

The bitcoin blockchain is the most famous of all blockchain networks and while it's spawned many imitations, many more ahve gone on to provide wider use. The ethereum blockchain, while connected to the Ether cryptocurrency, was designed to fulfill a wider range of uses. It enpowers smart contracts, distributed applications and other solutions that want an alternative to a centralized server.

After this, you'll look at blockchain technology as more than just 'code' for digital currencies! Before we continue, perphaps it's worth going over the key concept behind blockchain technology; the ledger. Blockchains are based on transactions, whether they be financial or other forms of information. Such transactions are entered and confirmed through a peer-to-peer network of computers using the same blockchain.

This validation is done using very specific, detailed equations unique to the transaction. If everything matches, the transaction is approved. Next, the legitimate, approved transactions are placed in blocks with others. At a predetermined point, specific to the type of blockchain technology being used, these blocks are put into the chain. Once in the chain, the transaction is complete. This might seem long, but remember that this can all happen in microseconds.

It's important to note that the blockchain itself doesn't exist on any one computer in the network. It's peer-to-peer, so no one user can manipulate it.

If someone did try, they could only change one node. Since the other nodes wouldn't match - and they would all still be accurate with each other - the 'corrupt' node would simply be stopped. In short: transactions can't be edited or removed once entered into the blockchain.

In fact, the use of equations is nothing new. Credit cards have been using such concepts, such as the Luhn Algorithm , for decades.

Blockchain technology simply takes this to the next level. The end result of this process is that:. These benefits are very broad and far-reaching in their application. That's one of the big benefits of blockchain technology. It's also why we, and many others, are finding it so useful across a range of industries.

Let's start with the most broad application of blockchain technology; data. At it's core, blockchains are just means of storing data. But why should we consider using blockchain over other traditional formats? Unlike data lakes, data warehouses or the wider big data area, blockchains excel at verification and record keeping. For businesses that need accountability in their data, this is vital.

With a blockchain ledger, data can't be edited or altered unknowingly. Even if new data supercedes the original, such additions will be shown in the chain. This can prove vital, for example, in scientific research more on that later , financial data and any other forms of record keeping. In fact, the combination of big data and blockchain is not exactly a secret. It's a perfect pairing behind virtually all of the following examples! The logistics industry is one that is full of data chokepoints.

With products being shipped from one location to another, and often through various companies along the way, the need for consistent accounting is obvious.

Blockchain solutions solve this throug their decentralized network. Every step of the logistics process can be updated via distributed ledger technology. This way, every party is updated, security is maintained and records aren't lost or manipulated. In fact, companies such as DHL are already using such smart contracts.

Similar to logistics, we can alos see blockchain applications making a name for themselves on international trade, too. Shipping giants such as Maersk are already looking to adopt blockchain technology into their business. With ports and authorities across different countries, a blockchain can eliminate the doubts that come from different governments. It provides a central, smart contract that is apporved by everyone and free of human error.

More than just record keeping, this can also help in storing data for future uses, such as analytics and real-time reporting. Its decentralized nature means companies can rely on the validity of the data, rather than having to transform different datasets from every stage of the process.

While many governments have been opposed to a digital currency beyond their control, they are not against using a blockchain based platform for their own public operations. One key example is the voting process. A public blockchain can solve much of this. Not only is it a digital form that can't be edited, it can also be used openly to share data and eliminate doubts. Such a blockchain could provide greater transparency in an area that has often struggled. Leading consultants like McKinsey are already calling for the use of blockchain tech here.

Since we're talking about governmental uses, let's also talk about the need to protect intellectual property. IP rights are, even now, still very slow in many countries. Not just developing countries, but even first-world nations which still have beaurocratic processes based on paperwork. Blockchain projects have been proposed as a solution for some years now and it's easy to see why. When there are IP claims, it often comes down to which rights were registered or filed first.

Multiple conflicting accounts with data stored in different areas? That's just one of the problems that a blockchain based solution is perfect for solving! And while we're on the topic of property, let's talk about that, too! The real estate sector is one that involves numerous transactions. Home owners buy and sell homes, which properties changing hands many times throughout the years.

This has lead to a lot of records, but no ideal solution for record keeping. Thanks to multiple realtors, agencies and organizations, no self-owned solution is viable. A decentralized platform, on the other hand, is much more suitable. This is especially well suited in real estate, where much of this information is on public record anyway.

Not only can we add more layers of verification, but we can also automate it and digitize the entire process! On the other hand, we also have renting or leasing property. Real estate owners, whether residential or commercial, often have multiple tenants. Each tenant has their own contract and payment terms.

Since we've already established that blockchain technology is well suited for virtually all finance and contract challenges, this is a no brainer. Contracts can be validated, regular payments confirmed and both sides can eliminate any doubts. If there's one area with no room for human error, it's the medical sector. While it's important to protect personal information, it's also vital that such information doesn't get lost when moving from one location to another.

For patients, this is a very real concern, especially when many hospitals and practices keep their own medical records on their own central database. Instead, a decentralized blockchain platform means no one medical provider owns it, giving more power to the patient.

As for private data, this can be protected through a private key. A blockchain network is already secure and easily anonmyized - that's what made it so good for digital crpyotcurrenices. Naturally, many technologies like ehtereum blockchain are well suited already. On a similar note to medical applications, we can also consider other wider scientific uses.

