Eleven01 Blockchain — Powering Practical Solutions In Real-World Sectors
Introduction
Technology is a key driver of business operations, and emerging technologies have elevated the way enterprises run. There are myriads of tools currently available for business owners to leverage to increase efficiency of their businesses while driving down cost.
One of such cutting-edge tools is blockchain.
Blockchain is the cynosure of all eyes in the tech and business world, with many tech companies springing up and even global corporations developing their own blockchain infrastructure. This is not unconnected to the key features of the technology that confers undeniable advantages to users such as high security, transparency, data immutability, improved efficiency, and low-cost of transaction.
Eleven01 Blockchain Built For The People
Eleven01 blockchain is built as the next-generation blockchain technology designed to overcome the inherent difficulties of the earlier generations of the technology with scalability, speed, security and industrial-grade performance in mind. The Eleven01 blockchain protocol is capable of reducing costs of trust and transaction with other parties, enhancing enterprise network accountability by virtue of its transparent and immutable nature, improve operational efficiency and unlock new business models driven by smart technology.
One of the strongest features of Eleven01 blockchain protocol is that the core software can be deployed in both private (enterprise) and public environments as permissioned and permissionless chains respectively.
Eleven01 blockchain is designed as a robust infrastructure to drive innovation, efficiency and reliability in various sectors, some of which are briefed below:
Supply Chain
Global supply chains handle the movement of goods and services from the point of production to the consumers, to product recalls. Current systems are highly inefficient, poorly tracked, and oft exploitative as they are mostly paperwork dependent.
Eleven01 provides traceability, transparency, and tradeability to supply chain management decentralized applications (DApps) built on the network thereby simplifying workflows for stakeholders along the supply chain. The transparency and traceability of Eleven01 blockchains offers accountability of goods from originating source to final consumer.
As an example, Eleven01 and Pipra Solutions have partnered to power Realmeds - a DApp that will streamline supplychain for pharmaceuticals and tackle drug counterfeiting.
Banking and Finance
One of the most important areas where blockchain activities have been busiest is in financial application. Banks contend every now and then with slow cross-border financial settlements, cybersecurity and compliance issues.
These issues can readily be solved by deploying blockchain in banks and organizations dealing with international money transfers. The merits of blockchain is diverse among which are almost instant payment settlement, cost reduction, as well as transparency and auditability of transactions. This makes it simpler for banks to pass through compliance and financial audits by regulators.
Energy
Eleven01 blockchain can help solve the problems of siloed infrastructures and issues with optimization and efficiency in the storage and distribution of energy. When integrated with IoT devices, the protocol can help build a blockchain-enabled power grid that automates billing and payment settlement in real-time. In addition, Eleven01 blockchain has the potential to power technological advancement and innovation in the management of energy systems.
Identity Management
The value attached to data is priceless therefore it has to be protected from unauthorized access and use. However data hacks and breaches are not uncommon news headlines today; hackers steal digital identity of users from large corporations and use it to wreck physical, emotional, and financial havoc to their victims (data owners).
An identity management system based on blockchain could help organizations and government manage customers/citizens' data safely and securely. Identification of people registered on the blockchain, but without documents, would become easier anywhere they go.
A blockchain-based digital identity management system would also give documentless citizens publicly registered and portable identification.
Government
Governments around the world depend heavily on legacy and outdated processes and technologies which make governance to be bedeviled by bureaucratic bottlenecks and inefficiencies. These lapses make government to be the ideal candidate for blockchain applications, whether as permissionless or permissioned blockchains.
The cryptographic and inherently transparent nature of blockchain coupled with its smart contract capabilities could help governmental agencies elevate their security, cut down on paper work and the human errors associated with paper works.
Deploying a high-performance, scalable and fast network like Eleven01 in a private mode can help government manage and control their operations such as land registration, motor vehicle registration and insurance via various blockchain-powered applications. Currently, several governments in India, such as Goa, have partnered with Eleven01 project on the integration of blockchain into government processes.
Healthcare
The current global healthcare system provision is deficient due to misinformation, siloed data, and communication gap between patients and health care professionals. Eleven01 blockchain, implemented as a private permissioned chain, could help doctors, healthcare providers and institutions to provide better, faster, and cost-effective treatment thereby improving their competencies and service delivery to patients.
Conclusion
Eventually, the practical use cases of blockchain are limitless, especially when integrated with decentralized applications for real-world use. The icing on the cake of Eleven01 blockchain protocol is that it is dynamic thereby giving clients the flexibility to deploy the core software as a private permissioned chain or as a public permissionless chain, and to choose any consensus mechanism that suits their needs. We live in the midst of problems, blockchain technology has great potentials to alleviate them. With Eleven01, the solutions are more relevant, feasible and accessible to the billions of people on earth.
