Most of the people, who have heard of blockchain development, think of it as a future technology which would take some time to infiltrate into our society and economy. But the reality is, it has already starting making its way into different domains through many ways.
If you look into the operations of some full-fledged industries such as automobiles or artificial intelligence, you’ll surely find blockchain existing there. In various segments of their working, blockchains are gaining prominence.
According to the estimates of World Economic Forum, by the year 2025, 10% of the global GDP will be generated by blockchain. It simply means that a worldwide implementation of blockchain is already in the process. The magnitude of this implementation will not be lesser than the outbreak of internet.
In the year 2018, many projects have been launched in order to utilize this technology. Various applications have been developed based on blockchain mechanism. They might look like conventional software by their outward appearance, but the inner mechanism maintains the intrinsic features of blockchain. Let’s look at a few scenarios where blockchain is being utilized.
Many governments have shown proclivity towards blockchain for the storage of valuable data. In Finland, a decentralized data management system is being prepared by Essentia, a blockchain development company. This blockchain-based application will allow the Finns to access records regarding education, public and voting. Through this application, people in rural and urban areas both will have shared access to information without any security threat.
In China, Waste Management has become the first industry to use blockchain. They are using Waltonchain’s RFID technology which is a built to enhance the supervision of wastage through which operational efficiencies will be amplified.
Another fine example of blockchain implementation is Zug in Switzerland. This company has developed a blockchain project which will help the administration in registering residents’ IDs further enabling the online voting process.
Another blockchain project is being developed to make the journey easy through train when you’re crossing the border. Eurostar train runs between Amsterdam and London. Currently, thousands of passengers have to go through numerous checkpoints which make their journey tedious and inconvenient. Therefore, a blockchain-based framework is in preparations which make this long and rigorous process a one-off. This particular project is focused at storing passengers’ data recorded in Netherlands which will be audited by third party. Blockchain will make sure that the data remains uncompromised and veritable.
Medical records have been a subject to inordinate sharing among pharmaceutical companies, hospitals and clinics. They get used without any consent of patient and data is exposed to many malpractices. Now, with the help of blockchain, projects like MedRec have been introduced to provide security to medical records. This project will maintain safeguard the information with confidentiality and authentication.
In a significant move taken by Microsoft Azure Enterprise, Blockchain as a service has been provided for their clients. It would enable their clients to access smart contracts and other applications based on blockchain to enhance the secure environment.
Reportedly, Google is also preparing its own blockchain support for the cloud-based business. Alphabet, which is the parent company to Google, is working on a distributed ledger that will be accessible to third parties for saving data. This would improve their cloud services for enterprises without any threat to security.
Medical centers have adopted blockchain development as a method to secure the patients’ data. Instead of securing them on a centralized platform which gives one person, it will now be stored on blockchains. The access of medical records to one person has resulted in selling of information to companies and research facilities without the consent of patient. Therefore, this practice will secure the data from being misused or hacked by black-hat miscreants. In the UK, NHS hospitals reported that ransomwares are attacking their systems in order to steal data. As per the reports, more than 50 different electronic healthcare record (EHR) systems are deployed in various hospitals. These centralized systems are vulnerable to hacking attempts resulting in dissemination of medical records illegally.
In many critical situations, these lackluster centralized applications fail to deliver quick service with accuracy. Blockchains secure medical records with an unbreakable mechanism, they prevent all the threats by distributing the information in an intricate network. Blockchain development not only secures the data, they also render it easily accessible. The blockchain empowered framework saves the data in a safer environment, it makes the data accessible to the patients without any hassle. It provides a surety to the patient that his/her medical records will not be compromised at any cost.
The most noteworthy benefit of blockchain technology is it eradicates the intermediaries from the transaction. The music industry has shown us examples of how can the profits be cut down by middlemen. By the time the profits reach the artists, they become trivial and insignificant. That’s the reason, a number of blockchain-based projects have emerged such as Artbit. These projects will help artists gain the most out of their efforts.
Nations that are highly industrialized such as China, have a higher footprint on environment. In the year 2017, IBM launched the Hyperledger Fabric project which is blockchain designed to help researchers in tracking the sources of carbon. This particular platform leverages blockchain for securing information and making it accessible. The tracking of emission sources requires frequent monitoring and safekeeping of their reports. By empowering such projects, blockchain is helping now in saving the environment and encouraging the practice of greener resources.
Supply chain management is an industry where blockchain proves to be more significant than any other line of business. This is a domain which deals with goods and their transport through various ports of call. Therefore, blockchain helps this particular industry immensely in managing data and resources securely. IBM and Walmart are working together to introduce Blockchain Food Safety Alliance in China. The project deals with one of the Fortune 500 companies JD.com which is a packaged food manufacturing company.
