Blockchain real applications
Blockchain technology can enhance the basic services that are essential in trade finance. At its core, blockchain relies on a decentralised, digitalised and distributed ledger model. By its nature, this is more robust and secure than the proprietary, centralised models which are currently used in the trade ecosystem. Blockchain technology creates a viable, decentralised record of transactions — the distributed ledger — which allows the substitution of a single master database. It keeps an immutable record of all transactions, back to the originating point of a transaction. This is also known as the provenance, which is essential in trade finance, allowing financial institutions to review all transaction steps and reduce the risk of fraud.
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Content:
- Blockchain Technology for Emerging Applications
- Blockchain case studies
- The growing list of applications and use cases of blockchain technology in business and life
- Blockchain services and solutions
- 21 Amazing Examples of How Blockchain Technology Is Revolutionizing Everyday Life
- Top 16 Blockchain Applications/Use Cases in 2022
Blockchain Technology for Emerging Applications
Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.
We've rounded up 34 examples of real-world blockchain use cases for this pragmatic yet revolutionary technology. It's far from an exhaustive list, but they're already changing how we do business.
Pioneered by Bitcoin, cryptocurrency transfer apps are exploding in popularity right now. Blockchain is especially popular in finance for the money and time it can save financial companies of all sizes.
Blockchain application: Algorand is developing technology that reduces the gaps between traditional and decentralized finance, implementing next-generation products and protocols to make financial transactions more equitable for all. Blockchain application: Gemini is a licensed digital asset exchange and custodian that facilitates regulated and secure buying, selling and storing of digital assets like Bitcoin and Etherium. The company offers a range of products and services that allow crypto traders to utilize their assets in the ways they best see fit, from credit cards that provide crypto rewards to the Gemini Earn program that allows users to earn up to 7.
How it's using blockchain: Chainalysis builds tools to help financial institutions and governments monitor the exchange of cryptocurrencies. How it's using blockchain: Chain builds cloud blockchain infrastructures for financial services.
Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all parties involved in a way not possible with traditional agreements.
This saves businesses time and money, while also ensuring compliance from everyone involved. Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits.
Below are a few examples of how companies are using blockchain to make contracts smarter. The smart contracts establish the parameters of what data can be shared and even displays details of personalized health plans for each patient. How it's using blockchain: Mediachain uses smart contracts to get musicians the money they deserve.
By entering into a decentralized, transparent contract, artists can agree to higher royalties and actually get paid in full and on time. Streaming giant Spotify acquired Mediachain in April How it's using blockchain: Propy is a global real estate marketplace with a decentralized title registry system. The online marketplace uses blockchain to make title issuance instantaneous and even offers properties that can be purchased using cryptocurrency.
The Internet of Things IoT is the next logical boom in blockchain applications. IoT has millions of applications and many safety concerns, and an increase in IoT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart thermostat. Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things "smart.
How it's using blockchain: Filament creates software and microchip hardware that lets connected devices operate on blockchain. How it's using blockchain: HYPR thwarts cybersecurity risks in IoT devices with its decentralized credential solutions. By taking passwords off a centralized server, while using biometric and password-free solutions, the company makes IoT devices virtually unhackable.
The technology manages billions of devices at once and can even self-diagnose and heal possible breaches. Xage is primarily used by IoT companies in the transportation, energy and manufacturing industries. According to identity theft expert LifeLock, more than 16 million Americans complained of identity fraud and theft in alone, with an identity being stolen every two seconds.
Fraud on this scale can occur via everything from forged documents to hacking into personal files. By keeping social security numbers, birth certificates, birth dates and other sensitive information on a decentralized blockchain ledger, the government could see a drastic drop in identity theft claims.
Here are a few blockchain-based enterprises at the forefront of identity security. Blockchain application: Ligero provides lightweight, scalable protocols for secure multiparty computation and zero-knowledge proofs, providing a highly capable platform for facilitating decentralized collaboration both on and off blockchain.
The platform makes it possible to complete confidential transactions, private smart contracts, secure auctions for decentralized exchanges and enable verifiable machine learning capabilities, and is led by a team of capital and cryptography experts with decades of experience. Blockchain Application: Illinois is at the forefront of experimental blockchain in government with the Illinois Blockchain Initiative.
The state-funded initiative has already put in place measures to use a distributed blockchain ledger to enhance the security of birth certificates, death certificates, voter registration cards, social security numbers and much more. How it's using blockchain: Civic is a blockchain-based ecosystem that gives individuals insights into who has their information.
If the contract is broken or an unauthorized source tries to access private data, the individual is immediately alerted. Sovrin stores private information, acts as a communication medium between the individual and entities wanting private information, and verifies information as true in real-time.
