To blockchainize or not to blockchainize: What do companies choose?

American economist Nouriel Roubini stated that “blockchain is the most over-hyped technology ever, no better than a spreadsheet/database.” Well, many would disagree with Mr. Roubini. 84% of companies surveyed by the audit company PwC actively exploit blockchain and find it extremely useful. This most important discovery of recent years can disrupt almost everything.

One third of organizations, which are now working with decentralized technologies, operate in the financial branch, according to the IBM’s research. Key advantages of blockchain are transparency, security, and protection. It simplifies and cheapens business processes by removing intermediaries when carrying out various transactions.

Together with cryptocurrencies, the distributed ledger technology brings the financial system to a totally new level of development. They make transactions and payments instantaneous, reliable, anonymous, affordable, and borderless, which opens many opportunities for users. In addition to the financial sector, there are a lot of markets where cutting-edge technologies are successfully employed. What are they?

Logistics

Blockchain can track every stage of cargo shipment and delivery. The logistics applications will allow users to check where the order is located at the moment, under which conditions it is stored, and who is responsible for the goods. Danish transport giant Maersk and American technological corporation IBM have already enter the market and launched TradeLens, a blockchain platform that tracks cargoes and exchanges customs and financial information. It allows users to save time, avoid falsification of documents, increase confidence between partners, as well as cut transportation costs.

Healthcare

Applying blockchain-based solutions can be efficient in the health system. This technology allows healthcare providers to systematize and store patients’ data, track prescriptions and pharmaceuticals. For example, Guardtime and the Estonian e-Health Foundation blockchainize the citizens’ medical records to make the lives of patients and doctors easier. So, the personal data will be secured, but at the same time accessible to any doctor from any country of the world.

E-commerce and retail trade

Blockchain can be significantly helpful in this field, too. Its transparent and decentralized nature allows vendors and buyers track supply chains, check authentication of transactions, manage loyalty programs, and optimize business processes. One of the largest retailers Walmart has cooperated with IBM since 2016 to track the food supply chains using the distributed ledger system. So, retailers and suppliers will be able to avoid massive losses and make their relations more confident.

Intellectual property

Hi-tech can help writers, photographers, and musicians protect their intellectual property rights. Blockchain will allow authors to receive money directly from users, which also makes content cheaper. To manage their content smoothly, journalists and copywriters can use a social media platform Steemit, musicians — the decentralized database Ujo Music, and artists — Ascribe, which allows them to create a digital unique ID and digital certificate of authenticity.

Diamond market

Blockchain can deal even with the diamond industry! How? This market is now suffering from a range of issues such as trade in fake diamonds, illegal transactions on gem purchase and sale, money laundering, and sponsorship of terrorism. To solve these problems, Everledger has created a database that helps identify any gem. Every diamond has its own digital certificate that reflects all transactions conducted. So, it is easy to check whether these operations are legal or not.

The projects implementing innovations in several branches are of great value. The blockchain venture Noah Project works in several directions including international money transfer, traveling, and shopping. The project team has developed a remittance platform powered by cryptocurrencies and blockchain that will benefit migrant workers and their families. Overseas Filipino workers sent home $28.1 billion last year, according to the Filipino central bank’s data. This amount could be much higher if it weren’t for huge transfer fees — up to 10%. The Noah solution is going to cut commissions to 2–3%.

The Noah company is also developing the crypto paradise that should attract attention of adventurous travelers and crypto evangelists from around the world. Located in picturesque and sunny Dakak Beach Resort, Noah Resort will offer guests various activities and amenities. This is a place where hi-tech and entertainment meet each other allowing tourists expand their traveling experience.

Seeing that there are only few places where crypto fans can unlimitedly use their digital funds, the Noah Project has an ambitious plan to build a fully blockchain-driven harbor for them. Noah City will be located in Horizon Manila that promises to become the largest central business district in the Philippines. It will include hotels, shopping malls, and other establishments. Utilizing Noah Coin, the internal project token, guests will get access to discounts, special privileges, and various loyalty programs.

Blockchain and cryptocurrencies are called upon to shake old-school systems and transform almost all spheres of our life. Some countries and companies are currently incorporating advanced technologies in different branches. Inventors develop all new projects that can be useful to society. What do you think about blockchain? Will this technology be able to make the world a better place? The world says yes!

To learn more about this large-scale and promising project, visit its official website, Telegram chat, Facebook, and Twitter.