China is becoming a melting pot for several blockchain projects, it is also known as the place of origin for the world’s first agricultural commodity blockchain. A leading food trader, Louis Dreyfus, has ventured a project with Dutch and French banks. This project is focused on selling soybeans to China, using the blockchain technology, the transactions will be faster and cheaper. It would optimize the working of agriculture and food supply businesses.
One of the biggest diamond companies, De Beers Group has developed and implemented its own blockchain. This blockchain has been designed to digitalize the records of their clients. There have been many conflicts regarding the source of diamonds, the risks of swapping the stones by the providers. All these factors hazarded the authenticity of the diamond, this project removes all those chances with a transparent system. This framework renders every transaction recorded and these transactions cannot be eliminated in a blockchain.
Ukraine has become the first nation to use blockchain for a property deal. It is a watershed that has led many real estate owners and dealers to adopt blockchain. Cryptocurrency advocate and the founder of TechCrunch, Michael Arrington, struck this deal in Kiev, Ukraine. The agreement was finalized with the help of smart contracts on Ethereum blockchain. Propy, which is a startup, specialized in blockchain-based real estate deals, helped make this possible.
Fishing is a business largely conducted in a much unorganized manner, the catching and selling of fishes is done on illegal grounds. Therefore, blockchain can straighten this industry with distributed ledger technology. A blockchain-based application ‘net-to-plate’ will help determine the origin and price of the fish. It helps in the inspection process of fish and helps find out if the fish has come through a prohibited body of water or its supply has something to do with human rights violation.
Quite like diamonds, artworks have also fallen prey to malpractices that takes a toll on their authenticity. With the help of blockchain, an artist can protect his work from getting plagiarized. And it is already being practiced as a means of acquiring and safeguarding artworks. Blockchains are not capable of recognizing the authenticity of an artifact, but they can save the originality of a prototype. It is the finest example which shows the feasibility of blockchain, how it can save tradable objects from getting copied. It helps maintain the price of original work and credit the artist who created something unique.
In a bid to improve public utility, a project has been introduced in the Australian city of Fremantle. This blockchain-based project focuses on the distribution of energy and water resources. For producing more electricity, photovoltaics have been installed which are used to heat water and provide water. All the data of generation and distribution of power will be recorded on blockchain.
An initiative has been taken by Chile’s National Energy Commission for the implementation of blockchain, which will help them in determining the total energy usage of the country. This data will be protected on a blockchain which will help calculate and sort the details of consumers, this project is going to prove very beneficial for the entire South America.
Blockchain can be proved significant in securing the rights of LGBT and establishing the “pink economy”. It can be very helpful in keeping the identity of people from this community hidden as in many countries, homosexuality is prohibited. This becomes important because in many places, the hatred towards LGBT community is irrationally rising. Many gays and lesbians have become a victim of hate crimes, blockchain can help achieve their freedom and secure their rights.
For millions of victims all around the world, Cat bonds are immensely useful. Cat bond or catastrophe bond is an insurance which helps the victims of earthquake, tsunami or any other natural disaster. With the help of blockchain, transfer of money could be done very quickly with full safety. The implementation of blockchain is already started in cat bonds. Natural calamities can wreak havoc and one can be left stranded, stripped of all the resources. Blockchain can expedite the processing of cat bonds and helps many victims.
Blockchain can be a great help for tourists if payments could be done using cryptocurrencies. Hawaiian tourism has taken an initiative to give tourists a more easeful and transparent experience. Travelers often have to go through inconvenience due to lack of exchange outlets in many places. Implementation of blockchain eradicates these issues and cryptos work everywhere with the same value. It would significantly increase the footfall of tourists in a country where cryptocurrency is accepted.
The United States’ Department of Homeland Security (DHS) has launched a Factom blockchain which will help them secure camera footage and other important information. The project was launched in 2016 and it is still going on, this kind of project can strengthen a nation’s security and make it absolutely impenetrable. It has already begun in US and many other countries are interested in adapting blockchain in their national security systems.
In the shipping business, blockchains can play a significant role. Due to which several projects have been introduced to involve distributed ledger technology in this domain. MAERSK has introduced its own blockchain-based project called ZIM. This project will streamline the maritime operations and give a transparency to logistics industry. Through shipping, blockchain can enter a larger arena to play, via this industry it also becomes accessible to importers and exporters.
As blockchain establishes transparency, it is most needed in the domains which deal with money directly. Taxation is one such thing that needs blockchains at the highest priority. China has once again spearheaded another blockchain project which focuses on taxation and electronic invoice. This unique has been introduced by Miaocai Network in partnership with the Taxation Administration of the state.
Another domain which deals with money directly, mobile payment platforms are ubiquitous and their alignment with blockchain is absolutely necessary. In a bid to achieve that, a project will be launched this year by a group of Japanese banks. This project will use Ripple’s technology to track the instant mobile payment. It will help keeping the history of transactions in the secure environment.
