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Blockchain Uses

What can blockchain be used for?

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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

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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Analysis: Decentralization is the future

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decentralization is the basis of bitcoin blockchain. A development that has threatened to dig up decentralization is the creation of integrated circuits.

In 2008, when Satoshi Nakamoto wrote down the famous white paper in which he proposed a decentralized financial system, he did so in the context of crumbling banks and governments, which as a centralized institution, caused an economic collapse due to poor decision – making and management. Decentralization is the basis on which the entire Bitcoin blockchain is based, and that is why Bitcoin was created primarily to provide an alternative to the central authorities that operate our current global monetary system.

Today, the concept is challenged by the uncontrolled growth of Bitcoin mining – giants such as Bitmain, a Chinese mining company that continues to generate absurd profits and continues to monopolize the Bitcoin network in pursuit of industry dominance.

 

Ethereum Blockchain

The cryptocurrency economy has come to a conclusion – at least for the foreseeable future – Ether will continue to feed the ICOs and lay the foundations for distributed applications. Called Ethereum’s Proposals for Improvement ( EIPs ), they allow for massive participation in decisions that could radically change the future of the network. However, the use of EIPs Ethereum tries to embody the principle of the blockchain technology, namely centralization leads to errors and inefficiencies, while the network, with the right technology, can make better decisions and work more effectively. So, when companies such as Amazon and Chile’s Energy Authority support Ethereum, they do so in a project that advocates – and through EIPs – real practice decentralization.

 

The need of Decentralization:

Where buildings such as capitalism, money, and democracy need new codes, new software, updated smart contracts, better AI and a more united kingdom, full of corporate social responsibility, equal opportunities, and prosperity shared with all. It is not only software decentralization, but it is also the shift of human values to a new way of thinking about exchanges, energy and the shared future of humanity.

The blockchain technology, which offers an alternative to existing trading, governance and finance systems, has the potential to disrupt the industry and create new and exciting opportunities for billions around the world. A development that has threatened to dig up decentralization is the creation of integrated circuits or ASICs for applications. Even more complicated and challenging to decentralize is the rapidly changing world of hardware and the fact that a large technology company now produces most ASICs on the market.

While many Bitcoin advocates see the blockchain as nothing more than competition for existing payment methods or gold, others believe that the blockchain technology is the harbinger of things the world has never seen before.
Bitcoin’s market share has been declining slowly in recent years, and although many believe that bitcoin will continue to grow, there is a rapid rise in other parts of the blockchain ecosystem. When decentralized blockchain protocols begin to break down the central web services that dominate the current internet, we will begin to see real sovereignty on the internet.

 

The future of Decentralization:

Recently, blockchains have become the focus of attention as the first technology to use decentralized device networks. With the promise of full ownership and monetization of their data, blockchains are seemingly convincing alternatives to older third-party data farms. While blockchains use the increasing movement of increasingly powerful personal devices, they have a relatively limited use case and do not fully exploit the potential of paradigm shifts.

This is decentralization, which is a decisive factor in cryptocurrency and blockchain technology in general.
In addition to the major cases of well – known use, there are examples of massive companies that eliminate a “one – point failure” in their closed systems, for governments that approve university degrees. Secondly, governments have historically been serving exchanges with asset seizures, which have paralyzed merchants who hold large amounts of cryptocurrency in the market. If decentralized exchanges become a real reality, the regulatory war will become even more complex for legislators: their current strategy is to target exchanges that operate under their jurisdiction.

Blockchain technology can provide a new way of confirming identity, ways of moving data faster and cheaper, easier transactions such as payments, claims, and data sharing.

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Use Case: Blockchain in Automobile Industry

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Blockchain technology has gained momentum in the automobile industry. Let's discuss some of the developments in the blockchain for autonomous vehicles.

The growing focus on data manipulation, better quality control and the need for faster business transactions have fuelled the growth of the automobile industry. The development of new products and partnerships by leading companies are likely to stimulate the growth of the blockchain in the untapped markets for the long term.

Blockchain in Automobile Industry

Blockchain technology has gained momentum in the automobile industry, and in the following sections, we will discuss some of the latest developments in the blockchain for autonomous vehicles. Blockchain technology is a fundamental technology that has opened a world of innovative opportunities for the automotive industry.

OEMs could use blockchain technology as a platform to improve their global vehicle cybersecurity, validate material bills, secure micropayments, improve identity management and improve data validation. Blockchain technology offers vital stakeholders in the buying and selling process an efficient payment system. With tailor-made solutions for the automotive industry through blockchain technology, the future looks bright. Blockchain technology can take advantage of the intelligent contract architecture that would improve the payment process.

Porsche is credited with being the first company in the industry to test the implementation of the blockchain in their systems. Porsche has tested how the blockchain technology can be used to lock and unlock a car. In addition, every time someone locks or unlocks a car, the data is recorded in the blockchain and no one can modify or modify it, making it easy to track who has used a vehicle at any given time.

There are endless possibilities, some of which have already been conceptualized – incentives to drive more environmentally friendly, car insurance and car financing, blockchain – based titles, remote – lock chains and unlock vehicles – the list goes on and on. With the blockchain proving to be the future of security, and with cars becoming essentially IoT devices, merging them together seems only natural.

Blockchain developers have experimented with off-network data storage solutions to optimize the number of data transmitted by block chains to improve scalability. By leveraging blockchain technology, drivers can contact remote users of the blockchain ecosystem for updates, nearby suppliers for remote availability, price negotiations. By leveraging Blockchain, users can instantly secure payments for media content and other services they want to have due to their reliability and transparency in transactions. IOT and Blockchain solutions can offer endless possibilities, ranging from safer and environmentally friendly driving behavior, improved and more affordable automobile insurance, to remotely lock and unlock vehicles and much more.

Although blockchain remains the backbone of Bitcoin, distributed ledger technology has proven to be useful as a standalone and secure solution for data structures. The use of blockchain technology to solve the challenges of data security connected to automobile is not only an option but also a necessity. For example, one block chain may contain bills for vehicle components, another blockchain may contain quality control records created during the production process, and another may contain information about the WIP for each vehicle assembly from beginning to end.

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