Ways blockchain can be used

Read time: 6 mins. Brick-and-mortar retailers continue to lag behind when it comes to the adoption of blockchain. However, a shift in thinking has been occurring over the past few years, with a growing number of organizations recognizing the potential of this technology. This shift is part of the greater digital transformation taking place across the retail industry. A Deloitte study found that, in addition to e-commerce, digital interactions influence more than half of every dollar spent in brick-and-mortar stores, driving expectations of price transparency, convenience, and relevance.

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Content:

• How blockchain can transform the manufacturing industry
• Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
• What Is Blockchain? The ‘Transformative’ Technology Behind Bitcoin, Explained
• Three Major Ways Blockchain Can Boost Supply Chains
• 7 Ways Blockchain Will Impact Everyday Life in the Coming Decade
• Blockchain Technology and COVID-19
• Blockchain Technology: An introduction
• How Blockchain Can Help Combat Disinformation
• Blockchain Technology’s Applications in the Retail Industry
• 4 Ways Blockchain Can Be Used Throughout the Supply Chain

WATCH RELATED VIDEO: Blockchains: how can they be used? (Use cases for Blockchains)

How blockchain can transform the manufacturing industry

Namely, blockchain can be used to address environmental challenges , enable e-voting , expand digital mobile ticketing , facilitate health care service and even contribute to achieving the S ustainable Development Goals SDGs. One of the biggest appeals of this system is its intrinsic characteristics of transparency. According to Kazuhiro Gomi CEO of NTT Research and leading researcher in physics, informatics, cryptography and information security the fact tha t blockchain technolog y automatically includes a public record of any data transactions that have been conducted, eliminates the possibility of manipulating the system without other users noticing and being alerted.

This is precisely what makes blockchain so appealing for other sectors to adapt into their needs of privacy and security. Despite the widespread popularity of the term and its use, there is still confusion about its exact meaning and the reason it has been used to revolutionize multiple sectors.

This ledger is oftentimes referred to as the chain that is formed by blocks of data. As new data is inserted into the network, new blocks are being created and added to the chain after being verified and confirmed by a majority of nodes.

The most interesting and revolutionary part of the system is that it is completely decentralized and transparent. In other words, there is no central authority that stores, updates and verifies all transactions, but rather there is a community of participants that hold a copy of the chain and the transactions which is visible for everyone European Environment Agency Some critics find the lack of a regulatory system behind this new technology to be troublesome, particularly when applied to cryptocurrencies.

Despite having some countries take the initiative of proposing such laws, other countries have either banned this system or failed to regulate it. Another common critique is immutability ; due to the permanent record the blockchain systems hold about each transaction made, users are not allowed to remove any of that content. This may result in harmful consequences in areas such as criminal records, control over personal data , or even child abuse imagery inserted into the system bitcoin which can not be removed without the approval of an entire community.

To explore the promises and new applications of blockchain, this edition of Links We Like explores a curated list of resources to help you understand the collective challenges and individual interests that can be addressed through this system. In his TED Talk, Digital Marketing Manager at a full-service blockchain marketing consulting agency Ali Raza Dar explains what blockchain is and the specific ways in which it can be used to improve our societies.

First, he emphasises that in its simplest form, blockchain can be defined as an online distributive system that stores information in connected blocks containing three things: data, hash an identifier or fingerprint for each block and a hash of the previous block.

The way blockchain has been set up, he argues, is precisely where the value of this technology stems from. Through a simple example of three friends, Ali shows how the blockchain system does not rely on third parties to make transactions but rather creates a peer to peer notion of work.

He further explains that blockchain technology can be applied to different areas such as purchasing medicine, or ensuring that paid taxes are spent adequately. Blockchain can also serve as a mechanism to even the playing field and work towards the elimination of poverty by guaranteeing that everybody is given the same opportunities of, for instance, getting a loan.

Marianne Schoerling , Head of Stakeholder Engagement at Geneva Macro Labs in Switzerland, takes part in this blockchain specialized podcast I nsureblocks to discuss the application of blockchain technology to achieve the UN Sustainable Development Goals. Although she recognizes that blockchain is not a panacea that can be applied to every SDG challenge, she does stress that it is a technology worth considering and incorporating into the field for the potential impact it has contributing to the well-being of communities worldwide.

