Real-World Scenarios Of Blockchain Applications
Let’s start off.
The tidal noises about cryptocurrencies occupied are now over. For Bitcoin in particular, it came about the rise in value
They per-occupied most of the year in 2017.
Way forward into the year, 2018 seems to have lesser of that noise.However, only time will tell!
What is there for Blockchain enthusiasts?
The Altcoins also had a good share of that too.
But the essence of 2018 is the keen refocus on more…
“What more of values can Blockchain offer?”
The initial trajectory was that Blockchain could only support Cryptos.
But, time is proving that trend wrong.
Initially, these preoccupied the minds of all stakeholders.
Those are inclusive of developers, traders, and users.
So it appears that the developers hit a layer of gemstones and relaxed.
They mistook it for the jackpot (real gold).
The shift now towards what more Blockchain attain.
What key solution has it to offer for humanity.
So those seem to be picking on the momentum.
I can tell that from the number of ICOs arising.
That’s been witnessed in the first two months of 2018 alone.
Foretelling Bitcoin, Blockchain, and Altcoins under Real-World Scenarios?
But how can one really foretell the inception of a big revolution?
Is a big question.
However, I believe we are staring at a huge divide in the way things will be functioning forthwith.
That,s given that Blockchain applications will come of age with time.
It will be a big leap.
And the radical shifts will extend their tentacles to most of the solid states that we see and feel around.
That will hit Governance and economies too.
A Synopsis Of Blockchain Shifts
Injection of Blockchain in Banking and Finance
Blockchain technology offers a foul proof record of sensitive logs of transactions that can efficiently transform banking.
Entirely, banking retail outlets into global trade partners at lowered transaction costs.
The reduced transaction costs emanate from the massive nonphysical transfer authentications as done by current banks.
2. Capital Markets:
A Blockchain based capital market system is a possibility with more efficiency and effectiveness.
Though more complex to implement, the solution would be a more robust and sensitive platform to retain the values of each asset with time.
3. Trade Financing:
There is an already tested case for this by Barclays(September 2016)and they executed a letter of credit within a record four hours.
That usually takes over a week to execute in m normal circumstances.
…Injection of Blockchain in Banking and Finance… continued…
4.Regulatory Compliance and Audit:
The higher levels of accuracy and error proof logs facilitate the integrity of the records filed for an entity under Blockchain technology.
The backdrop is that the same records are free for any interested party to inspect and scrutinize.
After reasonable implementation, Blockchain effectiveness may as well phase out the need for both intensive human resources.
More so, need to drastically reduce infrastructure for current audit and assurance services.
5. Money Laundering Protection:
Here, encryption comes to facilitate the identification of businesses and clients.
This is essentially empowering of the way records are managed to counter the incidences of money laundering.
6. Insurance Industry:
Smart contracts based on the Blockchain tech.
They allow both customers and insurance agents to manage their claims.
The actual infrastructure may provide:
- enhanced transparency and,
The smart contracts are recorded under Blockchain itself.
Other functions like claims can be validated via the network.
This would eliminate invalid and accidental claims.
Transactions for Peer-to-Peer Networks
Some services restrict transactions based on geography and other restrictions.
More so they are vulnerable to hacking(when personal information is shared within networks).
Blockchain technology is an easy fix for the security vulnerabilities.
Business Applications in Blockchain
Supply Chain Management:
Block chain’s ledger makes suitable for tracking goods as they flow through the supply channels.
Blockchain offers a great avenue to track the status of both transit and allocations at of shipping lines and containers.
Each time I drop by the Health facilities, similar sets of records are sought.
That’s by the physicians and pharmacists.
General health care data requirements like age, gender and also the medical history are best stored and shared via the Blockchain.
Other key details alongside the above are immunization history or vital signs.
None of this should be able to identify any particular patient and Blockchain offers with optimized accessibility and privacy.