First of all, we have the nature of data itself. Research needs data. Blockchain, as we said near the start, is perfect for storing data in an ongoing format. For research projects that go on for a long time, blockchain ledges can provide historic snapshots of data at exact periods of time. On the other hand, when you have multiple research partners or organizations, blockchain again represents an ideal way to store or process new information.

Every party can enter their findings and continue as normal, safe that it's been securely logged and stored. We mention this because all of this accountability has an additional benefit. Artificial Intelligence technology is rapidly growing, but it's a technology that relies on data. Many can be concerned that such machine learning tools can be easily fooled by editing the data underneath them.

Build the AI on top of a blockchain based solution, however, and this isn't an issue. The e-commerce world is booming and so too is the need for reliable data storage and secure data.



5 Real-World Applications of Blockchain Technology

Blockchain is the insight of developers who believed that the current banking system had defects. In particular, they viewed banks acting as third parties and taking transaction fees unnecessarily, and they scoffed at the idea that payment validation and settlement could take up to five business days in cross-border transactions. With blockchain, real-time transactions are a possibility even across borders , while banks are left out of the equation entirely, presumably reducing transaction fees. Beyond the currency setting, there are other uses for blockchain too. Various Dow Jones Industrial Average elements are testing out some of these applications in small-scale projects and controlled demos right now. Potentially the most ideal and rational application of blockchain technology is using it as a means to accelerate the transfer of funds from one party to another. Most transactions carried over via blockchain can be settled within a matter of seconds, while banks take 24hours a day and even seven days a week.

The financial industry has embraced the future of blockchain technology. And for good reason. As a regulated industry that is required to.

Blockchain Technology Applications & Use Cases

From the previous part Blockchain- An overview , we could see the following key features of Blockchain :. With these features, there is a major hype around possible use-cases of blockchain technology. Banking access in remote areas: In a country like Zimbabwe and Afghanistan, where all people may not have access to banks or the banking infrastructure itself is not robust due to uncertainties, currency fluctuations and mistrust; Blockchain is useful as a stable form of currency, which would not lose its entire value overnight. This process of wire transfer takes two business days because it has to go through domestic Automated Clearing House ACH of both nations involved in the transfer. Using Blockchain, this transaction would be done in less than 10 minutes with transaction fees of around 15—50 US cents. B2B payments: Though Cryptocurrencies Blockchains biggest application are garnering a lot of attention these days, an institutional level of acceptance is still missing. The system would get a major push if banks are willing to accept and hold cryptocurrencies as deposits and exchange it for fiat currencies. Currently, there are initiatives taken by banks, not just to take deposits or trade currencies but for international B2B payments as well.


Blockchain in Action – 16 Inspirational Examples

real world applications of blockchain technology

Blockchain is changing the mindset of businesses and governments as we know it. Blockchain has been identified as the next big thing since the internet. It is producing innovative models that are disrupting traditional ones. The momentum created from this latest technology shows no sign of slowing down. Businesses are aspiring for ways to reach out to the mechanics of this evolving science.

Blockchain first appeared in a whitepaper authored by the anonymous individual or group known as Satoshi Nakamoto.

10 Real World Applications of Blockchain Tech

Machine learning is a modern innovation that has enhanced many industrial and professional processes as well as our daily lives. With machine learning, computer systems can take all the customer data and utilise it. Algorithms adapt to data, developing behaviours that were not programmed in advance. Learning to read and recognise context means a digital assistant could scan emails and extract the essential information. Inherent in this learning is the ability to make predictions about future customer behaviours. This helps you understand your customers more intimately and not just be responsive, but proactive.


Blockchain Technology: An introduction

We all knew it: blockchain would never live up to the irrationally exuberant hype. Many wise people with long careers in tech have begun to grow skeptical. Can you blame them? Every week, another whitepaper, another ICO. Maybe some even got to the proof-of-concept POC state. And most failed — or are failing. Everledger, using the Hyperledger platform, developed a blockchain solution for the diamond supply chain to help prevent fraud and illicit trading.

So blockchains are great at keeping track of things over time. So besides odometers. You can also keep track of things like intellectual.

Blockchain Technologies and Applications for Business

To the uninitiated, blockchain is a technology that seems to have had its time in the sun. Once the cryptocurrency bubble burst, people moved on to other things. But the truth is that blockchain is so much more than the technology that makes Bitcoin possible.


Building real world applications with Blockchain & AI

Build a team. We believe in simplifying lives and making everything better- both for our clients and our team members. Solving real-world problems- one digital solution at a time. Let's Work Together. Many created their own cryptocurrency, some secured cloud migration of businesses, many others provided a distributed ledger technology, and whatnot.

Blockchain is a potential technology that can change the way people live. Its implementation benefits a multitude of industries and also changes the world around us.

How does blockchain technology help deliver the future…now?

Select your location Close country language switcher. Seasoned Indirect Tax Partner. Serving clients in Amsterdam and beyond. Father of four boys. Chess player.

ADEVA: A Decentralized Electronic Voting Application Using Blockchain Technology

Published by Pearson. Blockchain has been a buzzword in recent years, and its cryptocurrency applications have dominated headlines. However, there is much more to blockchain beyond crypto and the headlines; more organizations are looking to use blockchain to solve real problems within their business. You will be at the forefront of understanding good applications of blockchain technology and how your company may use this technology in the immediate or near future.


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