The extremely competitive gaming industry is under a constant state of stress. This could be attributed to the constantly evolving technology landscape, intense competition, changing consumer habits and lack of regulation, which paves way for an unstructured industry where competitive edge becomes difficult to sustain. While the industry has been strongly impacted by technologies (AR, VR and AI) offering immersive experiences, the need for a revolutionary technology that can address the loopholes while transform it into an economic endeavor rather than being just an entertainment activity is strongly felt.
Today, with around 70 % of American population playing video games, the gaming industry has witnessed growth in leaps and bounds. According to statistics shared by Newzoo consultancy, the current global gaming market which stands at $108 billion is forecasted to reach $138 billion by 2020.
However, irrespective of the size and growth, businesses have to deal with obstacles, and the gaming industry isn’t any exception. Blockchain – a peer-to-peer technology has the potential to transform the gaming industry in multitude of ways. Here’s how:
Providing Players with a More Personalized Gaming Experience: Gaming companies often store their assets on centralized servers fearing risk of asset duplication. Since, they do not have control over their purchased virtual assets, they are restricted from buying, selling or trading these assets beyond the gaming ecosystem. Blockchain brings the ownership and control of these assets in the hands of gamers or players by creating a transparent and decentralized ecosystem wherein players will be able to exchange their virtual assets with other players that too instantly. Apart from this, gamers will be able to exchange assets with players of other game, which will offer a more personalized gaming experience to the players.
Enhanced Security of Gaming Assets: Introducing Blockchain technology to the gaming industry will not just prevent illegal trading of virtual assets but will also check issues related to hacking and stealing. This becomes possible because the encrypted blockchain ledgers are impenetrable. The immutable nature of Blockchain makes duplication of assets impossible thereby proving ownership of assets and ensuring safety of gaming assets.
Prevents Fraudulence: Though, the gaming industry has been thriving, it has been prone to fraudulence with one out of every 7 virtual items surrendering to fraud. This has led to loss of millions of dollars in terms of revenue. Incorporating Blockchain within the gaming industry will ensure eradication of such menaces thus saving the gaming industry with billions of dollars.
Faster Processing of Payments: Introducing Blockchain within the gaming ecosystem will ensure faster and secure processing of payments for gamers who can now purchase items and make payments without any hassles or risk. Apart from this, Blockchain will ease the job for developers who otherwise have to struggle selling their apps beyond the app store and have to pay high commission fees to intermediaries. Blockchain allows the processing of even the smallest of amount so that developers get instantly paid and can re-invest their money in marketing their game launch.
Democratizing Voting Mechanism: Voting features are extremely popular within the gaming community as it helps in ranking of games, players and other items. Blockchain can eliminate the menace pertaining to corruption and manipulation of votes, which results in feedback (from the voting system) that is unreliable. The immutability element and smart contract functionality of Blockchain makes manipulation of votes extremely difficult.
It wouldn’t be a tall claim to make that Blockchain is poised to be the future of a flourishing and secure gaming industry. While the aforementioned benefits are just the tip of the iceberg when it comes to several benefits that this innovative technology is expected to offer, the technology will certainly bring forth new set of gaming innovation, which in turn will pave way for a new gaming landscape.
One of the key drivers of the global economy is the manufacturing industry. According to the World Bank, this industry itself accounts for nearly 17 % of the global GDP. Unfortunately, the industry has always been plagued with several problems including quality control and inefficiency. Apart from this, complex and disconnected supply chain has allowed fake and counterfeit products to make their way into the market, leading to lost consumer trust and brand reputation for businesses. Also, increasing customer expectations are placing more pressure on manufacturers for delivering quality products at nominal prices.
Blockchain, a distributed database has the potential to radically transform the manufacturing industry by offering visibility across every aspect of manufacturing. Right from sourcing, procurement and dealer quality to operations such as machine-level monitoring, Blockchain can pave the way for a completely new business model. Blockchain can be leveraged by manufacturing businesses for streamlining their supply chains that make up for their business foundation. The distributed ledger architecture of this versatile technology can help businesses improve supplier order accuracy, quality of product, trace the origin and track the journey of products across the supply chain. This will help manufacturers ensure quicker turnaround time, augment product quality and sell more.