Marianna also shows the growing interest in the field to implement this technology by bringing forward the Blockchain 4-Impact conference held in in Geneva to discuss the opportunities and challenges blockchain technology brings to the context of SDGs. During this event, three main areas were identified where blockchain could be applied to benefit others and help achieve specific SDGs. Additionally, as Marianne states, blockchain can help NGOs fundraise and have an accountability system with their donors to ensure complete transparency in the most efficient way.

In other words, the application of this technology to the SDGs could contribute not only in working towards these goals but also in the coordination efforts set in place by member States and international organizations aiming at fulfilling the agenda.

The pilot was first rolled out in at Sindh province, Pakistan targeting only beneficiaries. After a successful first phase, WFP implemented it in two refugee camps in Jordan, in Under the scope of this project, beneficiaries are entitled to a given amount of cash which is stored in a virtual wallet maintained on the blockchain.

This technology also ensures security, data privacy and greater transparency. By September , more than , refugees living in the Zaatari and Azraq camps effectively received cash transfer through blockchain.

These benefits prompted WFP to set a goal of scaling up to reach all , of its Syrian refugees in Jordan. The benefits of blockchain have not only been enhanced by international organizations to promote Sustainable Development Goals, but by private companies that wish to have a social impact. Accenture is a multinational consulting company currently using blockchain technology to connect producers and consumers in the supply chain.

In fact, Accenture is leveraging blockchain to help businesses grow while benefiting communities all over the world. This is how Accenture has devoted its expertise to advise small and medium businesses on how to implement blockchain solutions to connect and expand their business models while having a social impact.

In addition, by partnering with Akshaya Patra, Accenture advised the creation of a Mid-Day Meal Program for children in Indian public schools that uses blockchain to drive efficiency and timeliness of lunch programs.

Likewise, the company worked with DHL in creating transparency and traceability in the pharmaceutical supply chain to eliminate counterfeit drugs thus showing how blockchain can not only be used for social good, but also how companies can gain from it while having a positive impact on the world. Interestingly, the MIT Sloan article proposes that those doubts are dissipating.

The question now is, what will happen as more businesses decide to embrace blockchain? How is this going to change the way we make daily transactions locally and globally?

Blockchain and its Application to Collective Challenges. What is blockchain and how can it change our society? TED Talk. Accenture: Blockchain for social impact project. Further Afield. What is blockchain? Towards a technocratic governance system? The risks and unintended consequences of blockchain Sustainability solution or climate calamity?

The dangers and promise of cryptocurrency technology The Benefits and Risk of Blockchain Technology What is blockchain and how can it change our society? The Cryptocurrency for Better Society Accenture. Blockchain for social impact. Blockchain for social good IBM. What is blockchain for social good?

Blockchain for Social Good. A field in expansion.

Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

A successful cyber-attack can be the downfall of any well-positioned business. Data breaches not only cause significant financial losses but are also the leading cause of a bad reputation for victim companies. Blockchain started out as the technology behind Bitcoin but has popularly grown into a promising mitigation technology for cybersecurity. What is Blockchain 4. Use Cases of Blockchain for Cybersecurity. It is quite a tough and challenging time for businesses that operate on digital network platforms.

What Is Blockchain? The ‘Transformative’ Technology Behind Bitcoin, Explained

Learn how blockchain technology is improving the world of transportation and logistics, making companies more efficient and profitable! From dispute resolution to administrative efficiency and order tracking, blockchain has the answer to the the problems that have been plaguing the transportation industry for decades. Let's explore some of these issues. Let's explore the ways blockchain technology is already improving our industry:. Organizations like BiTA are working on creating universal standards for blockchain's mass adoption in the transportation and logistics industry. Companies in the commercial transportation industry sink or swim based on their ability to adapt to consumer needs, and implement new technologies that help them increase efficiency and lower the costs of shipping. In the past year, blockchain technology has emerged in the world of trucking and logistics as a solution to to some of the major inefficiencies that have plagued the industry for decades. For most business owners, blockchain is no more than a buzzword, and its applications can be obscure and difficult to understand.