- Real Estate-Homes change owners and the need to verify finances and expedite the transfers would fit easily within the Blockchain encryptions by enforcing transparency all through the deals.
- Media-Blockchain offers a good platform for distribution of media content as well as the aspects of buying and sales of advertisement spaces.
- Energy-Blockchain technology is applicable in energy supply transactions. This trickles down to functions like the basis for metering, billing, and clearing processes.
According to PWC, the other potential applications include documenting ownership,
emission allowances, and renewable energy certificates.
Blockchain in Government Applications
National, state, and local governments are responsible for maintaining individuals’ records.
The records such as:
- and death dates,
- marital status,
- or property transfers.
Yet managing this data can be very difficult
To-date, some of these records only exist in paper form.
And sometimes, citizens have to physically go to their local government offices to make changes.
Such trips are :
- and frustrating.
Blockchain technology can simplify this record keeping and make them far more secure.
Blockchain application proponents claim that the dates of Birth are enough to provide adequate identities, given a set of records.
The blockchain is easily applicable here, arguably the characteristics of what an ideal democratic society would require.
accurate results all across.
These are achievable with the absolute anonymity of the voters.
The means of verification are easy and traceable.
Blockchain technology is easily deploy-able.
Therefore its applicability steps in to:
- stem out the the tedious process of filing,
- minimize human errors.
This makes taxation procedures more:
- very efficient. and ,
- very effective.
In overall all the requirements and compliance are fulfilled adequately.
I can make a correct guess here: transparency.
How can I ensure the Donor support we receive is channeled to the relevant projects. Here we require transparency as per initial intentions.
That transparency will come with more of efficiency in the utilization of the resource packages.
Blockchain can facilitate the transparency and the security of data.
One project under this is “RegChain“. Already they are using the force behind smart contracts and transactions to enhance compliance.
Application in Other Industries(Real-World Scenarios)
The Blockchain is a very secure platform.
It’s inbuilt with impenetrable features like:
- time-stamping and
- chronological arrangement of transactions.
For transactions and ledger records, it offers seamless interactions between parties.
Great record keeping offers a great platform for accounting and financial reporting for firms.
My point is that the Blockchain enabled system is deployed to allocate voting rights or tokens.
The allocations are with respect to the ownership ratios of shares.
In the Blockchain data and information encryption is a core aspect.
This applies to the entire ecosystem.
Here it’s useful for records management. Entirely,it prevents duplicates and fraudulent entries.
One huge advantage with Blockchain is in cybersecurity.
- Its unique,
- and decentralized nature.
It therefore removes the risk of a single point of failure.
That’s primarily by providing near:
- very instant updates to nodes ,
- seamless communication.
Here, the updates are done whilst one enjoys end-to-end encryption and privacy.
Big Data-Blockchain is smart with big data as every computer in the network(Nodes).
- verifies the data stored and,
- continuously updated(mining).
That’s an excellent trait for big data storage and management.
Conclusion on Real-World Scenarios of Blockchain applications
Internet of Things (IoT)-Blockchain merges excellently with IoT sectors.
In a way that is more elaborate, that is inclusive of:
I can track the locations of goods as they are shipped.
That will come with ensuring that they stay within specified conditions.
Blockchain ‘s applicability here is by monitoring assets.
Records of activity and output are captured indelibly. it’s as an alternative to cloud solutions and,
In healthcare Real-World Scenarios:
Specifically, here it’s by:
- enabling logging in for access and,
- sharing of medical data between the numerous but relevant stakeholders.
When it come to the sharing, of utmost significance is to whom you share to. The sharing requires:
- accuracy and ,
- precision in the versatile permissions.
In the practical sense, it simply involves:
- directly holding some data while,
- offering encrypted links to others for information relevant to them.
The Blockchain is here to stay and more disruptive manifests are coming.
Towards the end, what more can we include here? That falls under the Real-World Scenarios of Blockchain applications…
Any comments, as always… share below.
Thanks for reading through,