Connect with us

Blockchain Uses

What can blockchain be used for?

Published

on

Some of the most prominent industrial sectors which the  Blockchain Technology finds its applications. What can blockchain be used for?

Comprehending different disciplines which incorporates Blockchain Technology

 

Opening statements

People had familiarized themselves with the amazing Blockchain Technology only after the crypto spike in December last year. It is also observed that people have a vague notion that cryptocurrencies are the only field in which the blockchain technology can be applied. But I am here to confront with a statement that it has a vast horizon of applications in innumerable sectors of the industry. One must have some self-discipline an not get swept away by the hike and blur themselves to see things through their objective vision.

 

Wrapping one’s mind around Blockchain

Blockchain Technology is just a Distributed Ledger Technology where information is stored in the form of a ledger and the same is distributed to everyone on the network. This feature provides for an increased security by avoiding tampering of the data due to the cryptographic connections between each and every block of information. It’s distributed ledger must not be confused with its weakness because of sharing the master copy with everyone, but the Blockchain Technology intelligently converts the same weakness into its strength by the proof of work consensus. It originally was introduced with a firm belief to eradicate the Trust Gap which this particular generation is obsessed with.

A consensus is nothing but an agreement by the members of the network so as to deem a particular record to be valid or invalid. According to the Blockchain network applied in the cryptocurrencies, 51% of the consensus is required in order to validate a particular record otherwise it is automatically inferred that the information has been tampered with.

 

Some of the most prominent industrial sectors which the  Blockchain Technology finds its applications are:

 

1. Health care industry

The Medical and the Healthcare industry can be radicalized with the Blockchain Technology by storing all the patient’s past information (such as ongoing prescriptions, ailments, injuries and all the other medical facts relating to the individual) in an immutable ledger known as Blockchain. This ledger is immutable and shared among various key organizations. This would prove to be beneficial to the doctor while treating a particular patient as he would have all the authentic record of his patient from the beginning of time. One must also observe that a lot of cumbersome paperwork can be avoided by storing the information on the blockchain.

 

2. HR industry

On similar lines, the blockchain technology can also be applied in HR industry for the Identity verification where the whole resume of a particular application can be verified instantly rather than undergoing intense verification procedures by the HR managers. A distributed ledger of information can be shared among all the educational institutions, previous workplaces, along with individuals where all the Institutions verify and confirm his tenure at that particular institution. Hence the data is authentic in itself as it is distributed in nature the HR managers need not explicitly verify the details mentioned on a resume saving the organization and him ample of time and energy. The Blockchain Technology here can be observed, creates a form of trust between the individuals as each one of them trusts the other person’s Blockchain without any doubts.

 

3. Identity Verification

Blockchain technology in identity verification is very similar to the previous one. Here all the government organizations which issue identity cards for a particular citizen, can store the whole ledger on Blockchain and distribute them among the people so as to verify the same. The Identity verification storage servers are usually vested with a centralized organization which in turn makes it highly vulnerable to data leaks as well as attacks.   Imagine that the identities of the citizens of a whole country are vested with only a single authority and that’s too much power for one single authority to behold. But due to the Blockchain implementation, the authority can be distributed and can be far more secure.

 

4. Elections

An election is one of the most controversial events that occur in the politics. The whole event is corrupted with manipulations being done on the voters by providing them short-term incentives in order to gain votes. Tampering of the Electronic Voting Machines isn’t rare, but frequent. Now imagine if the whole electoral process was Blockchain based. Each and every vote which is to be counted is stored on a Distributed Ledger, visible to each and every individual of the nation. The Technology leaves absolutely no room for any kind of discrepancies that can occur during the elections in order to manipulate the results. Virginia and Switzerland are some of the only places in the world which have already tried blockchain-based elections.