Three Major Ways Blockchain Can Boost Supply Chains

Here are six ways blockchain technology will transform everyday commerce. Commerce today is largely manual, paper-based and reliant on cumbersome legacy software systems to serve the number of parties connected to a single transaction. Blockchain puts all relevant parties into a common digitised infrastructure, allowing faster and more efficient execution of transactions and contracts. For example, a standard mortgage application today involves creating a paper trail between the borrower, loan officer, underwriter and home valuer, among others.

7 Ways Blockchain Will Impact Everyday Life in the Coming Decade

Blockchain verifies transactions by recording activity on a continuously updated digital ledger, with no central point of control. Below, explore the four most common applications of blockchain in the supply chain—smart contracts, tracking, fraud and theft prevention, and transaction processing. Smart contracts, which live on a blockchain, are digital, self-executing contracts that allow for speedy, streamlined transactions. For example, after setting up a contract with a carrier, a party can put a payment into escrow. Once the receiver confirms receipt of delivery, the payment can be released automatically. This helps ensure all steps in a supply chain are carried out efficiently and creates trust among all parties entering into a contract.

Blockchain Technology and COVID-19

The COVID coronavirus has impacted countries, communities and individuals in countless ways, from school closures to health-care insurance issues not to undermined loss of lives. As governments scramble to address these problems, different solutions based on blockchain technologies have sprung up to help deal with the worldwide health crisis. A blockchain is an essential tool for establishing an efficient and transparent healthcare business model based on higher degrees of accuracy and trust because technology is a tamper-proof public ledger. Blockchain will surely not prevent the emergence of new viruses itself, but what it can do is create the first line of rapid protection through a network of connected devices whose primary goal is to remain alert about disease outbreaks. Therefore, the use of blockchain-enabled platforms can help prevent these pandemics by enabling early detection of epidemics, fast-tracking drug trials, and impact management of outbreaks and treatment. But before we explore in details the possible ways of using Blockchain to help in fighting this invisible enemy, we need to understand some of the challenges defining this deadly virus.

Blockchain Technology: An introduction

Blockchain Technology Blockchain Technology: An introduction Blockchain Technology: An introduction The Blockchain is an encrypted, distributed database that records data, or in other words it is a digital ledger of any transactions, contracts - that needs to be independently recorded. One of the key features of Blockchain is that this digital ledger is accessible across several hundreds and thousands of computer and is not bound to be kept in a single place. Blockchain chain has already started disrupting the financial services sector, and it is this technology which underpins the digital currency- bitcoin transaction.

How Blockchain Can Help Combat Disinformation

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Open access peer-reviewed chapter. Edited by Tiago M. Advances in cybersecurity and new legislation promise to improve data protection. Blockchain and distributed ledger technologies provide novel opportunities for protecting user data through decentralized identity and other privacy mechanisms. These systems can allow users greater sovereignty through tools that enable them to own and control their own data. Artificial intelligence provides further possibilities for enhancing system and user security, enriching data sets, and supporting improved analytical models.

Blockchain Technology’s Applications in the Retail Industry

The One Brief is Aon's weekly guide to the most important issues affecting business, the economy and people's lives in the world today. Public Sector expert Bill Sulman, examines the benefits blockchain could bring to the public sector. Blockchain is often associated with the cryptocurrency Bitcoin, but this technology has the potential to transform a wide range of operations. Shrouded in mystery and its fair share of jargon, blockchain technology offers a secure and transparent way to record transactions. While there are plenty of misconceptions around this technology, it has the potential to drive significant benefits to public sector organisations.

4 Ways Blockchain Can Be Used Throughout the Supply Chain

Many different organizations, including those in the legal industry, use blockchain for several business functions. Blockchain allows users to record transactions over a distributed network of computers. The server is secure and the transactions are permanent, which makes verification easier. The transactions are also performed directly between users without the need for a third-party facilitator.