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Blockchain for business. When to use blockchain explained

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Blockchain has opened up opportunities for businesses in many ways. There is no specific time if one asks when to use blockchain for businesses?

Comprehending the situations as when to use Blockchain.

Introduction

The Blockchain technology is highly revolutionary in nature as it is already self-evident from the current statistics.  It is estimated that the blockchain technology is being tried and tested on the various other techniques as well as nontechnical domain, in order to eliminate all the all kinds of intermediaries or third parties which are required to run the system. For instance, the blockchain technology is effectively being tested in order to conduct elections in a fair manner. In fact, some of the countries have even successfully conducted elections using the blockchain technology. Let us see when to use Blockchain Technology?

 

When to use Blockchain?

Blockchain has opened up opportunities for businesses in many ways. It has enabled the entrepreneurs to come forward with their innovative ideas and with the blockchain based Initial Coin Offerings they would be enabled to raise huge amounts of funds in an unbiased manner throughout the world. There is no specific time that needs to be followed if one asks when to use blockchain for businesses? The cryptocurrency and blockchain Technology is open for each and every individual at any point of time for their service.

 

When to use Blockchain? When the business company needs a third party

The users or business corporations can effectively use the Blockchain technology,  in order to incentivize their business operations and optimize the efficiency of the output. The business companies may use the blockchain technology in the areas of the domain within their operations which require any third party intermediaries in order to undertake a process. as the Blockchain Technology was inherently designed to remove all the third party intermediaries within the system.

When to use Blockchain? When the organization lacks trust

When to use blockchain for businesses? The business operations of a company can use the blockchain technology within their working paradigm when they realize that there is a lack of Trust within their ecosystem which needs to be worked on or concentrated upon. The blockchain for business businesses was also designed in order to reduce the trust gap between citizens of this generation.

 

When to use Blockchain? When Database is involved

The business organizations can also incorporate the Blockchain Technology instead of the traditional Relational Database Management System. One must keep in mind that Blockchain technology is nothing but a combination of the distributed ledger as well as amazing Consensus mechanisms. The Distributed Ledger can store the information that the business corporation needs to store in a highly secure manner and the Consensus algorithms could be incorporated by the business corporations in order to keep track of the authenticity of the information on the blockchain, even though the ledger would be distributed among all the individuals of the company.

 

When to use Blockchain? It depends on the situation

Blockchain for businesses is the dead opposite when compared to the traditional cryptocurrencies. In case of Bitcoin, for example, anonymity is the highest priority where all the transactions are connecting to strings of alphanumeric characters but when it comes to the businesses the accounts are most often verified by the KYC and AML procedures, which is nothing but the complete revelation of the identity. Hence if the business needs to incorporate the Blockchain Technology for the financial transactions, then the speed, reliability, as well as the lesser transaction fees are the attributes which would be dominating. But if the business corporation needs to incorporate the Blockchain technology for the storage of information or database in a highly secured manner then its consensus algorithms and Distributed Ledger nature would be highly useful.

 

When to use Blockchain? When security is crucial

The Blockchain for businesses is any secure as well as a profitable option as the company would also be saving huge amounts of funds, which they would otherwise be spending, in order to incorporate security into their relational database management systems. When to use blockchain Technology? when security is the at most priority for the data, as the Blockchain Technology proves to highly fault tolerant when it comes to data management.  

 

Closing thoughts

It is also said that the Blockchain technology would be prevailing in the industry forever even if the cryptocurrencies fall. The Blockchain technology is being tested and also dedicated Research and Development Arena has been developed by the governments of various Countries, in order to explore the Blockchain potentials in the other unexplored real-world domains. This is precisely being done in order to effectively solve the practical issues of the society.

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Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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