 

Conclusive remarks

Apart from the above-mentioned sectors, the Blockchain Technology has spurred something called Smart Contract which is worth mentioning. The contracts are enforced in almost all the fields where trust is a major issue. For a real-life example, when one visits a car showroom in order to buy a motor vehicle, there is absolutely no assurance that the dealer would handover the vehicle to the buyer once the payment is done, at this point of time trust is a key factor which comes into the picture. The Blockchain Technology as inherently was designed to impart trust among the parties, the smart contract effectively undertakes the transaction a Smart Contract  and make sure the transaction is undertaken without any hitch.

#Blockchain

How Blockchains are being implemented in Supply Chain Management

Published

on

A blockchain technology investment can be a turning point for supply chain and the reorganization of infrastructure and certification of trust in commerce.

Blockchain refers to a dynamic database which takes records of all events or data on a digital basis. It does this in a way which makes it impossible for interference. Blockchain users might have tried to at some point add to the data, access it or even scrutinize it. It is, however, unlikely to delete or change any data. This implies that the first and original data stays the way it is. Therefore, there is a constant trail of transactions information which is available and accessible to the public.

In contrast to conventional tools, blockchain transactions are not controlled by any organization. Blockchain operates on a record-keeping basis which ensures ease and security for businesses to carry out various sales and deals over the internet. Originally, blockchain was designed to carry out financial transactions.

Now, all forms of businesses are utilizing the blockchain ledger. This blockchain ledger is useful for purposes such as Verification, tracking and recording anything which has value. If the whole blockchain were a record of all transactions carried out in banks, then the bank statement of an individual would be just one block in the chain. Blockchain technology provides the easiest and safest way for companies, organizations, and businesses to complete transactions.

 

How Blockchains Impact Supply Chain Management

A blockchain technology investment can be a turning point for the reorganization of infrastructure and the certification of trust when in commerce. It is said to be the technology which will take us into the next industrial reformation. This coming revolution will see to the change in the mode of transportation, finance, supply chain and a host of others.

The supply-chain management is also known as supply network. This supply network involves a data collection of people and goods that participated in the trading process. It also consists of the record of the transportation or movement of the product from the manufacturer through the various networks and links, to the final consumer who needs it.

Several years back, the supply chain model was simple, and it was an easy walk-through because business operations were consummated locally. Taking a look at the supply chain in today’s world, it can be said that bureaucracies are the order of the day. The creation and distribution of goods are very complex. It is possible for the supply chain of a product to go through several stages, settings, accounts and the likes. It could also involve multiple individuals, and it could expand over a period.

The long-drawn processes involved in the supply chain make it a somewhat complicated process with several parties. It is quite difficult to trace illegal activities when the supply chain is very complicated. So, it is possible for events of this sort to go on for a very long time without the knowledge of anybody. Blockchain technology has the potential to bring great transformation to the supply chain.

 

How Blockchains Can Enhance the Supply Chain

Blockchain technology gives room for tracking all forms of transactions securely and transparently. The best cryptocurrency exchange platforms around the world have demonstrated how efficient the blockchain can be. This could also be replicated in the supply chain. Anytime a product is up for sale; the transaction will be recorded as it goes through the necessary channels. This trail is permanent, and it stands for the product’s stable history

This innovation would help to reduce time lag, additional costs and possible human errors which are likely to occur in a conventional everyday transaction. Some supply chains are already utilizing this technology. Financial experts and analysts have previously predicted that using blockchain technology could facilitate a universal supply chain system.

Regarding recording, the number of assets and their transfer and movement within the supply chain would be documented. It is impossible for the records on blockchain to be erased, and this ensures transparency in the supply chain. Blockchain also provides that there is no disagreement on the chain, as all participating parties have the same sample of the ledger. This transparency also transcends to the lessening of fraud when it comes to goods which are highly valued. Such products include precious stones and drugs.

Companies can utilize blockchain technology to have a grasp on how every used item and the finished goods, passed through the entire process of manufacturing. So companies would be able to communicate better with the consumers by either decreasing the amount or eradicating the effect of sham products.

Also, when it comes to the tracking of essential details such as the purchase and delivery orders, blockchain technology can help. The same will suffice for the receipt and other documents involved commerce. Blockchain can effectively track down every detail. Organizations can make their physical assets digitized hence setting up a record of every transaction. As expected, each recorded transaction is accessible to all, and therefore all assets can be effectively monitored.

