In order to improve business models, streamline processes as well as to reduce cost, a growing number of companies across various industries have begun to apply blockchain. Industries using blockchain provides them a way to record and transfer data that is safe and resistant to outages. With a very high likelihood, major commercial industries will be disrupted by this technology in the coming five to ten years.
There are a huge number of industries being disrupted by blockchain technology. Among them, some are as follows-
The customer’s data of companies that offer cloud storage services are stored on centralized servers, and due to operational or human errors, they are vulnerable to breaches and data loss. On the other hand, the technology incorporated by cloud storage solutions are less exposed to attacks that may have higher chances to cause system outages or loss of data.
2.Vehicle leasing and sales
Recently, for streamlining car leasing using blockchain, DocuSign and Visa through a partnership create a proof of concept. In fact, a simple ‘click, sign and drive’ version is the result of current functioning. The transaction will be captured on a blockchain ledger when a customer selects the car he wants to lease. As updated on the blockchain, the driver then proceeds to sign a lease contract and an insurance policy.
Many companies are looking for a solution that simplifies the process of buying, selling as well as trading shares. Now, new blockchain is developing solutions in order to make the entire process of trading more efficient.
Various tech companies providing a way for the user to exchange assets temporarily for value, but the users are facing the difficulty in insuring assets. Therefore, a solution in the form of LenderBot is provided by this technology. Providing a cover for high-value items exchanged between parties is the aim of LenderBot.
When customers buy and sell the property, the major challenge they face is of fraud, mistakes in the public record, lengthy paperwork, etc. By reducing the need for paper-based transactions, the technology has the potential to speed up transactions ensuring the accuracy of documents.
6.Governance and public benefits
By streamlining government operations and securing system, blockchain can assist in the distribution of aid and welfare. Also, it also helps the government to provide benefits to people who are need of them.
If taking the example of US, where you have to go through power firms or transact with retailers in
order to transact in energy. Now, customers are allowed to transact in decentralized energy schemes using the technology.
There is a lack of secure platforms for sharing data in the hospitals. Now, the health industries without having to worry about the security can share access to their networks with this technology.
With blockchain solutions, musicians are enabled to provide direct payments to artists as well as can solve licensing issues using smart contracts. Artists are allowed to share their music directly with fans with blockchain-run contracts.
10.Loyalty program and gift cards
The cost of loyalty program systems can be reduced as well as can be more secure with this technology. The acquisition of blockchain run gift cards is more efficient and effective with fewer intermediaries required to process the issuing of cards and transactions.
Apart from them, there are various major industries using blockchain, and thus that have a huge impact on themselves:
Banking and payments
Today, everything from payments transaction to how money is raised in the private market is transformed by blockchain. Without the need for trusted thirds party called banks, the technology provides a secure way of sending digital assets. From compliance processing to distributing the content of will within the banking industry, tools like smart contracts automate many tedious processes.
Also read: Blockchain for beginners
As a trustless, disinter-mediated technology, the game-changing technology will disrupt all of that including-
Today, people are facing difficulty around the world because the millions of dollars slosh via system of slow payment and added fees, for example- you might have to pay a $25 flat fee for the wire, and additional fees if you are in San Francisco and want to send money to your family in London. Such transactions are highly profitable for banks. By sending peer-to-peer payments, blockchain offers a high-security and low-cost way. Anyone can use this decentralized money to send and receive money around the world such that it provides access to fast, cheap, and borderless payments.
2.Clearance and settlements systems
You can’t deny the fact that a bank takes three days to settle payments. Before reaches final destination, a simple bank transfer- from one account to another- passes through a complicated system of intermediaries. Many banks today search the SWIFT network for the correspondent bank, and which can settle the transaction as well. An interbank blockchain keeps track of all transactions publically and transparent. The transactions could be settled directly on the blockchain instead of relying on a network of custodial services and correspondent banks.
Raising money through venture capital seems tedious process such that entrepreneurs sit together in meetings, and endure long negotiation overvaluation and equity. But, you don’t need such a platform in this particular technology for raising money. Without the venture capitalists, anyone can raise money from anywhere at any time. Isn’t it interesting? Also, you can invest in projects as well, which you find interesting.
