Beyond Crypto: Industry Applications for Blockchain in 2024

Blockchain & Digital Transformation

Over the past few years, we have seen digital transformation revolutionize practically every industry. Now, more than ever, decision-makers across these various sectors are seeking reliable and innovative solutions to enhance their operations. Among the plethora of technological advancements, blockchain technology stands out as a beacon of trust and security. However, its potential extends far beyond the confines of digital transactions.

The integration of blockchain with real-world applications is redefining the standards of operational integrity and transparency, industry by industry. For example, use-cases that require secure data storage or geolocation data now have entirely new possibilities through the use of file hashes and Open AreaSeals.

In this article, we will take a look at the unique advantages that blockchain technology, augmented by these two tools, offers to decision-makers across various industries, ensuring not only the security but also the authenticity and precise geolocation of their critical data.

Making the difference

In the past, blockchain technology was largely understood as something purely digital, and detached from the real world. This has changed lately as more and more real-world assets (RWA’s) are introduced, and people get used to the idea of digitalization. But it’s not just about the basic tokenization of things that makes blockchain technology extremely interesting. The technology is second to none when it comes to creating trust in data, simply because all the activity history of is kept for all time as a permanent and unalterable record stretching back to the start of the chain.

But what does it mean to create trust in data, especially when we are talking about real things, like Events, Products, Arrangements, or Contracts? Effectively we are talking about creating proof for four things: Who, When, What, Where.

The Who

Every transaction on blockchain needs to be signed by a private key. That’s part of how the whole system works. The private key is unambiguously tied to the public address, which in turn can be linked to a real person or entity.

The When

Time, again, is at the very heart of the technology, which provides us with an unambiguous timestamp for all properties that are recorded on blockchain. This is because transactions (or activity) can only exist in a block; blocks are generated sequentially, and once a block is sealed/mined it cannot be changed. Each block has an unforgeable timestamp with down-to-the-second precision, making it perfect for recording real-life events.

The What

For a long time, people believed that blockchain technology wasn’t capable of storing large enough amounts of data to be of any use for more than a handful of real-life cases. There is also the issue of data privacy. The latter was tackled by using private blockchains, but this has a detrimental effect on trust, the one and only thing that really matters and the true USP of blockchain. Both of these problems are now solved by the Internet Computer Protocol, which can store large quantities of data on-chain at a very low price, while also being able to store secret & sensitive data on-chain, a distinguishing feature that no other blockchain infrastructure matches.

But even with legacy blockchains, there is a ridiculously simple solution to both, because you don’t actually need to store large amounts of data on blockchain. You can still use an off-chain storage solution of your choice, which can be as private and secure as you desire. All you need to do is to create a file hash (fingerprint) of the data and store this fingerprint on blockchain. The fingerprint lets you prove, without any doubt and whenever you need it, the authenticity of the off-chain data. In other words, you can decide when you share the data with third parties, but you keep the timestamp of the original entry. Just imagine what impact that has on intellectual property!

The Where

Real-life data is always generated/collected at a specific location. The recording on blockchain wouldn’t be complete without it. The utilization of Open AreaSeals as a free and open standard plays a pivotal role in this context. Open AreaSeals are unique geodetic identifiers that form a comprehensive virtual global reference grid, facilitating the accurate geolocation of any data point. Each AreaSeal, identified by its unique code, corresponds to a specific location on Earth, with grid sizes varying from large scale (100km) down to highly detailed (100mm) resolutions. This approach enables the integration of exact spatial data with blockchain technology.

When a specific AreaSeal associated with a data point, event, or transaction is encoded and stored on the blockchain, it creates an unalterable and precise record of ‘where’ an occurrence took place or an item exists. This feature is crucial for sectors that demand stringent geolocation data accuracy, such as supply chain logistics, environmental monitoring, urban development, and more. AreaSeals offer a standardized method for georeferencing compatible with numerous mapping tools and GIS applications, making them an invaluable tool for blockchain applications requiring real-world location data.

The hierarchical nature of AreaSeals, marked by their clear parent-child relationships, provides a framework for scalable and organized data representation. This attribute is particularly useful for tracking temporal changes or movements within specific areas, adding depth and functionality to blockchain records. Essentially, Open AreaSeals are a free and open standard that serve as the critical link for the accurate and trustworthy incorporation of the ‘where’ in blockchain frameworks. They not only enhance the blockchain’s capability to manage real-world data, but also pave the way for innovative applications across various fields, marrying the trust and immutability of blockchain with precise and verifiable location data.

Choosing the right blockchain solutions for your industry application

Ultimately, the synergy between blockchain technology, file-hashes, and Open AreaSeals heralds a new epoch in data management and verification across industries. For decision-makers, this integration offers an unmatched level of data integrity, security, and precision, enabling the accurate tracking and authentication of assets and transactions in the physical world. This innovative blend of technologies is not just a leap forward in digital trust; it is a transformative approach that bridges the gap between the digital and physical realms, opening up endless possibilities for efficiency, transparency, and accountability in operations. As industries evolve and the demand for reliable data continues to escalate, blockchain solutions augmented with Open AreaSeals and file-hashes stand out as the optimal choice for organizations aiming to stay at the forefront of technological advancement and operational excellence.

When choosing blockchain technology, decision makers should prioritize infrastructure solutions, like the CoreLedger TEOS platform, that integrate core technologies like file hashes and Open AreaSeals, ensuring both data integrity and precise geolocation for comprehensive trust and accuracy.

At CoreLedger, we believe that blockchain is a practical technical solution to improve and solve a wide variety of issues across industries and sectors, which is why we try to cut through the hype and focus on real-world applications, not just what’s technically possible.

CoreLedger’s mission is to help businesses of all sizes quickly and affordably access the benefits of blockchain technology. From issuing a simple token to enterprise-grade token economy solutions, we have all the tools and components you need to quickly and affordably integrate blockchain into your business, whether you’re a new startup or a big multinational enterprise.

Interested in our results-focused, real-world approach? Visit our website for more information or contact us directly to discuss your project.