Listed below are 5 ways in which Blockchain is transforming the manufacturing sector:
Improving Track and Traceability:
Tracing the actual origin of a part (used for manufacturing a product) right from the point of production through the retail is difficult and cumbersome. This is because it includes multiple processes such as creating technical documentation, acquiring industry certifications and timestamps and quality checks, which are further plagued with errors. An iOT powered Blockchain based system helps in asset provenance thereby enhancing transparency and traceability for the participants of the value chain. The data gathered from the iOT sensors, when fed into the Blockchain besides allowing for a shared view also ensures that no gaps in asset handling has occurred as movement of goods across the supply chain is immutably recorded on Blockchain.
Unlike the existing supply chain ecosystem that is administered by a centralized authority for verification of records, Blockchain provides a decentralized platform where data could be accessed by every participant of the supply chain. Since, provenance is proved, and data gets immutably recorded as a product moves across the supply chain, intermediaries could be removed as they increase complexity, provoke delays, and increase costs.
Tokenization of Processes:
Multiple financing of invoices has become a major contributor of increased supply chain finance costs due to the risks associated and the diligence required to reduce the risk. This primarily happens due to lack of transparency amongst the participants of the supply chain including manufacturer, supplier, insurer, finance providers etc. Blockchain can be leveraged for tokenization of invoices, which not just prevents multiple financing but also ensures cost savings. This happens because each invoice that is distributed across the network is timestamped with hashes and is provided with a unique identifier.
Efficient Procurement of Products:
Inefficient procurement of products account for huge financial losses. This happens due to inefficient and complex supply chain processes that expose an organization to risks and unwanted expenses. With a Blockchain powered solution in place, manufacturing companies can streamline and automate their supply chain, which speeds up the order and processing of payment for improved cash-flow and profitability.
Improved Payment System:
Yet another issue that plagues the current business ecosystem is the lack of transparency in processing of payments. Also, the presence of multiple parties involved in verifying and sending payment results in delayed payment to manufacturers. Blockchains’ smart contract functionality automates the payment process thereby ensuring quicker and guaranteed cash flow to the manufacturing suppliers.
In a nutshell, we can infer that Blockchain is poised to revolutionize the otherwise scattered, slow moving, insecure, manual and paper-based system to a digital, secure, quick and automated network that can be operated on a single platform.
Over a period of time, we can expect Blockchain for process alteration, asset sharing, supply chain tracking, warranty management and more. Eventually, the end-game will be when Blockchain itself will retreat into the fabric of the complete manufacturing process thereby creating a scenario where supply chain can aptly be called as demand chain and the manufacturing processes becomes decentralized.
Be it the outbreak of E. coli in Romaine Lettuce that was highlighted and recalled by Grocery giant Walmart or the incidence wherein defective accelerator pedals sold by Toyota resulted in several accidents or the case of tainted oral polio vaccine containing strains of type 2 polio vaccine virus, there have been countless such instances where customer safety have been compromised. So, what is it that you find common in these instances? Yes…you guessed that right. It is indeed the need to recall the contaminated, counterfeit or defective products that had made their way to the market and ultimately the customers via the supply chain.
While recalling a contaminated/ counterfeit product is a proactive step towards customer safety, it can be an extremely overwhelming situation for businesses who have to deal with huge financial, as well as reputational damage. To respond quickly to such situations or incidents, businesses require becoming recall-ready by bringing in place a technology solution that can provide businesses with the degree of traceability required to deal with such crisis situations.
Blockchain – A shared ledger technology could be the answer to issues surrounding constant recalls, counterfeit products and consumer safety. By allowing stakeholders figure out the point of failures while alerting them at the same time regarding a potential mishap, Blockchain will not just help manufacturers/growers respond faster but will also ensure consumer safety.
With a Blockchain powered solution in place, retailers can provide their customers with indubitable proof of the provenance and product authenticity at every step within the supply chain. By leveraging Blockchain’s distributed ledger, harmonized database and robust encryption abilities, along with its capability to create smart contracts, retailers can gain advantage over their counterparts to successfully collaborate and augment trust across the value chain.
How Can Blockchain Expedite the Process of Recalling?
