SEE YOUR NAME IN SHINING LIGHTS… : APPLICATION OF “BLOCKCHAIN” TO YOUR INDUSTRY.
with posts over posts , articles over articles , here we go stooping to the core.
I am sure all of you there had a question poping in whether this amazing technology can be used in your industry or not?
Best part is Blockchain can be applied to every industry that exists.
So say YES , and get married.
Keep saying YES to all the proposals.
You don’t have to take a chance in re-thinking
Join PCCL and let’s say YES together.
Blockchain, initially developed as a supportive technology for cryptocurrency named Bitcoin, is a distributed ledger that tracks transactions, linking them to other nearby transactions by encrypting the information securely. This inevitable ledger technology has ascertained to be the larger value of cryptocurrencies, with implications for almost every industry, not just simply tracking digital currency.
The business advantage of blockchain is anticipated to grow above $176 billion by the year 2025, and to surpass $3.1 trillion by the year 2030, according to Gartner (prominent American research and advisory firm).
Posting to the blockchain and having information decentralized on distributed ledger will disrupt every industry. According to Andrew ‘Flip’ Filipowski, CEO Fluree the blockchain has many benefits for every and any enterprise such as:
-An integrated network, updated in real-time with always-consistent data
-Ability to set rules for each blockchain enforces compliance
-Tracing data from provenance to present to reduce disputes or discourage fraudulent activity
-Increased efficiency of industry processes, reduced auditing costs
-Consent, protection, and control of consumer/customer data
-High level of trust in repository of transactional data
Every/Any Industry
-Information-sharing across organizations — trust, transparency, and efficiency
-Supply Chain Management — With FlureeDB, a consortium of stakeholders in a supply chain can own, operate and enforce rules for their own shared blockchain.
-Coordinate logistics, payments, financial terms, and contract rules
-End-to-End visibility and tracking of supply chain process in real-time
-Auditing — Records can be instantly independently verified.
-Compliance — Track processes against regulations with pre-defined rules
-Business Contracts — Set pre-defined rules for transactions between two or more companies engaged in a partnership
1. Banking and Financial Markets.
-Blockchain technology has many use cases in the era of financial industry, which includes redesigning the costly legacy workflows, progressing liquidity, and free up capital. This technology can also assist to increase transparency, reduce infrastructure costs, reduce frauds, and also enhance execution and settlement times.
-Several governments in small countries are also scrutinizing blockchain’s potential usage for replacing physical national currency.
-Financial institutions are constantly looking for new avenues of innovation. Building trust between customers and businesses in digital transactions is paramount to continued loyalty and growth.
- Blockchain works to optimize financial transactions and improve trust with highly secure business networks on blockchain — both at scale and globally.
-Streamline payments processing with high efficiency, fast and secure transactions
-Empower global transactions, tearing down national currency borders
-Minimize auditing complexity for any financial ledger
2. Retail and Manufacturing
-This incredible technology can provide the retail and manufacturing industries better supply chain management, smart contract platforms, digital currencies, and better cybersecurity options.
-For example, growers, processors, suppliers, distributors, regulators, retailers, and customers could potentially attain permissioned access regarding the origin and state of food products in their transactions, and can simply trace out the contaminated foods to their source.
-This similar process can also be implemented to manufacturing, to quality control parts of buildings. This all encompasses Internet of Things (IoT) sensors and data science as well.
3. Healthcare
-Blockchain technology could certainly allow people to have access to their healthcare records, and let people access or retract a person’s access from their healthcare records, and certainly have their complete data anchored, encrypted, and secured on blockchain.
-Making use of this inevitable technology can even remove third-party verifiers like health information exchanges straight by linking patient records to medical and financial patrons. This technology also provides fast, secure and authentic access to personal medical records through healthcare administrations and geographies.
