How Blockchain is Disrupting the World | Blockchain’s Many Use-Cases
Blockchain use cases go far beyond cryptocurrency and its inexorably linked Bitcoin as integration continues to flow into market needs such as tackling supply chain management issues, streamlining medical data verification, automating insurance claims, elevating personal security, and more.
When massive corporate conglomerates such as IBM, NVIDIA, Mastercard, and Amazon begin to invest hundreds of millions of dollars into research and application of this burgeoning technology, it’s safe to say blockchain has the capabilities to revolutionize the world as we know it.
At ProBit Exchange, unique and innovative blockchain-powered networks come to life every day looking to remediate big problems — Ambrosus is no exception.
Supply Chain Management Optimization
ProBit Exchange’s first Exclusive of 2021 featured Ambrosus, a blockchain-powered IoT network looking to optimize supply chain visibility and quality assurance of some of the world’s most significant supply chain networks. The unique bonded ERC-20 AMB is just one of many innovations created to establish full transparency across the entire supply chain for improved logistics and efficiency.
Managers overseeing massive supply chain networks spanning across the globe may experience communications and transparency problems which ultimately lead to incurring one — big — headache. Additionally, with over 500,000 supply chain management firms in the US alone, data siloing and transparency are emerging issues echoed year after year.
Supply chain management is just one of the potential use cases of blockchain, with many more currently being implemented and many yet to be discovered.
Smart Contracts are Just Like Regular Contracts? Right?
The defining difference between smart contracts and regular contracts is that predetermined rules are enforced on the blockchain and not via an intermediary. This streamlines contractual agreements while enforcing compliance from all parties involved.
Smart Advertising Transaction Token is an Ethereum-based utility token that enables advertisers to purchase smart advertising servers. All transactions between advertisers and publishers are governed by the SaTT smart contract, ensuring speed, transparency, and security while remaining cost-efficient. Blockchain-based contracts have been growing in popularity with central governments, healthcare providers, and advertisers — further disruptive integration in society is expected.
Streamlining Cross Border Remittance
Remittance is a fund-transfer transaction where funds move from one account to another. In cross-border payments, SWIFT handles the movement of messages along the payment chain but doesn’t manage the actual debits and credits which are controlled by participating banks. This process’s inherent complexity has led the banking and financial sector to take a serious look at blockchain solutions.
Blockchain technology enables instantaneous direct transfers without fear of manipulation because no intermediaries or correspondent banks are involved. By eliminating bureaucratic red tape, banks can have a bilateral, visible, and immutable transfer of value, potentially saving upwards of $8-$12 billion yearly.
Remediating Personal Security Concerns
Identity theft has seen an uptick in recent years due to IoT and increased online data storage. It can occur in many niches including credit card fraud, mobile telephone signups, and loans which accounted for over 500 thousand reports in the US in 2020.
Uniris developed a decentralized tamper-proof network that enables users to store confidential data using fingerprints. This feature completely bypasses the need to store biometric data for user access, making Uniris a considerable disrupter in this space.
Government Use Cases
One of the more surprising applications of blockchain is in government security and bureaucratic efficiency. Similarly to streamlining cross-border transactions in the banking realm, blockchain can cut through millions of hours of red tape each year, force accountability through smart contract utilization, and bolster transparency through activity recording housed on a public ledger.
Worldwide, governments dedicated nearly $12 trillion to public procurement, equating to around 15% of the national GDP. This process fuels public goods and services, roads, healthcare, among other essential functions, but unfortunately also tends to line the pockets of corrupt politicians.
Blockchain technology can remedy such concerns and help central governments achieve sustainable development targets established by the UN. Through IoT and sensing devices, innovative IoT dApps could digitize the services of a city and provide applications for data research and risk control.
Blockchain Has Endless Use-Cases
Blockchain today is similar to the internet in the 1990s as we witnessed the development of the internet transform society and how we interact with information. A similar paradigm shift with blockchain is likely with market growth predictions of 8.07B by 2024.
An uncertain regulatory and compliance environment may impinge on short-term growth in blockchain technology but it hasn’t dissuaded retail and eCommerce organizations from allocating capital to blockchain payment solutions. Blockchain can enhance user and client experiences, automate transactions and contracts, enhance supply chain analysis, and more — the opportunities are endless.