Within a value chain, a blockchain can accelerate the recalling process by providing the granularity required to recognize the problem and contain it. This way Blockchain could help retailers save millions of dollars by recalling only the product batch that is defective or contaminated. This would help curtail lengthy law proceedings, shorten investigations and sustaining liability all through the value chain.
With an iOT powered Blockchain solution in place, retailers (especially those a part of complex supply chain) can unlock unprecedented value. Such a solution can help simplify tracking and process automation for genuineness and tracking of provenance. This reduces risk, enhances customer safety and streamlines compliances.
While the IoT sensor present in such a solution tracks various aspect such as sourced components, as well as the real-time location of device within the supply chain; blockchain acts as a verified, shared system-of-record that archives and timestamps the complete string of events for the purpose of authentication and process automation. This provides the participants of the ecosystem with the transparency and visibility to deal with the risks associated with product recalling.
Quick Wrap Up:
It goes without saying that Blockchain has the potential to offer a convincing way of fixing complex supply chain issues such as product recalling for creating huge value. With an iOT powered Blockchain solution in place, the data pertaining to status of a product during transit or shipping can be captured, which further simplifies the analysis of root cause and auditing besides resolving issues related to product recalling and claim settlement.
The multi-billion-dollar consumer electronics (CE) industry is one of the most dynamic industries. Over the past couple of decades, it has undergone rapid changes with the market being primarily governed by the way products are being positioned, purchased and re-ordered. Furthermore, the industry is also underpinned by endless chain of innovations leading to an amazing array of products to suit every need and wallet. Apart from this, the emergence of middle-class families in developing countries and the cost-cutting strategies used by some major CE players to meet new customer demands has also contributed to the growth of the global CE industry.
Social media giant Facebook recently had to bear the brunt of regulators for mishandling user data. According to report shared by New York Times, Facebook had shared sensitive user data with more than 60 device makers, including Apple and Samsung thereby staking confidential data of millions of users. While the internet giant has blatantly refuted all the allegations levelled against it and has constantly tried to justify its stand, the fact remains that its user data has been spread or hacked way beyond boundaries that are no longer within the control of the company. This and constant drumbeat of similar other high-profile instances have pushed the tipping point when people have started believing that the internet they have been relying on is actually broken.
The agricultural sector of the country is the primary means of income for over 58% of the rural families. Yet it is plagued by several problems and challenges. However, the grim situation of the Indian Agricultural industry has finally managed to gather the focus and attention it rightly deserves with the Central Government encouraging the adoption and implementation of disruptive technologies such as AI, IoT and Blockchain to resolve issues plaguing the Agri industry. In fact, PM Narendra Modi in his inaugural speech during the 22nd Edition of the World Congress on Information Technology strongly advocated and encouraged the adoption of these technologies across different industries with a special mention about the agriculture and horticulture sectors.
Today, with rising awareness amongst the customers, as well as the farmers regarding food safety, better equity etc. the need to have a robust system that can resolve some of the major agri-related problems does makes sense. Blockchain – A distributed ledger technology, provides the necessary technology infrastructure for automating and digitizing the incredibly complex agriculture ecosystem.
Listed Below are some of the Interesting and Practical use cases of Blockchain in the Agriculture Industry.
Consumer consciousness regarding the safety of the food they are consuming is increasing day by day. This is because food-related diseases and illnesses have become more common today than they were a couple of decades back. This requires bringing transparency to the agriculture supply chain that will help identify and weed out poor processes, as well as poor players. An IoT powered Blockchain based system provides growers with real-time data that can help them monitor soil quality, irrigation, pests for crops under cultivation and monitor storage conditions, freshness, in-transit conditions for harvested crops in a precise way while enabling them to take appropriate measures. These records that are uploaded on a Blockchain are immutable thereby ensuring better accountability and traceability.
Food Supply Chain:
The food supply chain is incredibly complex and inefficient due to information asymmetry. This directly impacts farmers who fail to receive their due share. By taking the food supply chain over Blockchain, the incredibly complex food supply ecosystem can be simplified. Since, Blockchain allows easy, as well as equal data access to all the participant of chain including farmers, distributors, retailers, regulators and customers, data management becomes more transparent and simplified. With a more democratic supply chain, issues related to fair and transparent pricing will be resolved with stakeholders receiving their due share of remuneration.