By viewing biometric systems on blockchains, governments can more easily catch identity thieves foraging fake passports, certificates and IDs from other countries. Blockchain in healthcare , though early in its adoption, is already showing some promise.
In fact, early blockchain solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders and streamline businesses processes. An advanced system for collecting and sharing private information could be just what the doctor ordered to make sure that an already bloated sector can trim down exorbitant costs. Blockchain application: For both health professionals and families providing care, WholeCare simplifies and streamlines the influx of information necessary to properly manage and provide care for those who need it when they need it most.
The WholeCare platform brings care plan information, medication protocols, appointment creation and high quality resources into an easily distillable platform that allows individuals, support systems and multi-care facilities to better understand how to provide the nuanced care possible.
Built on a blockchain network to remain as secure as possible, WholeCare provides HIPAA-compliant record keeping so all people involved in the care process can maintain peace of mind.
One of the biggest issues with healthcare is the fragmentation of data across different providers and clinics. The blockchain-platform allows for patients and doctors to stay in constant communication, while a steady pipeline of medical data allows for any medical professional to quickly and safely diagnose patients based on a clearer medical history. All information gathered from an individual test is totally anonymous and kept private through a blockchain-based encryption, so a user's data can never be identified or stolen.
With Medicalchain, doctors no longer have to wait on insurance information. The blockchain can automatically verify whether a patient has insurance and is covered. Additionally, drug and clinical trials can easily identify top candidates through a blockchain-based portal that safely shows patient medical records and identifies prime contenders for different trials. A major complaint in the shipping industry is the lack of communication and transparency due to the large number of logistics companies crowding the space.
According to a joint study by Accenture and logistics giant DHL , there are more than , shipping companies in the US alone, causing data siloing and transparency issues. The report goes on to say blockchain can solve many of the problems plaguing logistics and supply chain management. The groundbreaking study argues that blockchain enables data transparency by revealing a single source of truth. By acknowledging data sources, blockchain can build greater trust within the industry.
The technology can also make the logistics process leaner and more automated, potentially saving the industry billions of dollars a year. Blockchain is not only safe, but a cost-effective solution for the logistics industry. Here are some companies on the cutting-edge of logistics blockchain technology. How it's using blockchain: Shipping giant DHL is at the forefront of blockchain-backed logistics, using it to keep a digital ledger of shipments and maintain integrity of transactions.
DHL has a major presence in the US and is one of the largest shipping companies to embrace blockchain. The logistics operation platform helps businesses safely monitor the progress of their shipped goods, house information on drivers and materials, and manage payments. Block Array also features smart contract processing and secure document management. How it's using blockchain: Based in Denmark, but with offices all over the US, shipping giant Maersk has teamed up with tech giant IBM to infuse blockchain into global trade.
The two companies will use blockchain to better understand supply chain and track goods digitally across international borders in real-time. How it's using blockchain: ShipChain is a fully integrated blockchain system serving the end-to-end shipping process. From the moment the shipment leaves the facility to the time it arrives at its destination, the logistics ecosystem safely tracks and documents every move to create a transparent ledger.
Thanks to blockchain technology, consumers can now claim sole ownership over some of the most desirable digital assets out there. Remember the meme Nyan Cat? NFTs give buyers the chance to own digital moments, art, and culture that will outlive us all. Below are a few examples of companies taking advantage of the NFT wave.
Blockchain application: Candy operates a cutting-edge NFT ecosystem that allows fans and collectors to interact with top sports, art, music and cultural icons in the form of official licensed digital collectibles, opening up the doors to a secure marketplace where users can buy, sell and trade NFTs to maximize their investment. Buyers have the opportunity to own collectible moments that range from a Lebron James highlight reel dunk to an Anthony Davis blocked shot GIF.
The company helps everyone from game studios to individual musicians and artists to create their own digital assets in just minutes. The company also created the site SuperRare , which has become one of the go-to sites for buying and selling digital art in the NFT era. One of the most surprising applications for blockchain can be in the form of improving government.
As mentioned previously, some state governments like Illinois are already using the technology to secure government documents, but blockchain can also improve bureaucratic efficiency, accountability and reduce massive financial burdens. Blockchain has the potential to cut through millions of hours of red tape every year, hold public officials accountable through smart contracts and provide transparency by recording a public record of all activity, according to the New York Times.
Blockchain could also revolutionize our elections. Currently, voter apathy in the US is at an all-time high, with just over 58 percent turning out in the presidential election, while only Blockchain-based voting could improve civic engagement by providing a level of security and incorruptibility that allows voting to be done on mobile devices.
