Blockchain technology, which underpins Bitcoin and cryptocurrency, is poised to revolutionize the global economy. In fact, Blockchain is revolutionizing nearly every industry.
What Is Blockchain? How Will It Disrupt Nearly Every Industry?
The blockchain is essentially a distributed database. Imagine a huge, global spreadsheet that runs on millions or millions of computers.
It is distributed. It is open-source, which means anyone can modify the underlying code and can see what’s happening. It is peer-to-peer and doesn’t require any intermediaries to verify or settle transactions.
It employs state-of the-art cryptography. If we have a global distributed database that can record that transaction, what else might it record?
It could also record any structured information. This includes who paid whom, who married whom, who owned what land, and who bought which power source.
In the case of the Internet of Things, we’re going to need a blockchain-settlement system underneath. Banks won’t be able to settle trillions of real-time transactions between things.”- McKinsey
The real disruption of blockchain technology is trust that is established through collaboration and code, rather than a central authority.
To facilitate any transaction, you don’t need a company nor a central authority. This is revolutionary and could revolutionize almost every industry.
Five Best Real World Applications Of Blockchain
Many innovative use cases have been created by blockchain-based startups that cover the whole spectrum of public and private sector services. These are five of the best use cases that have emerged so far from the nascent blockchain industry.
1. Streamlining Supply Chains
Supply chains encompass the end-to end flow of information, products and services, and money. Companies are looking for innovative ways to improve their supply chain efficiency and meet changing consumer demands.
Today’s supply chains, which include all the links that connect to creating and distributing goods, are extremely complex. Every retailer wants to reduce the supply chain.
Blockchains could revolutionize the logistics and supply chain industry, despite the lack of transparency and complexity of current supply chains.
Walmart, a major multinational retailer, has partnered up with IBM to develop the Hyperledger Fabric blockchain to track food staples, from source to shelf, and other related technologies.
2. Smarter Predictions
Mass interest has been shown in decision-making and forecasting. Forecasting has been made even more appealing by the advent of blockchain technology.
The blockchain is not only a powerful peer-to–peer computing platform for financial companies but also a market-based forecasting solution that has been used in scientific applications.
For instance, by using natural language processing-the equivalent of typing in a question or query–blockchain-powered AI platform Endor uses predictive analytics capabilities to deliver answers in real-time.
3. Decentralized Apps
According to Juniper Research, a U.K. market intelligence firm, there will be a significant increase in deployments of blockchain-based Dapps in the next year.
Decentralized apps were originally created with the Ethereum ERC-20 blockchain. They offer a truly decentralized platform and many of the advantages that blockchain offers, such as greater democracy, peer-to–peer interactions, and a completely trustless protocol based upon consensus.
Qtum offers developers a platform to create and deploy dApps. Qtum’s Blockchain combines the security features and features of the bitcoin blockchain with an Ethereum Virtual Machine. This allows you to have the best of both.
App developers can create their own chain while still taking advantage of the best features from the two most well-known blockchains.
4. It SImplifies The Internet of Things
A Gartner study estimates blockchain will add $3.1 trillion in business value by 2030, and in another analysis the global IoT market is expected to grow from $157B in 2016 to $457B by 2020.
Blockchain-based IOT solutions can be used to simplify business processes, improve customer experience, and achieve significant cost efficiencies.
Blockchain’s distributed ledger technology records the vast amounts of data generated by IoT systems in an untrustworthy fashion. It can transparently analyze the data points to provide valuable insights.
With a crypto token designed specifically for IoT needs, IOTA has emerged as a power efficient and scalable technology that uses connected devices to validate value transfers on the distributed ledger.
5. Identity Management
In a digitally developed world, digital identity and user authentication are crucial. Blockchain can protect names, email addresses, and phone numbers. It can also protect against data thefts and other data breaches.
Identity theft accounted for 69% of all data breaches in 2017. Blockchain identity verification adds a new level of security.
Civic’s Secure Identity Platform (SIP) is designed for multi-factor authentication without the need for passwords or usernames and relies instead on biometric information verified by the blockchain ledger.
XinFin is one of the best platforms on this front. It allows identity to be stored on the blockchain. It also guarantees that it’s done without revealing the identities of the executing parties. This makes it ideal for companies to adopt.
These are just a few of the many blockchain application cases that are likely to disrupt fintech space. Which opportunities do you see in blockchain technology to improve and disrupt your industry?