-Drug Supply Chain Integrity
-Patient Databases/Indexes on blockchain
-Claims Adjudication
-Medical Supply Chain Management
-Transparency and Automation within the patient-to-hospital or patient-to-doctor transactions
-Clinical trial provenance — integrity with an auditable trail of data exchange
-Efficiency, privacy, and ownership of patient health data
4. Government Sector and voting
-Blockchain technology could enhance the transparency and traceability of how currency is spent in government sector. It could even track asset registration, like vehicles, and lessen fraud and operation costs.
-Reduce voter fraud, inefficiencies with verifiable audit trails
-Minimize government fraud, digitize most processes
-Increase accountability and compliance for government officials
-Identity validation; integrity of citizen registry data
5.Insuarance.
-Technological disruption has come to insurance — and the smart risk management strategy is to embrace it. IBM Blockchain is radically transforming insurance operations with faster verifiable data exchanges, visibility for all parties, and transactions underpinned with pervasive security and trust.
-Blockchain records transactions on a provable, permanent ledger, so multiple parties can exchange data with increased transparency and security. This is particularly important for insurers dealing with sensitive financial and personal information, often with multiple parties involved.
-Improve multi-party contracts
-Streamline risk contract efficiency
-Streamline claims adjudication
-Reduce disputes with transparency of shared data
6.Automotive
-Track truthful, full history of vehicle from pre-production to sale
-Supply chain parts management
7.Charity
-Tracking donation allocation, accountability, integrity
-Reduce overhead and complexity of donation payment processing
8.Cloud Storage
-Increased security with a shift from centralized data security to decentralized network
-Lower transactional costs within a decentralized network
-Crowdsourcing unused cloud storage
9.Commercial Vehicles and Transportation
-Tracking journey stops; paired with IoT to create an immutable ledger of trip data
-Credit History
-Make credit reports more accurate, transparent, and accessible
10.Cybersecurity
-Fight hacking with immutability of ledger
-Guarantee validity with data integrity
-No Single Point of Failure (decrease in IP-based DDoS attack success)
11.Donations
-Provide auditable trail for donations to prevent fraud
-Ensure crowdfunded campaigns receive donations and contributors are compensated
12.Education
-Digitizing, verifying academic credentials
-Federated repository of academic information specific to class, professor, and student
13.Energy
-Bypass public grids to allow for cheaper, peer to peer energy transfer
-Smart utility metering
14.Forecasting
-Combined with machine learning algorithms, blockchain can provide a decentralized forecasting tool
15.Gun Safety
-Tracking gun ownership and possession related information
-Tracking criminal ID history and attempts to purchase
Human Resources
-Background checks: Verification of identity, employment history
-Payment and benefits process validation — smart contracts
16.IOT
-Ability for IoT applications to contribute transactional data to blockchains
-Implications across industries (trucking/transportation, supply chain integrity, etc.)
17.Law enforcement
-Integrity of evidence, resistance to falsification of case data
-Documentation of time-stamped, chronological chain of facts
18.Legal
-Smart contracts with defined rules, expiration, and accessibility for relevant parties.
19.Marketing
-Bypass intermediaries, providing more cost-effective advertising
20.Media
-Control of ownership rights
-Anti-piracy / copyright infringement
-Use of smart contracts for artist compensation/legal proceedings
-Payments processing — cryptographic, secure, and anti-3rd party (this opens up content availability internationally)
21.Public Transportation/Ride Sharing
-Streamline public transportation
-Provide more accurate payment for ride, gas, and wear and tear
22.Real Estate
-Transparency within agreements
-Verify property information, update and decentralize records
-Reduce paperwork, digitize transactional processes
-Record, track, transfer land titles
23.Travel
-Passenger Identification, boarding, passport, payment, and other documentation digitized and verified
-Loyalty programs digitization and tracking
24.Wills and Inheritances
-Smart contracts to determine validity of will and allocation of inheritances
Together let’s see our names in shining lights!
INFORMATION EXTRACTED FROM -
-https://medium.com/cryptovalley/blockchain-use-cases-for-every-industry-a2c926782c8