The following companies and government entities are a few examples of how blockchain applications are improving government. How it's using blockchain: Voatz is a mobile voting platform that runs on blockchain.
The encrypted biometric security system makes it secure to vote on a mobile device from anywhere in the world without fear of hacking or data corruption. How it's using blockchain: Similar to the Illinois Blockchain Initiative, the State of Delaware is also launching their own initiative to explore the benefits of blockchain in business and government.
So far, the state has mostly focused its efforts into archiving public documents and safely securing private records. How it's using blockchain: Follow My Vote is a secure online voting platform using an open-source virtual blockchain ballot box. The technology decreases spending on physical ballots and can be accessed via any device. Follow My Vote implements the end-to-end tools that elections need in order to provide total safety and confidence in the voting process. Many of the current problems in media deal with data privacy, royalty payments and piracy of intellectual property.
According to a study by Deloitte , the digitization of media has caused widespread sharing of content that infringes on copyrights. Deloitte believes blockchain can give the industry a much needed facelift when it comes to data rights, piracy and payments. It can be shared and distributed while also preserving ownership, making piracy virtually impossible through a transparent ledger system.
Additionally, blockchain can maintain data integrity, allowing advertising agencies to target the right customers, and musicians to receive proper royalties for original works. The following US-based companies are helping grow the popularity of blockchain in our media. How it's using blockchain: MadHive is a blockchain-based advertising and data solution for digital marketers.
The platform tracks, stores and generates reports on customer activity, saving all the data to a private blockchain.
Blockchain case studies
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The growing list of applications and use cases of blockchain technology in business and life
Ever since Satoshi Nakamoto published an invention he called bitcoin in , cryptocurrency has had its ups and downs. More recently, however, people have looked beyond bitcoin as being a controversial currency used for nefarious black market activity and into the endless possibilities that it presents. At the forefront is the public ledger that records every bitcoin transaction known as a blockchain. The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also alternative uses that will change the world. In short, blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done. In my opinion, it will even change the way that you run your business from day-to-day which include the following five applications. These contracts will be unbreakable. Companies like Slock , which is an Ethereum-enabled internet-of-things platform, uses this application to allow customer to rent bicycles where they can unlock a smart lock after both parties agreed on the terms of the contract.
Blockchain services and solutions
One of the most promising applications of emerging blockchain technology is supply chain management. Blockchain—the digital record-keeping system developed for cryptocurrency networks—can help supply chain partners with some of their challenges by creating a complete, transparent, tamperproof history of the information flows, inventory flows, and financial flows in transactions. The authors studied seven large U. Their early initiatives show that the technology can enable faster and more cost-efficient product delivery, make products more traceable, streamline the financing process, and enhance coordination among buyers, suppliers, and banks. There are special requirements for using blockchain in supply chain management: restricting participation to known, trusted partners; adopting a new consensus protocol; and taking steps to keep errors and counterfeits out of the supply chain.
21 Amazing Examples of How Blockchain Technology Is Revolutionizing Everyday Life
Blockchain will revolutionize record-keeping and trusted cross-company interactions, ultimately changing the experience of every individual. The potential it creates for new business models is endless. But how do you identify the right blockchain use cases for your company? Where do you start the journey of bringing blockchain to your customer? We engaged with hundreds of our customers to understand their pain points and opportunities for blockchain to improve their business models. The three key components of any blockchain application you need to decide on are:.
Top 16 Blockchain Applications/Use Cases in 2022
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.
Blockchain offers a scalable and decentralized environment to IoT devices, platforms, and applications. On the other hand, the Internet of Things IoT opens up countless opportunities for businesses to run smart operations. Every device around us is now equipped with sensors, sending data to the cloud. Therefore, combining these two technologies can make the systems efficient.
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. With Blockchain technology in financial sector, the participants can interact directly and can make transactions across the internet without the interference of a third party.
There are a variety of real-world applications for Blockchain technology. In fact, blockchain technology has the potential to revolutionize many fundamental aspects of current business practices. From fund transfers and banking to supply chain management and real estate transactions, blockchain technology, whether we know it or not, is becoming invaluable to almost every business and social interaction we engage in. Blockchain allows for more cost-effective, transparent, and automated supply chain monitoring and can therefore improve speed and efficiency in delivering goods and services to the world. The ability to track and detect the location of supplies in real-time and to have that information immediately available to all users in the network is one of the many advantages of using blockchain technology to support supply chain management. Automated payments generated upon delivery and smart-contracts negotiated between suppliers and retailers can further speed up transactions by saving time and guaranteeing payments are fulfilled upon receipt. Blockchain technology builds trust and security into the network thereby enabling the faster flow of goods.
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.
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