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Blockchain Uses

SWOT Analysis of Blockchain

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swot analysis blockchain

Blockchain: What comes first? Opportunity or Threat

Blockchain is more than just a simple database. It is more than just a shared ledger and a data security protocol. If accepted and incorporated by the government and companies all around the world, this simple blockchain technology could easily revolutionize the way we conduct our business presently. Supply chain managements, payments and revenue streams would completely change at the face of it. However, nothing ever has just benefits and no downsides. There are two faces to every coin. Evaluating the risks and benefits is an important part of understanding anything new. Existence of several benefits and one single downside should not be the reason to cast aside something completely.

 

What is Blockchain?

A completely new and innovative way of data recording and digital currency transfer medium, blockchain is somewhat like a triple entry bookkeeping system in this digital era.

No single machine on the network has all the information required that would help an attacker to gain control of the information or value of any digital asset. All the information is distributed over the entire network and to attack such a wide network and override the system to commit a fraud or cyber attack would require a large amount of computational power. Eventually, this means that more the devices running using that particular blockchain software, more secure the entire protocol is.

 

Opportunities of Blockchain

Incorporating blockchain in your business changes what system you are in. Blockchain enables secure data transfer and payments. Blockchain tying up with Internet of Things provides for massive new opportunities to the businessman. One is no longer in just the business they think they are in. The manufacturer of a certain product or service would not just be the producer of that particular commodity but would also be the supplier of information regarding it. This facilitates the flow of a large amount of available information regarding a product or service. With the correct analysis of all this brand new information, better strategies and business models can be developed.

The hurdle is not just to transmit data or money securely but to also help the merchants understand the need to help make these transmissions in a cost effective way. This would make you the complete owner of whatever you wish to trade or sell. Be it large multinational organisations or just individuals, anyone can become the provider of data, services, and products and then receive the payments that is due to them without the need of several intermediate bodies to regulate and manage the entire process.

The adoption of blockchain technology would enable us to do business even more easily and efficiently with global overseas partners or firms or customers. This ease develops because of the easier and faster transmission of information or digital assets and a completely automated system of transaction record keeping which makes the entire process crystal clear and fraud free. This simplifies and somewhat automates accounting and compliance.

 

Threats of Blockchain

Blockchain is an easy and secure medium to transfer money and data. One of the risks attached to this technology is to take this inherent simplicity for granted. There is still a need to work out an approach to IoT data and money transactions. This network of monetizable money and data transfers brings forth the question of who would gain the most it. Would it be the individuals trading over this super network or the people who generate information or the people who manage these networks? One of the major threat in the long haul is that this technology would be so happily adopted and incorporated all over the world that the need for banks in the long future would be practically non existent.

Such a large scale shift of almost all the technologies in every company and government body in the world calls for a lot of efforts. It would require a lot of research and beta testing. This large scale shift requires a lot of pilot testing, investments in training, research, staffing and loads of crowdfunding too. Not just this, it would also require management buy in. However, when trust is hard coded into an system with such secure cryptographic techniques, people tend towards it more. They always prefer to see a proof of trust and not just rely on it by someone’s word. Obviously, with such a large scale incorporation, the gains would be limitless. It is of course an intelligent thing to always analyse the uncertainty of a new development, however, financial and economic experts have been agreeing far and wide that this uncertainty would massively be outweighed by the tremendous returns and benefits.

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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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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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