You always wanted to have a way by your side that keeps tracks of who owns what, when you buy or sell assets. Today, this is accomplished by financial markets through brokers, exchanges, custodian banks, etc. Also, when you execute truncations electronically this grows a lot more complications. This lets the custodian rely on a third party for all paper certificates.
On the other hand, by creating a decentralized database of unique assets, blockchain promises to revolutionize financial markets. Through cryptographic tokens, it is possible to transfer the rights to an asset with a distributed ledger. Industries using blockchain are able to settle payments due to such security reasons.
Cybersecurity has now become the most crucial topic discussed. This is due to the act of stealing personal data which consist of health records, personal identification, financial data and many more. Cybercriminals normally start by interrupting the business operations and attack victims online via DDoS attacks. The question is, can blockchain contribute to making sure our personal data are more secure?
With the help of Distributed Ledger Technology, fraud activities can be prevented via consensus mechanism that has been decentralized. It also helps to solve security issues that occur between counterparties involved. The technology brought by Distributed Ledger Technology will provide a more secure and protected environment within the client’s data hence eliminate the need for human authentication. In terms of business operation, chances to get hacked can be avoided as companies are able to authenticate devices and users without the need for a password.
- Eliminating the human factor from the authentication
In terms of business operation, chances to get hacked can be avoided as companies are able to authenticate devices and users without the need for a password.
- Eliminating the human factor from the authentication
- Decentralized storage
Blockchain will make sure that an attempt to access to data saved on the user’s personal computer can be prevented. Each block will be examined by the system to trace the odd ones and as a result, eliminate any unwanted hacks and breakthrough to steal information.
- Decentralized storage
Every transaction that has been made online can be traced by companies at a precise level. This includes the particular time period as well as the public address of the transaction. Thus, users can rely more on the system and will be able to break down to details if needed.
Supply chain management
Managing a supply chain has always been a challenge for companies from small businesses up till those huge corporations. Blockchain is specially designed to record all financial transactions thoroughly and is able to store details of every single order promptly. By using recorded data, companies can track errors and compliance issues effortlessly.
1. How blockchain would work for the supply chain
Blockchain will store data of every product with in-depth details of the purchaser and quantity purchased. With the information collected by blockchain, an analyst then would identify ways to reduce downtime that could hurt the operation. However, this process requires a teamwork from various departments that shares data and common goals.
2. Benefits of blockchain for supply chain
- Data will be shared with the respectful teams handling the logistics and shipping process. This will increase transparency and prevents the delay of the shipment.
- With its unlimited database, industries involved would have access to the data and will be able to customize according to their needs.
- Blockchain will combine information from the different ledgers and data points.
- Blockchain offers unchangeable records of data in which a no-change-policy will be the main core to avoid any data discrepancies.
With the revolution of technology on an almost daily basis, information are at the tips of our fingers. Good or bad. Biased or insufficient. However, with blockchain, information will be provided thorough, researched, proved valid and 100% authentic. How is this done? Experts will work to provide the best of their opinions and findings unbiased nor manipulated.
2.History of forecasting
A famous author, Donald N. McCloskey wrote a book expressing thoughts and ways to predict the future. Thus, along with the evolving world of technology and science, also from the history of forecasting, it has been stated that humans have been involved in prediction to obtain the outcomes of events every day in their lifetime.
2.Block chain development and its decentralized solution
In recent times, block chain development has succeeded in decentralizing financial transactions. It also develops a high prediction marker by similarly decentralizing predictions in the online market. There could be radical changes to every Internet related sector, ranging from election to weather predictions which will ultimately affect the way people engage in the sales and purchase of stock, how they place bets, and how they make financial decisions. Blockchain is inevitably going to change the approach to issues such as research, analysis and consultation.
A good blockchain example is AUGUR, which is primarily a decentralized forecasting platform, which is built on the Ethereum blockchain. The blockchain gives rewards to individuals who can successfully predict future events. With relation to the weather forecast, individuals can use a blockchain database t store and manage all inputs, in order to get more information, rather than weather predictions that are carried out by a small group of people. The blockchain uses tokens to reward anyone who can make the most accurate forecast.