While farmers are unaware of the authenticity of the agri inputs (seeds and fertilizers) they are buying, retailers tend to make great profit margins. While farmers are at a certain loss, big agri-input players also suffer huge financial losses due to counterfeit products, which also impairs their brand image. With a Blockchain solution in place, each product right from agri input manufacturer to the purchaser can be traced thereby helping farmers and other stakeholders to know about the origin of the product thereby ensuring its authenticity.
Land registering or recording is a tedious process with fraud and disputes over land holdings being rampant. Blockchain can help deal with abysmal state of land records by providing a platform where data can be collected, stored and secured in a transparent and easy to access manner. Being a decentralized platform, the data recorded is easily accessible to all the participants thereby ensuring complete transparency within the system. This will result in huge cost savings for the record keeping firms as maintaining records is an expensive and labor-intensive process. Furthermore, smart contract functionality of Blockchain can allow farmers and corporate firms in easy contracting of land leasing. Also, it will also make public distribution of social schemes for farmers accessible and transparent.
One of the major issues that farmers have to deal with is unpredictable weather conditions. While they have no control over calamitous weather conditions, they can protect themselves from commodities risk by the means of crop insurance. However, inefficient claims processing system built on legacy technologies makes processing of claims a slow process and fails to offer any respite to the farmers especially when they need it the most. With a Blockchain solution in place, the entire crop insurance sector can be streamlined. The smart contract functionality solution uses weather observation data gathered from IoT sensors to trigger terms and conditions so that capital for claims could be settled. While farmers receive the necessary compensation required to meet the crisis, the insurers too become free of processing huge number of claims, as the entire process is automated by the smart contract functionality.
Fair Disbursement of Subsidies:
Yet another issue that plagues the agriculture industry is the unfair distribution of government allocated funds and subsidies to the farmers. In fact, how much of the allocated funds actually reach the growers remains a matter of concern. However, with a Blockchain solution in place, the distribution of subsidies become more transparent and targeted. While the entire process of bringing together multiple stakeholder isn’t easy yet with a technology solution like Blockchain, achieving information decentralizing and handing it over to the participants of the network becomes possible.
With the growing demand for food security, better equity for farmers, land digitization and more, there arises the need for a system that can bring in the required transparency. Blockchain – A distributed ledger technology besides bringing the transparency and traceability, also offers a technology infrastructure that can do away with the inefficiencies of the current legacy system. We can thus infer that Blockchain technologies offers a fertile opportunity for the agriculture industry to grow and prosper.
Raghuram Rajan – one of the most prominent economist and 23rd Governor of RBI (Reserve Bank of India) suggested in his 2008 report on the Financial Sector that interest-free banking (Islamic banking) should be practiced on a large scale. This was recommended with an intention to provide access to people from economically backward society with little to no access to banking services.
While Islamic Banking is prevalent in Islamic countries, several non-Muslim countries such as United Kingdom, China, Germany and United States are also offering Islamic windows in their conventional banks. So, what is it that provides it a widespread appeal? Is it because the system is based on high ethical principles or because it encourages the Muslim community – hesitant of investing in conventional banks, to come forward and invest in Shariat compliant projects thereby mobilizing huge amount of capital? Whatever may be the reason, the fact that Islamic banking is gaining traction both within and outside the Muslim community, cannot be denied.
However, these principles aren’t easy to abide by in practice as doing so may lead to higher transactional costs than most non-Islamic firms are accustomed to. This is because Islamic Banks lay a lot of importance on contractual relationship, which typically involves several contracts (more than three), parties, with lot of stress on preventing speculation, ambiguity and interests. In other words, Islamic contracts are anytime more complex than that of a conventional bank as it caters to entire system of transactions. Consequently, the number of legal and administrative processes increases, which further raises the cost of doing business.
Furthermore, Islamic Banking requires abidance with the stringent standards for financial transaction that complies with the Sharia Law. For instance, banks can create debt only when it is backed by underlying assets such as gold.
