Adoption of blockchain has seen the rise of cryptocurrency like bitcoin and today’s decentralized finance (DeFi) services. The beauty of blockchain’s underlying principal, and potential caters to other myriad of use cases across industries.
In this article, we will look at some blockchain technology use cases in logistics, tourism, gaming, and entertainment and media — and how Morpheus Labs’ Blockchain Platform as a Service (BPaas) is pivotal to developing the solutions.
Logistics Industry Transformation
One sector where blockchain applications are useful is the logistics industry. With the advent of globalization, managing supply chain activities has become more complex. It’s difficult for both consumers and distributors to verify the quality, safety, and provenance of products. This lack of transparency also makes it difficult to pinpoint unethical practices at any stage.
As a distributed database that stores data and is tamper resistant, blockchain technology can help make supply chains display higher level of transparency to the consumers in the product information. Since data cannot be deleted or altered on the blockchain, the technology provides a single source of truth and an immutable record of products at every step of the supply chain.
The advantages of using the blockchain technology for the supply chain is best illustrated by Walmart’s adoption of distributed ledger technology. The multinational retailer claimed that before moving to a blockchain system, it took about one week to trace the source of food. However, the time taken to trace source of food was reduced massively to just 2.2 seconds with blockchain technology. As a result, tainted food could be detected before it reaches consumers.
A large multinational like Walmart was able to expand their resources as well for their supply chain blockchain with the help of tech giant IBM to realize their project. Smaller and medium-sized businesses do not have deep pockets, this is where Morpheus Labs comes into play. If your business is in need of a blockchain tracking system similar to Walmart’s, Morpheus Labs’ Blockchain Platform as a Service (BPaaS) provides developers with a way to develop and manage different blockchain networks in a test environment so that the most suitable ledger can be used.
One example of a food supply chain application that has emerged from Morpheus Labs’ platform is the VeriHUB Food Blockchain Platform, developed in partnership with veriTAG. The blockchain company aims to improve food safety in China and provide token-enabled food trade finance. The Morpheus Labs platform’s preconfigured and ready to use blockchain solutions made the VeriHUB Food Blockchain Platform’s development much faster, enabling it to use private Ethereum nodes that run smart contracts at lower cost.
Businesses can build on a host of other networks as well (not just Ethereum), as the Morpheus Labs’ BPaas provides provisioned nodes on different blockchain networks including NEM, VeChain and Multichain, amongst others.
As a result, the BPaaS help enterprises build supply chain blockchain applications such as the NEM-based Origins which brings transparency to the supply chain of garments and textiles. Origins makes it easy for consumers to see the journey behind the product using QR codes which will then display all of the stats and history of the supply chain.
For businesses in supply chain with a blockchain development component, the Morpheus Labs’ BPaas reduce the barrier to entry by taking care of putting together the nodes, storage, cloud development environment and repository connection. With Morpheus Labs, it’s easy for businesses to build their own blockchain application and reduces the cost of going from concept to practical applications.
Disinter-mediating the Tourism Industry
Another area that is primed for disruption via blockchain technology is tourism. Travel agents deal with customer data that is passed on to airlines and hotels; and a passenger’s luggage is passed between companies when travelling abroad.
Similar to the advantages of blockchain technology for supply chains, the technology can also be used to track a passenger’s luggage; making the tracking of data across various companies much easier.
Secondly, identification services on distributed ledgers could save customers time and money by streamlining check-in services and queues at travel hubs. Also, with the use of cryptocurrencies, travellers can make secure, traceable payments with bitcoin or other cryptocurrencies.
Finally, a very interesting use case for distributed ledgers is in the area of loyalty schemes. Instead of providing customers with a loyalty card or voucher, the blockchain provides an easier way for customers to access information about their loyalty program and tokens can be used to distribute rewards.
In May this year, Morpheus Labs announced a partnership with WanChain and as a result, businesses could have built tourism-related Dapps like Utour. The Dapp allows users to sidestep online travel agents, where tourists can use Utour to select their own travel services for buying air tickets, hotels, car rentals and so on. The Dapp wants to establish a link between profits and effort, reducing the fees charged by online travel agents and increasing the revenue for travel providers.
There are also various travel-related Dapps built on the Ethereum network and this can be recreated using Morpheus Labs’ platform. For instance, Trippki provides a similar service to Utour by removing third-party intermediaries and uses TRIP tokens to provide users with loyalty rewards.