 

Integrating Blockchains Into a Supply Chain

For the successful application of blockchain technology in supply chain management, some factors have to be set in motion. First and foremost, the companies and organization involved must have a grasp of possible risks. This is essential because all the weak points would be noted and plan to contain them would be made up.  This is a retorted line of thought when new programs, software or processes are under implementation in an ecosystem,

The most likely set of plans will be able to spot the weak points in the resultant use of blockchain technology. Now, companies and organizations need to commence basically by first applying these solutions to the weak points. Once this is seen to be yielding positive results, then further application can be made to other aspects. Many change agents will implement a walk-through test to be sure that the expected results are seen.

For a company or an organization to achieve success with the use of blockchain in the supply chain, there is a need for the company to first, set up a blockchain for the company internally. At first, everyone might not be used to it, as it is expected of new technology. However with time, everyone will commence its application, and progress would be attained.

Also, the company should ensure that all its contacts such as suppliers and the likes, participate in the blockchain movement. This collaboration is essential if proper transparency and easy-to-track procedures are in view. Again, it would surely be difficult to carry out, but possible to implement. However, as an organization, it is essential for you to partner with organizations who embrace any innovative technology.

Once this is completed, then every partaker in the supply chain can be involved since every data can be made available. Blockchain technology in the supply chain management is already gaining grounds in some companies. Those companies who have not started its utilization are encouraged to take a cue from their fellow field players who are already enjoying the benefits.

In the long run, if blockchain technology will afford us the opportunity of tracking all transactions. As a secured platform, it implies that the possibilities it possesses in the supply chain are limitless.

 

Author Bio:

Denise Quirk is a Health Advisor who is fascinated by Crypto and Blockchain Revolution. She is a believer in transforming complex information into simple, actionable content. She is keenly interested in finding the value of the crypto world. She writes for Coin Review, Bitcoin Warrior, Irish Tech News, etc. You can find her on Linkedin, Twitter, and Facebook.

 

Invitation to Guest Authors

If you are passionate about Bitcoin and Blockchain and would like to share a guest post, contact us via email.

Continue Reading

#Ripple

SWIFT not joining hands with RippleNet

Published

on

The Speculation that went through in the previous days that RippleNet and SWIFT were joining hands to integrate Ripple's products was actually fake news.

The Speculation that went through in the previous days that RippleNet and SWIFT were joining hands to integrate Ripple’s products such as XRapid which was the prime reason for Ripple XRP to cross Ethereum in terms of market capitalization was actually fake news and just rumors.

 

SWIFT denies its partnership with RippleNet

According to Finance Magnates, the SWIFT payments network denied that the upcoming upgrades in the system have anything related to RippleNet.

 

“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet.”

Had the hypothesis been valid, such an association could conceivably have seen SWIFT significantly advantage from the RippleNet, particularly concerning the transactional speed. While RippleNet claims it can course “payments effectively and use instant settlement for transactions within seconds,” SWIFT says that even with the update, just half of the Quick GPI payment is credited in under 30 minutes.

Continue Reading

#Gambling

Does Blockchain Bring More Trust in Online Gambling?

Published

on

The online gambling industry is crying out for change as general user trust continues to falter. Blockchain technology offers a comprehensive solution.

There Are Deep Trust Issues in Online Gambling – Does Blockchain Promise a Solution?

Gambling is possibly one of the best-regulated industries out there. There should be little cause for players to worry. There have been isolated incidents, such as Absolute Poker stealing up to $1 million from its players over ten years ago, but such high profile cases are few and far between.

So why is it that trust is so hard to come by? A British Gambling Commission study on gambling behaviours found that two-thirds of respondents do not think that gambling is fair and can be trusted, with 41% thinking that gambling is associated with criminal activity.

This is quite clearly a perception issue that is not helped by the fact that people cannot see the inner workings of a gambling website. In fact, Absolute Poker’s scam was only revealed following a community effort and some major slip ups by the cheating parties.

