Imagine next with Blockchain
“Blockchain is a distributed database that maintains a continuously growing list of data records, chained together against revision and tampering. It uses software algorithms to record transactions or any digital interaction with reliability, security and anonymity. It can hosted on millions of computers available in network. When a transaction takes place, a number of separate computers, connected across the network process the algorithm and verify the transaction. Basic information is stored in the ledger in encrypted form about each transaction — such as sender, receiver, time, asset type and quantity. Each new transaction is mathematically linked to those that came before it, thus the blockchain process ensures validity.”
Eventually, Blockchain is technology driven industrial disruptor (enabler who trust blockchain :) ) that will have a great impact on technological, economic, legal, political and social world in coming years.
Infact economic, legal and political transactions (guided under contracts) are actually controlling tools to manage assets, organizations, countries and individuals. But in keep-changing digital world where economic transformations is so rapid these controlling tools also need to upgraded to next level and that’s blockchain promises where contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision.
Before going to world forum, here are my personal favorites for blockchain migration -
- I can track the rice packet I bought from supermarket has actually yield in Haryana/Punjab (states in india).
- State and central level voting process should build on blockchain.
- Companies should have employee grading system based on stats and records history of employee and against smart company policies so that I should not present my promotion PPT in front of panel to proof them how I am a differentiator. This will save time of many panel members.
- Glass Door like review/feedback sites should implement on blockchain so that authenticity of reviews (positive/negative) can be detected.
- Counterfeit prevention for digital assets and proof of ownership.
- Asset and luggage tracking for facility management spaces and airports.
Let’s imagine next world with blockchain –
“Mentioned use-cases are only outlines of problem and potential solutions using blockchain technologies and need more and more in-depth study before/while implementation.”
1. Online dispute/conflict resolution especially in e-commerce and supply chain — Blockchain technology has the potential to change our understanding of contractual law, dispute resolution and enforcement.
- Smart contracts can be employed to resolve a difference of opinion between two parties.
- Smart contracts can include the verification of external data.
- All transactions take place in the public ledger, there is no need place trust in the other party, the market place, the escrow service or the ODR provider.
2. Law enforcement — Law Investigation process needs to maintain a chain of evidence and that evidence could be anything like video, audio, paper documents, physical eyewitnesses (identity), venues details etc. In addition, evidences has to be tamperproof when saved once. Blockchain is best fit here.
3. Uber like Ridesharing Services — decentralized peer-to-peer rideshare services will rely on smart contacts between car users and owners rather on any centralized third party.
4. Electronic e-car-wallet to pay for services — E-wallet that will allow car owners to automatically pay for services such as highway tolls, parking and electricity top-ups using the car’s built-in, blockchain-based electronic wallet.
5. Retail — OpenBazaar is blockchain based platform designed to connect buyers-sellers without any central authority and the fees. This system is designed around blockchain exchanges and a smart contract system.
6. Voting — In future elections, votes could cast through a blockchain. Blockchain’s record trail would authenticate voters’ identity and keep track of votes while allowing anyone to verify no votes tempered.
7. Electronic record-keeping and transaction-processing system –
- All parties track documentation through a secure network and requires no third-party verification.
- Cryptocurrency involved making transactions faster, more reliable and easier to audit.
- Parties were able to transfer the shipping, insurance and other original documents that had been cryptographically sealed via the blockchain.
8. Banking transformation — Large banks are in consortia looking for blockchain based solutions to secure storehouses and transfer hubs for value. They want to leverage the power of blockchain — as a digitized, secure, and tamper-proof ledger.
- Company R3 CEV, already has 50 banks in its consortia to develop custom blockchain enabled solutions.
- Thought Machine has developed Vault OS.
9. Cyber Security solutions — Blockchain ensures integrity of systems, networks and data.
- The data communications are verified and sent using advance cryptographic techniques.
- Remove human intervention to lower potential security concerns.
10. Academic record validator — The Holbertson School, a California-based software skills program is using blockchain to validate the academic certificates so that no student can fraud to have degree from school.
11. Cloud storage using blockchain — Blockchain-enabled cloud storage network to improve security and lower the transaction costs of storing information in the cloud.
12. Energy management — Blockchain technology that enables customers to transact in decentralized energy generation schemes, and effectively allows people to generate, buy, and sell energy to their neighbors.
13. IoT security –
- Filament, a company that builds a decentralized network using the blockchain (among other things) for sensors to communicate with each other.
- IBM and Samsung jointly introducing a concept and call it as ADEPT, which uses blockchain-type technology to form the backbone of a decentralized network of IoT devices.
14. Human Resources — Background verification of candidates, Employment histories.
15. Healthcare — Healthcare facilities struggle to securely store and share data with one another and are regular victims of cyber attacks due to their weak tech infrastructure. Predictive health analysis, Medicine counterfeiting etc are great candidates for blockchain.
16. Supply chain — Provenance is building a traceability system for materials and products, Fluent offers an alternative platform for lending into global supply chains, and Skuchain builds blockchain-based products for the business-to-business trade and supply-chain finance market.
Beyond above list there are countless industries (like Insurance, Defense, Real states, Forecasting etc) are waiting for great blockchain based solutions.