Three Blockchain’s far-flung trajectories thrusting the technology mainstream — Banking, Aviation, Healthcare
Blockchain is secured by cryptography, immutable, decentralized, transaction ledgers, can be made public and do not depend on the system of trust.
The transaction ledger can be written with new information and the previous information that is stored in the blocks cannot be edited. This technology is consensus-driven as many computers are connected to the network.
This sums up what blockchain stands for. As such, it is seamlessly suitable for myriad of businesses across the scope of industries. What is even more, the buzz-worthy hype that is ever-growing around the topic of blockchain is drawing the attention of corporations such as Microsoft, Apple, and Google to name a few.
It is reported that quite a few public enterprises have incorporated ‘blockchain’ to their brand’s name and, as a result, underwent a drastic upsurge by 250% simply by employing the basics of SEO into Google search results.
You’ve heard this probably in countless instances, but putting it into practice, that is, setting up the working prototype (use case) takes time, effort, and, most importantly, knowledge and experience. Usually, the people who remain at the fore-front of development and innovation are scarce; however it is always fascinating to see that those responsible are mostly capitalizing on education and knowledge distribution. This in turn yields higher heed and captivates the people’s interest.
As we already went through the blockchain application in automobile industry, it is time to explore the vast realm of blockchain and observe its spreading borders with other fields such as Banking, Aviation, and Healthcare.
The most committed sector to welcome blockchain wholeheartedly — Banking
Banks are evidently absorbed in blockchain. Nonetheless, most banks are still only looking into different options that blockchain propagates, whereas others are either involved in a proof-of-concept or conveying their blockchain strategy into practice.
Nine out of 10 C-level executives declared that their banks are presently inquiring into the utilization of blockchain
Regardless of advancement, the most rampant use cases banks are looking into involve intra-bank cross-border transfers. Cross-border transmittals, commercial payments, and inter-bank cross-border transfers are getting fairly less consideration.
Blockchain delivers highest level of safety and security as far as exchanging data, information, and money is concerned. It also empowers customers to reap the benefits of the transparent system infrastructure alongside minimum operational costs with the aid of decentralization. These features make blockchain consistent, capable and in-demand solution for the banking and finance industry.
Huge financial institutions like JP Morgan Chase have devotedly put their faith in the hands of Blockchain tech. The USA-based international investment bank has launched a new subsidiary called the Quorum division unambiguously for research and implementation of the DLT. Quorum is a distributed ledger and smart contract platform for initiatives that underpin fast transactions and throughput addressing challenges for the finance industry, banks and beyond.
On top of these, top-tiered US bank, Bank of America has put in a patent file which was issued by the U.S. Patent and Trademark Office. The document elaborates on the employment of a permissioned blockchain for records keeping as well as validating corporate and personal data.
It is undeniable that the blockchain in its current form found an ideal harbor in the banking space. It is of the following reasons that the banks are too incentivized to resist implementing DLT benefits into their business model:
· Fraud prevention
· Digital Assets
· Smart Contracts
· Trade Finance
Being “off to a flying start” — Blockchain in Aviation
The features of the airline field — but also that of the wider commuting industry — aligns superbly with the abilities of the blockchain. Utilizing robust cryptographic methods and a distributed messaging decorum, it puts forth collective ledgers that decentralize agreement-based procedures.
Contrasting outdated information technology, blockchain is reliable and resilient, and, most importantly, secure at the data element level.
Therefore, how can airlines burst through the outmoded bureaucracy and use this technology to change the way they do business?
It is of the vital importance to start moving past the common misperceptions. Expectedly, people mistake Blockchain with Bitcoin. In reality, the blockchain is much more than just a digital coin — it’s a technology that backs the coin, and much more. It is what smart phones is to the landline phone; internet to the newspaper; and e-commerce to brick and mortar stores.
It’s easy to presume why and how blockchain can be utilized in aviation, but once we have it systematically presented will we grasp the true power it brings along.
An e-ticket is, essentially, a record entry — data that would have been printed on a paper ticket dematerialized, stored in and called up from a massive database. The blockchain can tokenize this asset and further dematerialize it. Through the use of smart contracts associated with the asset, airlines can add business logic and terms and conditions around how the ticket is sold and used. This opens the door for tickets to be sold by different partners, and in real time, from anywhere in the world.
