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Prospects of Blockchain

 
” BLOCKCHAIN”   the biggest set we can think of over the next decade. 

-Bob Grifeld

  • Since 2018, Blockchain as a technology has begun maturing because of its applications which are widely recognized. Industries are realizing that Blockchain need not replace what they already have, but instead capitalize on this technology to derive more value from what they already possess.

  • Instead of replacing the core software, Blockchain technology augments the core functions and extends the reach of enterprise software to other business stakeholders and partners. This ‘network’ effect powered by Blockchain helps in forming collaborative business ecosystems. This line of thought is being acknowledged by nearly all industry verticals.

  • Governments too started to look at it favorably and there have been several governments that have recognized the value of Blockchain and begun exploring options, including those of the US, France, Korea, UAE, India, and others.

  • The applicability of Blockchain has been ascertained across a variety of industries, domains, and business processes, there is certainly a valid interest industry-wise globally.

This decentralized Blockchain system is going to change your life from the way you transact business. Here we are going to discuss the effective ways where the Blockchain applications are used for transforming our society.

 

Applications of Blockchain:

 

Insurance Claim:

  • Leading insurance and risk management firm Marsh has piloted a Blockchain based on a digital placement platform to deliver a more transparent and secure digital placement and enable users to receive real-time information and feedback on the placement and binding process.

  • By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiency, and improve the overall buying experience.

Trade Management:

  • The process of trading a single commodity can take over 100 days, involves many players, considerable paperwork, and risk. Blockchain enables businesses to exchange data quickly and automatically and associated documents across a wide range of solutions in a digital, secure and decentralized way.

  • A better connected, highly automated and far more open infrastructure that will enable more efficient trade finance solutions for customers is the new goal for businesses. … From a security perspective, the Blockchain allows simple, secured share trade-related data between different financial institutions.

Smart Appliances:

  • Smart appliances operating under a predetermined configuration are common in our modern lifestyle. Smart homes consist of home appliances and devices that communicate with each other to address the needs of the residents. Managing them is a challenging task. Blockchain technology can help to manage these appliances. 

  • The Blockchain powered smart home technology can also enable homeowners to hire domestic workers for specific tasks and pay them through smart contracts which ensures that the specified conditions between the contractor and his client are met before executing the contract.

IoT with Blockchain:

  • Many Blockchain use cases need the internet of things to succeed. Blockchain and IoT generates significant potential for the sharing and analysis of information as our devices gradually become more connected. IoT data analytics are being used to harness monetization opportunities to drive profit margins, whilst Blockchain is simultaneously making it easier for telecommunication companies to transact.

Supply Chain Management:

  • Blockchain technology can allow concurrent optimization of workflows, calling for less waste in time, energy, and costs. Decentralizing supply chain management will enable a lower carbon footprint, increased automation, and inherent verification of every party within the supply chain to ensure safe play.

  • Maintaining adequate privacy in supply chain management is significant as it plays a vital role in keeping confidential data safe and in the hands of verified and trusted supply chain participants. Blockchain technology will allow global supply chains to carefully balance transparency and privacy while the industry looks to keep pace with global demand.

Blockchain Healthcare:

  • Blockchain and its smart contract capabilities have the potential to address healthcare interoperability issues, such as enabling effective interactions between users and medical applications, delivering patient data securely to a variety of organizations and devices by improving the overall efficiency of medical practice workflow.

  • Blockchain technology is expected to benefit patients interacting with healthcare systems by reducing their waiting times and avoiding repetitive registration processes. It will reduce manual paperwork and overheads and underlying costs by providing transparent and immutable personalized healthcare records that can be accessed from anywhere in the world.

Blockchain Music:

  • The music industry could benefit hugely from the advent of Blockchain. The technology could improve royalty distribution, prove creators’ rights, improve delivery and access, and reduce costs. 

  • The Blockchain could improve the production, administrative, and delivery systems of the music industry. The Blockchain could enable better-paid artists, give us more diverse music, better entertainment, and the offshoot economic and social benefits.

Blockchain Government:

  • This era of constant change and the economic shift is demanding the government to become more transparent, efficient and cost-conscious. Thus, government organizations are using Blockchain to build trust through open, transparent and collaborative networks.

  • Blockchain solutions allow citizens to perform their verification of the claims of the government. Blockchain data structure strengthens the security of the network by eliminating the scope of the single point of failure errors by making a system security unbreakable. Use of Blockchain can not only lower the costs but also limit redundancy, streamline processes, increase security, decrease the audit burden and even ensure data integrity.

Personal Identification:

  • The existing identity management system is neither secure nor reliable. At every point, you are being asked to identify yourself through multiple government- authorized IDs like Voter ID, Passport, Pan Card among other examples.  The Blockchain comes with the possibility to eliminate the intermediaries while allowing citizens to manage identity on their own.

  • Using Blockchain for identity management can allow individuals to have ownership of their identity by creating a global ID to serve multiple purposes. 

  • The Blockchain offers a potential solution by allowing users a sense of security that no third party can share without their consent.  The Blockchain identity management does not set to any geographical boundaries. So, users can use the platform across the borders to verify their identity.