Role of Blockchain in the Islamic Finance Industry
Integrating Blockchain technology across the Islamic finance industry has opened doors of opportunities for banking and finance organizations. In fact, incorporating blockchain in Islamic Banking will revolutionize the way payments, remittances and other transactions are conducted. The smart contract functionality of the Blockchain technology automates the entire contractual process including the enforcement of terms and conditions of the contract for Islamic Banking and Financial institutions. These self-executing programs electronically encode the terms of the contract and execute only when the conditions are met. As a result, all the associated legal and administrative intricacies, as well as redundancies involved in Islamic banking or financial products can be alleviated.
What makes the inclusion of this technology more appealing is that the contracts that are once uploaded on the Blockchain become immutable, secure and easily verifiable. Consequently, operational risks ascending from counterparty risks get mitigated obviously. In short, smart contracts automates and streamlines the processes and operations of banking and financial institutions complying to the Shariat Law. This will help them realize reduced transactional and contractual costs within a short processing time while eliminating the risks of duplication and fraudulence.
Moreover, since Bitcoin or any other cryptocurrency doesn’t involve ‘Riba’ i.e. lending or debt as in traditional banking, they could be categorized under the asset class that are created through mining and are thus compatible with Sharia-based regulations. This has earned this technology the much-required legitimacy, which others had refused to provide.
The Islamic finance industry is guided by the principles of trust, equality, and fairness. Blockchain has become a perfect medium to integrate and operationalize these values by exponentially streamlining the operations, as well as business processes of the Islamic banking system. Furthermore, Blockchain significantly increases the chances of improving the transactional activities due to its’ inherent ability to provide trust and transparency along with security and protection in various transactional activities. With apparent similarities between the characteristics of Blockchain and ethics of Islamic finance, its’ usage and incorporation would certainly open doors of opportunities for Banks and financial institutions following the principles of Shariah.
Of all the diseases that have plagued the human race in decades, cancer tops the list for being the most grievous one. The name itself makes shivers run down the spine, for what this dreadful disease results in. While the medical science and technology is evolving day by day, still there is no assured or potential cure to cancer.
Lot of funds are at work to research for a cure.You will find plenty of foundations, collecting fund for the ‘cause’. We donate to the research and remain clueless about use and results of the funds.
As per the recent release of Google, its Artificial Intelligence is able to make predictions when a person will die. These predictions are up to 95% accurate.
“When an AI program can predict the unseen, then why can’t it find a cure for the disease that causes over 9 million deaths every year?”
Artificial Intelligence is an algorithm that works on pools of data, to recognize patterns, to create an understanding and learn from them. To work on cancer and to find a potential cure, AI would require data from across hospitals’ cancer databases and run calculations. It may be the greatest attempt till date. Then why aren’t we doing it? Because of the Doctor-Patient Confidentiality Clause and acts like HIPAA, hospitals cannot release private information of their patients, creating a complete drought of data for AI programs.
How to connect AI to the pool of hospitals’ cancer databases then?
The answer to this challenge lies with Blockchain, a decentralized and distributed ledger technology. Similar to any other industry, Blockchain technology in healthcare is restructuring how this industry functions. Unlike the centralized data pools, the data can be shared on Blockchain while maintaining complete anonymity of the patients’ personal details. This will not infringe Doctor-Patient Confidentiality Clause or acts like HIPAA. AI can then access the data from across the hospitals, to recognize different patterns of how cancer is caused, how it functions and how it can be treated.
Furthermore, Pharmaceutical Industry will be aided with this combination of Blockchain and Artificial Intelligence, where having access to such patient data bases will enable AI to discover better treatments for various diseases, including cancer. In this manner, Blockchain and Pharmaceutical Industry, working in tandem with Healthcare and Artificial Intelligence will be highly beneficial in making incredible breakthroughs.
The technology landscape is abuzz with a new yet promising technology, ‘Blockchain’. The distributed ledger technology (DLT), has disrupted the IT landscape in ways that has not been witnessed since the arrival of internet. The technology that underpins Bitcoin will make organizations more transparent, democratic, decentralized, efficient, and secure. While the most apparent application of Blockchain Technology is in the Financial services industry, the technology has also found application across several other industries.
What is a Blockchain and How Does it Work?