With real money on the line, users expect trust and security to be of paramount importance for the gaming operators.

 

Absolute Fraud

In 2007, AbsolutePoker hosted a tournament carrying a first prize of $30k. They had held many similar competitions of this kind in the past so there was no real pretext for suspicion or alarm.

But, after losing to what he considered to be unusual gameplay, 21-year-old runner up Marco Johnson decided to contact AbsolutePoker for the precise details of his hand history.

What Marco got instead shocked him: whether in error or from a whistleblower, he received an email detailing every single hand played at the tournament, along with all participants logged into each table. Looking into the data further revealed that the player who won the competition showed consistently irrational play.

This was no smoking gun, but the document also included player email addresses as well as IP addresses. The suspect player, Potripper, could be seen to win big at each table alongside the presence of User #363a player who was invisible to all others at the table. Potripper barely ever folded a hand while #363 was present at the table.

The findings after this were even more shocking; the IP address of #363 pointed directly to Kahnawak Gaming Commission, where AbsolutePoker’s servers were hosted. Some estimates place the cost of insider rigging from the company as high as $1,000,000, and they were ordered to refund $1.6 million to customers.

 

So How Can Blockchain Foster Trust?

A central feature of blockchain technology is that trust is built into the system due to the transparency of the confirmations based on the distributed ledger system.

User #363 in AbsolutePoker’s tournament had insider access to a degree where they could see each player’s cards. Decentralization is a practical solution as it means that all of the game’s functions would have to be verified by users themselves.

It would, in essence, remove the theoretical ability of game operators and admins to use back-end gaming mechanisms to advantage themselves. As highlighted already, this is more unlikely in today’s climate, but removing all doubt would make the world of difference to the broader perception and trust in online gambling.

Clarity is key to more reliable online gambling platforms, and that can be offered on the blockchain.

 

Who Is Developing Online Gaming on Blockchain?

Online gaming has not gone unnoticed in the startup world, with several companies developing proposals for casino-related…

The significant potential in the burgeoning technology for online gambling has not gone unnoticed in the startup world, and several have popped up with recommendations for casino-related platforms on the blockchain.

One of these is Zeroedge, who offer a 0% house edge system that exclusively uses their cryptocurrency, Zerocoin. The concept hinges on users buying the platform’s native crypto tokens and then playing casino games; it’s a nice idea, but it seems to place the burden of risk on players who may see their funds fluctuate in value as they are locked into using Zerocoins for their gambling.

Qlear Protocol is a more general blockchain gaming platform which aims to create trust in an online gaming environment. This extends naturally to casino games, but they also bill themselves as a solution for online eSports tournaments. This seems good—Qlear appears much more focused on allowing developers to very easily integrate these trust functions than on any lofty concepts.

Funfair meanwhile wants to develop a sort of open casino platform whereby licensees can pay to set up their casino on the blockchain-based network. Similarly to Zeroedge, they exclusively use a native token (FUN), but their business model seems more plausible because other revenue streams are coming from various fees on the platform. Crucially, they do not seek to rely on the value of their cryptocurrency solely.

 

Online Gambling Could Be Transformed Forever

The gambling industry is crying out for change as general user trust continues to falter. New games and ways to play online are also coming into the fray which makes it vital that the broader player base can trust in the platform that they choose.

Blockchain technology offers a comprehensive solution and, should this be effectively implemented, for the first time trust in online gambling might be beyond question.

This must be the ideal for online gambling; it should be the most trustworthy process possible, and with blockchain, this may be about to become a reality.

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 5638.85559385
  • ETH
    Ethereum(ETH) 178.457965616
  • BCH
    Bitcoin Cash(BCH) 437.319255269
  • EOS
    EOS(EOS) 4.5827626399
  • LTC
    Litecoin(LTC) 43.2597682986
  • ADA
    Cardano(ADA) 0.0613514576
  • TRX
    TRON(TRX) 0.018763162
  • DASH
    Dash(DASH) 139.81454573
  • XEM
    NEM(XEM) 0.0938614751

Trending