Hence, there will be more reliability in forecasting, networking and the internet of things (IOT). All around us, we can notice the rapid advancement of companies using blockchain technology and the internet of things.
Blockchain will disrupt existing processes and practices in a variety of industries such as; the financial sector, healthcare and trading to mention but a few. Security is a top concern for the IOT ecosystem, due to the fact that in spite of its advancements, areas such as huge amounts of data, multiple devices, supply chain management, and the community as a whole, suffer threats and security breaches.
IOT devices face numerous security challenges. These devices lack the authentication standards needed to keep user data safe. If hackers succeed in penetrating through the broad range of IOT devices, the critical infrastructure will suffer huge damages. In IOT, authentication and standardization are extremely vital to ensure trust in order for widespread adoption to occur.
Blockchain architecture can be a vital tool for solving security issues in the following ways:-
1. To prevent duplication with malicious data and track sensor data measurements.
2. A distributed ledger provides IOT device identification, authentication, and secure data transfer, due to the fact that the IOT device deployment is quite complex.
3. IOT sensors can exchange data using blockchain instead of involving a third party.
4. IOT device tampering is prevented by a distribution ledger within the ecosystem.
5. Blockchain enables the individual identity, integrity of data, and device autonomy.. By removing technical inefficiency, it supports peer to peer communication.
6. Deployment and costs of IOT can become reduced by blockchain using industries
7. Blockchain accesses IOT devices in order to provide the history of connected devices for various purposes.
Blockchain based IOT are suited to improve customer experience, simplify business processes and achieve cost effectiveness. In order for a decentralized network of IOT devices, blockchain technology is used worldwide. This new initiative operates as a public ledger, which serves to eliminate the need for a central location for handling communication between companies.
Private transport and Ride sharing the blockchain can be helpful in shaping the future of private transport.
These devices can be used to pay for parking, highway tolls and car- sharing fees through the use of dedicated in-built e-wallets in our vehicles. It is applicable to the use of mobile phones for making payments at supermarkets and also for public transport. All credit should go to automotive technology platforms, ZF, UBF andi innogy SE, for creating wallets based on this technology for electric chains. Car owners will now have the opportunity to pay for parking and highway tolls using this technology.
This blockchain-based e-wallets would be integrated with an intelligent power supply system, which is another possible use of e-wallets. In order to control the vehicles charging process, an intelligent power supply system can leverage the cars blockchain, depending on the energy source which is presented in the vehicle’s system at any point in time.
Use blockchain for decentralizing Ride-Sharing
The primary goal is to make the number of vehicles clogging up traffic lanes more efficient when it comes to understanding the concept of ride-sharing. In fact, various industries using blockchain are trying to integrate distributed ledgers into different models of business, for example, La’zooz being a digital currency enthusiast has started using the blockchain technology for a new concept- ride sharing. Companies like La’zooz are looking to make the most of the existing infrastructure rather than adding more new cars and vans on the road while on the other hand, they aim to keep the price affordable for the following service.
Although, services like Uber remain the full control of the funds generated by drivers as well as paid by customers. Rather than splitting customers across a multitude of vehicles, La’zooz focuses on introducing peer-to-peer transfer in the ride-sharing industry, which ultimately increases the number of passengers occupying the same ride.
The introduction of such technology into such an ecosystem allows distributing fair rewards as decentralizing transportation is not an easy task. Rather than dealing with fixed prices, these rewards are decided upon by community members. To synchronize ride sharing seating availability in real time, La’zooz is being allowed by distributed ledger technology.
The best way for people looking to become a future La’zooz is to run the mobile app and driving around for over 20 km. With Zooz tokens, the users will be rewarded for this action. The early adopters will also get an extra incentive. Apart from the drivers, anyone who brings new users to this ecosystem and shares their movement data will be rewarded with the tokens as well. In the end, to promote collaboration, La’zooz ecosystem comes down to bring people together as well enabling such industries using blockchain.
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