We have already discussed the impact of blockchain development on real estate above. As it is useful in consorting deals, it will also help in land registry procedure. Georgia has become the first nation to implement blockchain for registration of real estate. A blockchain system has been created to record each entry digitally which is created in National Agency of Public Registry (NAPR). Georgia has taken a step ahead of other nations by making blockchain an integral part of registration process done on national scale.
Digital Currency Group (DCG) and Amazon Web Services have teamed up to make their database foolproof by dint of blockchain. This project will enhance the operations abilities of both the companies. They are providing their services to startups and have setup a technical support as well for their clients.
Possibilities of blockchain in the insurance have been discussed multiple times. Only a few people know that it has already been implemented in this domain. International Business Machines Corp has partnered with an insurance company, American International Group to develop platform which secures policy holders’ interests by confirming everything with smart contracts. Blockchain will consolidate the data of policy holders, it will maintain the security and accessibility in a safer environment.
Endangered Species Protection
Using blockchain, it will even be possible to save the endangered species now. An NGO names “Care for the Uncared” has initiated a program which uses blockchain to save and encrypt the data of such species. The broad applicability of blockchain can be gauged by such projects.
NASDAQ is creating a marketplace in collaboration with New York Interactive Advertising Exchange using blockchain technology. This marketplace will entertain brands, publishers and agencies in buying ads. This project uses Ethereum blockchain as an open protocol and ensures that the information of people dealing on this platform remains secure.
Journalism is a profession that works on the precision of facts and there have been instances when people have meddled with records and journals. To keep the sanctity of this professional intact, a blockchain-based journalism marketplace called Civil has been introduced. This particular model offers many other solutions such as an incentive module for quality content. It also enables journalists to permanently archive the content, sealed with smart contracts, information on this platform will last for very long.
Smart cities are building everywhere now. It is concept which exists in every nation’s urbanization scheme now. Taipei has taken the initiative to induct distributed ledger technology in building smart cities. It has announced a project which will use blockchain technology to detect and, record the consumption of energy and pollution. The framework will secure the information and help the government control it.
Oil industry impacts the whole economy and to make it stable, you need to record and analyze data with much more care. To achieve this, S&P Global Platts is preparing their own blockchain platform that will keep the track of weekly inventories and oil storage data. It would maximize the efficiency of the company by giving them accurate readings.
The Russians have taken the initiative of introducing blockchain into railways. Leading rail operator Novotrans has deployed blockchain with a motto to enhance the speed of its operations. This mechanism will be used to document the data regarding repair requests, inventories and issues that impede or slow down the operations. The reason for adapting blockchain into railways is that they provide more lasting and unalterable. It would help the railway manage their expenses and make it more efficient.
The need for blockchain has also been felt in the gaming industry. Almost every gaming platform deals with rewards and digital collectibles. With the help of blockchain, security of these digital rewards can be ensured. One of the major gaming companies, Ubisoft, is currently working on making blockchains feasible with gaming platforms. According to them, using Ethereum blockchain, this can be done with efficiency and safety.
After land registry, it’s the car leasing which would use blockchain to make its records secure and unalterable. For all kinds of registration and documentation, blockchain provides an ideal use case scenario. Many blockchain projects are being worked upon to facilitate the process of car leasing as it is widely practiced in many countries. Many countries used the data of customers without their permission, this would be stopped with the help of blockchain. All the information will be encrypted and sealed with smart contracts.
Energy distribution companies are facing a big challenge today. Keeping the track of excessive supply is something that has to be done with great care and attention. Tracking the data and keeping it encrypted will immensely help the distribution companies. Blockchain can help them allocate the resources real time, it can also help in logistics. Energy distribution is done through multiple points of carriage, various charges and duties are implicated which have to be calculated with the right amount. All records, taxes and fairs can be safely recorded over the blockchain.
Blockchains are making themselves noticeable now with thousands of projects. From healthcare to real estate, you will not find a single domain where this technology is not being implemented. It is indeed transforming every industry to the core and making itself a priority for everyone. Blockchains are becoming an integral part of every industry with transparency and security.
With the current pace of adoption, blockchain will become a mainstream technology by 2025 according to the World Economic Forum. However, there is a huge possibility that it would register its presence everywhere even before 2025.
Such a huge possibility gives rise to blockchain development companies that are emerging rapidly. For empowering this big number of projects, we definitely need companies that could deliver best and efficient results.
Technoloader is a Blockchain Development Company. We have empowered many projects across the globe. No matter which industry you are in, we can provide a blockchain that suites your needs. Our approach is methodical and we test our product several times before delivering it. We have a team consisting of blockchain experts, who have mastered this technology inside-out.