Blockchain applications have the potential to change the way we conduct transactions, interact with governments, and authenticate goods from land to vegetables. It combines the power of the Internet with advanced cryptographic security to provide a faster and more secure way to validate critical information and build trust. Originally created for digital currencies, the tech community is now finding other potential uses for the technology. At its core, blockchain is a record of transactions. These transactions can take the form of movement of money, goods, ownership data, or the provision of government identification numbers.
Main characteristics of blockchain applications
– Consensus – All blockchain participants must agree on one data value to prove that the transaction is valid.
– Origin – Blockchain participants know the origin of assets and how it’s ownership changes over time.
– Immutability – No participant, not even a blockchain administrator, can forge a transaction once it is recorded in the registry.
– Finality – The shared ledger provides a place to establish ownership of an asset or to complete a transaction. It is also a confirmation that the stored transaction can no longer be changed or undone.
What makes blockchain applications suitable for enterprises?
– Shared Book – a database that is shared with all participants on the blockchain, where data is replicated and synchronized between all participants.
– Permissions – Blockchain is built for permissions to be assigned to all participants. Permissions can be restricted to read or give participants access to write new blocks on the web.
– Consensus – All blockchain participants agree to record transactions confirmed by the network.
– Smart Contract – terms and conditions defined in the transaction database and executed when the transaction is triggered.
Storing data on blockchain networks eliminates the risks associated with centralized data networks, such as opportunities that computer hackers can exploit. Blockchain security methods use encryption technology. Publicly available results bring transparency to all types of surveys. Consumers are concerned to know that companies’ ethical claims about their products are true. Blockchain provides a way to authenticate the things you have purchased.
List of blockchain applications
No matter what industry you work in, blockchain has the potential to be a relevant entry to revolutionize the way things authenticated in different system. Below is a list of blockchain applications that serve different purposes but may belong to the same domain.
Insurance
The first thing that comes to mind when it comes to insurance claims is the increase in fraud. The existing legal process is very complex, extended deadlines and inconveniences that can lead to friction among customers and a gap of trust between the various parties. Everledger has developed innovative blockchain solutions for an industry where transparency, trust and origin are highly valued.
Ride Sharing management
Nowadays car sharing is common. Passengers pay the driver by cash or credit. What about digital currency? LaZooz is a real time sharing service operated by blockchain. It synchronizes available seats with passengers in real time based on their location. With cryptocurrency technology, La`Zooz works with a “fair share” reward mechanism for drivers and passengers.
Patient Data Management
In healthcare, data and information about critically ill patients remain scattered across departments and systems. Therefore, key data is not readily available and easily accessible when needed. Patientory allows people to take charge of their own health. Patientory is a blockchain solution that offers a personalized healthcare solution for storing and managing health information. They connect doctors, care providers, and users on a secure blockchain platform and form teams that work together to provide the best care.
Drug Detection
You won’t know if the drug is real until you put it in your stomach. Blockverify provides a blockchain solution to track pharmaceutical products along the supply chain to ensure consumers receive genuine products. Blockverify provides a transparent environment where it is impossible to duplicate products and track fraudulent transactions of any kind across the system. The system creates immutable data sets to ensure data integrity by using smart contracts it automate processes resulting in significant cost savings for its customers.
Trade Finance
Today, trade finance is a complex process. Various exporting countries, importers, banks, shippers, customs agents, and regulators require inspection and control at various points in the process. Each interlocking part of the process depends on the successful completion of the previous phase and reliable information. Creating a blockchain ecosystem for trade finance means combining all the different stages of trade, from production to final delivery, including involving other banks, regulators, customs authorities and all parts of the trade cycle.
Cross-Border Financial Transactions
Blockchain as a solution for financial institutions and banks is intended to offer near-instant cross-border payments at lower costs, higher security and higher reliability. With blockchain, payments are firm and accurate, and the costs of case investigations and litigation are also offset. The Axoni blockchain platform offers fully synchronized integration with third-party marketplace data providers. It serves as the basic framework for data exchange and synchronization between financial systems and institutions, while maintaining the privacy, scalability and auditing required for capital markets.
All of these blockchain applications allow people to secure digital relationships in ways that were previously impossible. Data is shared differently, secured differently, and stored differently. Smart contracts transform digital relationships and create the ability to automate them in code. If we look at blockchain projects, we can understand that blockchain technology is not going away. It’s here to completely change our economy and society for the better.