With access to all of the resources enterprises need to build a blockchain application from scratch, Morpheus Labs’ BPaas simplifies the process and ensures that the entire process is cost effective. For example, its App Library enables businesses to experiment with ready-to-deploy applications and see whether Ethereum, HyperLedger, WanChain or a host of other blockchains supported by the platform are suitable for their purposes.
In-game Assets on the Blockchain Could Reshape Gaming
The gaming industry is another sector ripe for disruption via the blockchain. Since the introduction of CryptoKitties, decentralized applications for gaming has grown rapidly on the Ethereum blockchain. The most popular Ethereum-based game is the My Crypto Heroes, a role- playing-game which has over 2,000 active daily users.
The use of non-fungible assets — which are just tokens that represent a unique asset in games, exploded since CryptoKitties was launched with EtherRockers, CryptoPets and Crypto Zombies. Blockchain gaming is not restricted to Ethereum though, as there are several games based on the NEM blockchain, including; Match’NEM!, NEMonster, and PacNEM. There are also several games based on the Steem blockchain, such as Steem Monsters and Nextcolony.
Like tourism, blockchain applications can be used to reward gamers for achieving high scores or through competitive wagers. Also, in-game assets could be traded with other assets within the game itself and outside of the game as well. Take the immensely popular game Fortnite for example. The company behind the game, Epic, has made millions from selling in-game items which can be purchased using V-bucks. However, this in-game currency is not transferable, and neither are the in-game assets.
Blockchain-based games could precipitate larger online communities, as the trading of in-game assets offers more functionality and interactiveness. By using blockchain technology, the trading of in-game assets can be made secure and transparent. Similar to how the ownership of a bitcoin changes hand with a transaction, so is the ownership of an in-game asset/currency if it is underpinned by distributed ledger technology. And, since game companies are usually too focused on developing good games to branch out into blockchain, Morpheus Labs’ BPaas allows them to get all these benefits without being distracted by the complexity of a new blockchain system.
Of course, it’s not just the games that are played for fun that can be reshaped by the blockchain. Gambling can also be made more transparent and ensure that it is fair for each player. Traditional gambling games have no proof that the results are random or fair, while blockchain- based games can be designed so that all participants can verify their fairness.
Two major challenges with blockchain-based games are the user-experience and technology. Yet, businesses can evaluate different blockchain technologies to see if their game is more suited to Ethereum or other chains like NEM and Steem on Morpheus Lab’s BPaas.
Democratising Media and Entertainment
Yet another sector that is being disrupted by distributed ledger technology is the media and entertainment industry. Morpheus Labs recently announced a partnership with the media and entertainment platform, Steemit, which opened many more possibilities for the development of blockchain-based entertainment applications.
Steemit is a great example of how blockchain can be used to democratise media and entertainment, ensuring that content creators get recognised and paid for their work in the native coin STEEM, as well as rewarding curators who find and share good content. By incentivising writers, creators, and curators in this way, content creators do not need to rely on advertising to generate income.
There is also a censorship issue on platforms like Patreon, YouTube and Twitter. With a blockchain-based content platform, no one can be deplatformed as the blockchain provides immutability, meaning individuals cannot be prevented from using the network.
Despite of these improvements over centralized platforms, there is still some way to go before a decentralized content platform gains mass appeal. Nevertheless, Morpheus Labs’ BPaas allows developers to build on the STEEM blockchain to develop applications for entertainment and media. For instance, while the blogging platform is the main application of the Steem blockchain, there have been various applications built such as Dtube, a decentralized competitor to YouTube.
On Morpheus Labs’ BPaas, developers can focus on application development and experimentation with different blockchains while the platform provides workspace management feature for pre-configured tasks. The platform supports 7 programming languages such as Python, Node.js, Java, PHP, C++ and more.
It also has a crowdsourcing feature where tips and pointers are drawn from the experts to help solve issues, submit ideas or tools to help other businesses in their development on the platform.
The impact of blockchain technology is wide-reaching and multi-faceted. The innovation that underpins Bitcoin is due to disrupt many industries and businesses would be well-placed to experiment with these technologies early on before the blockchain gains mass adoption.
With the Morpheus Lab’ BPaas, businesses can easily create applications on the blockchain in a cost-effective way, speeding up the adoption and practical use of blockchain amongst different businesses. By taking care of the initial work to get a Dapp built, the platform enables a much more streamlined process for businesses or enterprises to build a blockchain application. So if you are considering building a blockchain application, check out the platform here. You may also find the documentation here.
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