Scow Crypto 101 — Part 3 — Global Uses for Blockchain Technology

We explained blockchain and cryptocurrencies in this series’ first two articles.

Here’s where you can find them if you missed out the first time:

Today, we’re exploring instances of how blockchain and cryptocurrencies can challenge the status quo across a wealth of industries.

More specifically, we’ll pick three subcategories and match them with projects using blockchain tech to improve efficiencies.

Here’s a video to give you an idea of the global impact decentralized ledgers are already making:

Exciting stuff, isn’t it? The good news is that the disruption has only begun.

With that in mind, let’s take a look at some specific categories that existing and upcoming blockchain projects have in their sights.

Digital Identification

Because nobody likes trying to take a selfie while holding an ID while holding a post-it note

Ontology is a digital ID project out of China, with close ties to NEO. Both projects actively work together in developing an ecosystem of open-source smart contracts and distributed ledgers.

The project’s native app — ONTO — goes far beyond the traditional means to stash coins.

ONTO gives you a blockchain-based, digital identity

Chinese citizens, for example, can currently use the wallet to authenticate their ID with the CFCA — China Financial Certification Authority.

And similar services are coming online to expand identity verification services beyond the borders of China. The goal is to offer blockchain-enabled identification to anyone in the world who owns a smartphone.

In addition to CFCA, the wallet’s integrated trust anchors — allowing third-parties to verify your identity quickly — include your mobile number and email address, plus social media like FB, GitHub, LinkedIn, and Twitter.

Future applications of an ONT ID is serving as a gateway for efficiently completing KYC/AML checks.

Hopefully, an ICO you’d like to participate in links with the ONT ID service to prevent the hassle of juggling your way through another selfie.

Supply Chain Management

Because everyone likes to know where their food originates

Supply chains are complex mechanisms. Plenty of moving parts must sync and cooperate lest the system fall apart. Delays cause a domino-effect throughout entire ecosystems.

Shipments, deliveries, payments, invoices, mediators, counterfeiting, data sharing, there’s a dialect spoken within supply chains.

OriginTrail aims to enable global supply chains to speak the same language.

Like Ethereum, OriginTrail is a protocol allowing blockchain projects to build products on the network. And by employing distributed ledger technology, organizations enjoy all-new levels of security and transparency, which bring trust.

One of blockchain tech’s most significant attributes is the ability for peers to interact without needing to trust third-party intermediaries. These go-betweens often bloat costs while offering no product of their own.

OriginTrail’s non-profit association — the Trace Alliance — consists of over 50 companies working together to solve complex challenges in the supply chain industry.

The Trace Alliance uses blockchain and cryptocurrencies to share data and knowledge, decrease operational costs, increase product visibility, and battle marketplace fakes

Notable OriginTrail partnerships include Oracle and BSI. Plus, organizations within the Trace Alliance span multiple niches within the supply chain industry:

  • Agriculture | Beauty | Consulting | Fashion | FinTech | Food | IoT
  • Medical | Pharmaceuticals | Retail | Risk Management | Sourcing

This one project alone is spreading its digital roots across nearly every facet of global commerce. And they’re doing so by combining the security of blockchain tech with the convenience of cryptocurrencies.

Data Storage and Services

Because large percentages of storage capacity go unused

Would you rent a 1,000 square foot storage unit with the intent of using only 500 feet? We can safely assume that you wouldn’t.

However, enterprises — companies with more than 1k employees — do the equivalent every year. But instead of wasting thousands of dollars on unnecessary square footage, they flush millions on unutilized data storage.

1 exabyte = 1M terabytes

Roughly 50% of all storage capacity within the world’s 8M+ data centers currently lies dormant.

Untold numbers of bytes await activation, and therein lies a tremendous opportunity for blockchain tech to vastly reduce waste. Blockchain simplifies the exchange of data and increases data security, and tokens enable efficient sharing economies.

You know, if only there were a project aiming to streamline the $400B data storage industry…

One intending to creating the world’s first enterprise-grade sharing economy for blockchain data services…

One with an established user base of more than 2,000 customers running 9th generation software…

You know what, there is such a project… ours!

You heard it here first — customizable, enterprise-ready, blockchain data services is coming to a web platform near you. And the team here at Scow is delivering it ourselves.

Scow’s upcoming blockchain project — DataBloc—aims to repurpose the world’s latent storage capacity and protect the world’s data.

And though we’re already set up for enterprises, we won’t forget about small- and medium-sized businesses. There’s a glut of inactive storage space in the world, and we intend to unlock its potential.

We can’t reveal too many details yet, but we’ll share updates with you as they become available! Stay tuned!

Wrapping Up

Blockchain tech’s integration with every major segment of every significant market is inevitable. And, as we just described, its implementation is in full swing.

Massive changes are coming to the world. Deeply entrenched intermediaries are beginning to see their outdated business models come under attack.

However, like any disruptive technology before it, blockchain is a long way off from widespread use and adoption. But that’s no reason to dismiss its potential.

Scaling is but one issue the blockchain industry currently faces. In fact, scaling alone is enough for some to disregard blockchain as nothing more than a fad.

We wholeheartedly disagree. The same argument persisted during the era of dial-up Internet connections — typing a URL into an address bar offered the chance to make a sandwich before the page loaded.

Those days are long gone, and we can now look back on them and laugh. And the same principle applies to blockchain tech.

We’re still in the early stages, but as developers continue to tinker and explore and innovate, the tech continues to improve.

For our part, we’re empowering businesses of all sizes to take the next step in the evolution of data services.

And we’re using blockchain tech to get them there.

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