Blockchain – A distributed ledger technology is perceived to be a disruptive technology that has the potential to transform the traditional business models and other networking technologies. However, the truth is that it is more of a foundational technology that can create new paradigms for sharing transactional data, both within and outside global enterprises. In fact, businesses are trying to figure out ways to leverage this ledger technology to save time as, well as costs and redefine business processes.
Based on a distributed and peer-to-peer network, Blockchain allows data storage on thousands of servers. Furthermore, anyone in the network will have the authority to view any transaction or entries made by any participant in the network. This makes it practically impossible for an entity to take control of the network. What makes this technology more alluring is the ‘Data Immutability’ feature that doesn’t allow minutest of alterations in the data uploaded. This means that each data structure block is not just linked to previous blocks but is timestamped with a cryptographic hash.
All these features allow autonomous management of blockchain ledgers for information exchange between different members. This does away the need for a centralized administrator as every blockchain participant is an administrator, which makes it a decentralized technology. Another extremely important feature that makes Blockchain – a full-proof platform for transactions is the automatically executable Smart Contracts or scripts that predefines certain conditions for an error-free transaction. For triggering a transaction, one or more than one set of inputs or conditions need to be created by the users.
Exploring Interesting Use Cases of Blockchain
Given the transparent, distributed, decentralized and immutable elements of Blockchain, forward-thinking enterprises including Fortune 500 companies are exploring new ways to use this distributed ledger technology. We have listed below some extremely interesting Blockchain use cases spanning across multiple industries. Have a look:
1. Currency Exchange and International Remittances:
Issues such as high transfer cost, inadequate money distribution methods, high liquidity requirements, transactional risks, limited brand options etc. are plaguing the financial services industry. Blockchain can be used for resolving these challenges with international remittances while enhancing pricing transparency along with better transfer security. In fact, several Banks and Remittance companies are adopting digital currencies like Bitcoin or platform like Ripple for streamlining remittance services.
2. Peer-to-peer Lending and Payments:
Peer-to-Peer (P2P) Lending using cryptocurrencies and Smart Contracts in a Blockchain network is disrupting the traditional peer-to-peer lending. It cuts out the need for intermediaries for transaction settlement and management. Additionally, it helps in better management of KYC records, User Authentication and Collateral Management (if applicable).
3. Audit Trail:
In certain law and accounting firms, the need to have untampered records of conversations, documents etc. shared between different parties is very important. A great way to ensure data security is to store documents or files that are either crypted or unencrypted on a Blockchain database. Besides ensuring data immutability, users can view who and by whom were these documents added to the Blockchain. This can provide businesses with an unalterable audit trail.
4. Smart Contracts:
One of the most important applications of Blockchain is creating smart contracts. Smart contract does away with the need of intermediaries and facilitates transaction in a seamless and hassle-free way. These “self-automated computer programs run on Ethereum and other Blockchain platforms, just the way they are programmed that too without the interference of any third party or fear of fraud, censorship and downtime. For instance, when a business enters into a smart contract with a supplier, the supplier immediately receives the payment after the iOT sensors notices the arrival of goods from the supplier at the warehouse.
5. Regulatory Compliance:
The current compliance regulations that have been implemented across the globe requires proper structuring and reporting of risk data. However, it isn’t easy to keep pace with the ever-evolving regulatory environment, which is further compounded by aggregating data, legacy IT systems and information overdose due to legal and regulatory barriers. Blockchain has the potential to assuage all the bottlenecks and challenges faced by organizations in a bid to keep up with today’s evolving regulatory landscape. Moreover, Blockchain does away with the need to collect, store, settle and aggregate the information for regulators as all the transactions conducted within the blockchain are documented securely and immutably on the ledger. This provides a precise, permanent and secure audit trail.
6. Supply Chain Communication:
Usually things that we buy aren’t made up of a single thing or entity. In fact, most of the businesses function in a multi-partner supply ecosystem where in several suppliers sell their components to businesses who further assemble, market and sell the final product. However, the problem with this conventional system is that it is prone to theft, counterfeiting and increased regulatory pressure. This could be resolved by integrating Blockchain into the supply chain to get immutable, permanent and auditable records that show stakeholders the status of the product at every step.
