Blockchain implementation in various industries(Part -1)
We at Blockchained India started off with our ‘100 DAYS OF CODE’ program. The aim of this program is to skill people and to introduce them to the technicalities of the Blockchain world. Aspirants will be learning afresh about this through a coding exercise which will demand 100 consecutive days of learning, fun, hardwork and lots and lots of coding.
People who are extremely interested in learning how to code will be chosen by us. With the help of open platforms, users will be able to unravel the value that is saved in the current platforms with the likes of rewards, voting and reputational data. The entire content of the course is designed in a way that the participant learns about blockchain and how to develop open apps. Open Apps are programs that put users back in control and are universally accessible across all platforms.
When the program ends, the team of The Open Application Network in collaboration with Blocumen Studios will provide job opportunities to a selected few individuals. Also, if any student has an entrepreneurial spirit and wants to build an open app, will be eligible for grants if the idea is liked by the team.
Over recent years, blockchain technology has generated significant excitement within many industries and fields. This is largely because it has the potential to dramatically change the way in which information or data is saved or used, thus enhancing the transparency and security while also improving transactions.
The participants from the current program have come up with certain use cases of Blockchain in varying fields which provides a more detailed look at the various ways in which the Blockchain is being used, or likely to be used in various industries in order to achieve new goals.
So, here’s part 1 of 3 of the series Blockchain implementation in various industries:
INSURANCE:
Blockchain has the ability to be a transformative force for industries like insurance, which require the coordination and cooperation of many different intermediaries with different incentives. Following are the most prominent use case of Blockchain in the area of insurance:
- Claims processes
- Claims files
- Asset Usage history
- Risk provenance
Despite the rise of online brokers, many consumers still call insurance brokers on the phone to purchase new policies. Policies are often processed on paper contracts, which means claims and policies are error-prone and often require human supervision. Blockchain in insurance ensures improved multi-party contracts. The blockchain technology applications help streamline risk contract efficiency & claims adjudication. They also reduce disputes with the transparency of shared data.
BANKING:
Banking space has been facing many issues in terms of recoverability of loans. Usage of Blockchain technology can be a breakthrough where all the transactions right from the dispersal till its end will be recorded in the block. It will help the banks in tracing the diversions of the loaned funds.
The most prominent use case of Blockchain in the banking sector is the Digital Identity Verification.
Blockchain banks also have the opportunity to exchange funds with the institutions more quickly and securely. The customer manages the sharing with banks directly, thus the customer becomes a utility. Blockchain technology possesses the ability to reduce fraud that is prevalent in this sector.
FINANCE:
All large amounts of record-keeping transactions and operations can be recorded using Blockchain distributed ledgers that are unalterable and impede fraud. Various use cases are as follows:
- Share trading
- Cross border payments
- Loans and mortgages
By creating a decentralized and secure ledger, a blockchain can give every party a say in the validation of a transaction, speed up the settlement process, allow for greater trade accuracy, and can cut out more middlemen. The transfer of value across borders (whether goods or payments) has always been an expensive and slow process. Blockchain is able to speed up, simplify, and reduce the costs significantly. Smart contracts could automatically verify land ownership and interface with various stakeholders such as legal and tax departments.
E-COMMERCE:
The implementation of Blockchain technology in the e-commerce marketplace will ignite a significant shift by establishing a decentralized economy. Various use cases are as follows:
- Peer-to-peer payments
- Verified customer reviews
- Optimized supply chain management
- Access to trustworthy product information
Blockchain unlocks outstanding opportunities for retail and e-commerce businesses. This advanced technology has the power to revolutionize the entire industry, leading to higher transparency, credibility, security, and cost-effectiveness. Not only can it bring a business to a whole new level, but it will also add more value to end-customers. The use of Blockchain in the e-commerce sector will increase security, improvise supply chain management, bring more transparency to the e-commerce market and revamping of payment methods.
RETAIL:
When it comes to the applications of Blockchain in the retail industry, there is a need to accurately reflect the different steps in the supply chain and the transfer of ownership and product transformations at each stage. Preventing fraud and counterfeit is the most prominent use case of Blockchain in the retail industry.
Blockchain technology will help in identifying counterfeit items immediately and rejecting fraudulent returns in the supply chain.
Blockchain will help retailers to better track the origin of stock and give them better control over what they sell. It can also be useful for controlling supply chains as changes to data such as manufacturing dates and locations can be tracked. This can help eradicate the use of unreliable suppliers, poor quality ingredients and child labour. It will prevent counterfeiting, especially of luxury brands.
REAL ESTATE:
Blockchain has the potential to eliminate the need for scanning documents and tracking down physical files in a local recording office. If property ownership is stored and verified on the Blockchain, owners can trust that their deeds are accurate and permanent. Limiting the use of intermediaries could drastically reduce costs and save time.
Digitized digital record is the most prominent use case in real estate by Blockchain.
So, this was part 1 of 3 of our series!
For further parts of the series, click on the links below-
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