In traditional loyalty-points schemes, travelers often have to wait until points settle and accrue to use them, and they are limited on where they can spend them. By tokenizing loyalty points on the blockchain, travelers can get instantaneous value by redeeming them on the spot. They can also use them more largely through a specific user community of partners. Think of it as a marketplace or exchange model. With points accepted as “currency” among more providers, travelers get an easier and faster-to-use program that is more relevant to their personal preferences.
Safety and Identity
Data privacy protection is a known problem when it comes to traveller records, flight manifests and crew information. Blockchain tech with a security as its spearhead forms a much altered and less risky way of managing and sharing this information through the use of authorized access requirements.
Adapting the remedy to the disease — Blockchain in Healthcare
If we take a look at US which is expending around 20% of its GDP on healthcare, it comes as no big surprise that blockchain technology is situated to be its next big thing. We look at how blockchain can help augment the costs, save lives and improve health results.
Having in mind the fast growth in the development of new and more resourceful healthcare record arrangements, wearable device maintenance, and medical examination logs using AI, cryptography will become an important part of the way hospitals work. There are, nevertheless, a few tweaks here and there that are still needed in order for seamless blockchain adoption across the whole medical industry. According to Hyperledger’s survey, 42.9% of healthcare organizations state that interoperability of digital health logs will render blockchain adoption far less timid. Hence, what are these advantages of blockchain technology in healthcare?
Data Background and Reliability
Along with a constant upturn in patient numbers, healthcare institutions have to manage more health records on a daily basis. As the volume of data grows each year, it becomes tougher for hospitals to process and accumulate information.
Data managed by medical institutions comprises of:
· Patient health information (PHI);
· Electronic health records;
· Data collected from IoT devices (Internet of Things) or monitoring systems;
· Medical insurance claims
Safe storing and distribution of data is achieved through blockchain-powered method by attaching data to the public blockchain. This method includes creating a proof of data integrity. Using this proof, all users can authenticate the data timestamp without the need to rely on third-parties. This method allows users to:
· Perform unchangeable medical audits;
· Prove the integrity of clinical research results;
· Reduce audit expenses and ensure regulatory compliance;
· Ensure data safety
Drug Supply Chain
Perhaps the most notorious challenge in healthcare is drug counterfeit. US enterprises lose up to $200 billion per annum due to drug counterfeiting; however, the main issue is not in counterfeiting per se, but, rather, the inability to verify the drugs’ side effects. They may be useful in some instances, but largely, they have been misemployed for various kinds of abuse and can lead to serious health problems.
Having all transactions time-stamped and irreversible, any fraudulent activity is easily detectable. Legitimate healthcare companies who employ blockchain have to index their products in the private system to certify validity and the quality of their drugs. Private blockchains are moderated by central authorities, and the fact that a specific producer or distributor has access to the so-called drug, blockchain is proof of drug’s authenticity. This is where blockchain transparency comes in useful. Once a drug is produced and moves from the manufacturer to retailer, the operational data is recorded on the blockchain. It makes it extremely easy to verify the whole path of the drug, and determine all chain links at any time.
Shedding the light on the common misinterpretation of blockchain
Ever since blockchain went mainstream, stakeholders continuously blabbed on about the new so-called “killer app/product” — the one shining example of its realized potential. Regrettably for excited audiences, that killer app isn’t coming.
Blockchain technology is just too diverse and relevant in too many areas to constrain itself to a single app/product. For a long time, Bitcoin held the title in the crypto realm, but the devastating decline of late 2017 brought that dream to a screeching halt.
With that in mind, blockchain and crypto deserve better technologies, and those improvements are on the way. Blockchain does not exist to improve any single experience, but rather to explore the technology’s current inefficiencies and to transform and boost its performance and potential. The world doesn’t need a killer app/product because blockchain is the killer technology that will provide the foundation for a host of powerful industry game-changers.
Yet, these changes wouldn’t be feasible without agile business development and marketing endeavors which are considered as a chief role for any enterprise involved in blockchain. Paradoxically, CoinPoint is viewed as a killer agency helping blockchain reach the well-deserved heights. However, no aviation upgrades can endure that, but, rather a robust partnership backed by a single motivation — global blockchain adoption. If you are not afraid of heights, let us know and let’s thrust this technology in unison.