7. Electronic Voting:
The current electronic voting systems are centralized by design, which means the codebase and database is controlled by a single supplier. Since, a centralized system fails to provide an open-source and autonomously verifiable output, it fails to acquire the reliability sought by election organizers and voters. By up loading voting records in a blockchain, the reliability and trustworthiness of the electronic voting process could be ensured.
8. Cloud Storage:
Blockchain offers companies looking for Cloud storage with a fast, secure and cheap solution. The distributed ledger technology offers end-to-end encryption to ensure data security while in transit. As compared to conventional cloud storage companies, the DLT-based cloud storage offers improved data security, increased uploading and downloading speeds that too at low costs.
9. Government Records:
Government organizations are dealing with inefficient operations and processes. Apart from this, they are also dealing with increased security issues of their ever-growing volume of confidential data. Blockchain technology can be leveraged by Government organizations for improving operational efficiency while establishing trust through increased transparency and fraud prevention.
10. Digital Identification:
Blockchain can be used for storing all types of data and business transactions in a secure way due to its distributed nature. By creating an identity on blockchain, individuals can have greater control over those who have access to their personal information. Furthermore, a digital ID can be generated by leveraging upon the decentralized element of Blockchain, and then assigned to every single online transaction.
11. Internet of Things:
The convergence of Blockchain and iOT paves way for several interesting use cases including that of supply chain. For instance, journey of perishable food items such as milk right from the dairy farm till the table is regulated by certain specific conditions such as maintaining the right temperature during transit, etc. By instrumenting individual milk containers with an IoT-enabled temperature sensor, data pertaining to temperature of milk at different point of transit is gathered. This data is sent to the Blockchain where it gets stored to be viewed by each participant involved in the transaction. Since, the connected iOT sensors gather accurate and irrefutable data about the management of milk during transit and transmit it automatically to the Blockchain, there’s no chance of data tampering or recording of incorrect data. Rather the information received is timely, as well as accurate. The use of Smart Contracts here helps manage the SLAs.
12. Smart and Collaborative Transportation:
This involves smart utilization of already existing resources and infrastructure, rather than creating new ones. This includes real-time ride sharing i.e. enabling people with cars to share their journey with people travelling in the same direction. Being a decentralized platform, Blockchain does away the need of intermediaries and connects users directly with each other.
13. Online Gaming:
One of the most interesting use cases for Blockchain is online gaming. Cryptocurrency casinos are leveraging blockchain technology in majorly two different ways. One by making remittances or accepting payment with Bitcoin or any other cryptocurrency and the other by providing fair gaming experience through open source functions, required for operating fair algorithms such as hashing, random seed and number generation. In short, users can enjoy a reliable, seamless and trustworthy online gaming experience by introducing Blockchain.
14. Proof of Authorship and Ownership:
Every day and every minute, millions of users are generating huge volumes of data on the internet. This data is used by internet giants such as Google, Facebook etc. to monetize their services. However, users have little to no ownership over the digital data created by them or the value that could be derived from it. Though, these companies claim to secure the integrity of their user data, they do not have a proper back up to secure their data in case of server failure or any similar situation. As a decentralized database, Blockchain data is simulated across several disparate nodes. As a result, no single node can undertake control of their data. Consequently, users can access the information they have stored on the blockchain through encryption keys, irrespective of the facility that generated it.
15. Eradicating Cyber Attacks:
Blockchain offers several security advantages over the conventional data warehouses due to their distributed nature. Given the fact that Blockchain networks do not have a single point of access for penetration, the danger of hacking is reduced significantly.
The aforementioned use cases are a proof that blockchains will be used by different companies within their funnels, in the years to come. However, businesses should scrutinize each idea to create its dependency on blockchain while identifying promising blockchain use cases.
There are indeed numerous applications of Blockchain that can largely impact the existing transaction systems for the better. Stay hooked for the next edition of our blog to get an overview of many other use cases of this innovative technology.
Sofocle Technologies – One of the early adopters of Blockchain Technology Sofocle offers Enterprise Blockchain solutions that help businesses in their digital transformation journey and gain competitive advantage. To know more about our products and solutions, drop us an E-mail at Success@Sofocle.Com or Contact Us.
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