20 ways to use Blockchain Technology for Business
November 22, 2018
Bitcoin and the blockchain innovation behind it didn't rattle the world as was first speculated when Satoshi Nakamoto distributed his innovation in 2009. These days, the blockchain stands out amongst the most broadly examined technological trends, in the finance business, as well as other numerous ventures. Truth be told, many speculate that the blockchain innovation is gradually gaining a greater importance than the whole of the internet. For now, let's take a look at how blockchain applications could boost your business processes; be it small, mid or Enterprise tier company.
1. Digital Voting
I bet you might have seen the Trump-Russia vote-fraud fiasco going around. You don't need to stress any more with blockchain. Blockchain offers the capacity to cast a ballot carefully, yet it's sufficiently straightforward that any regulator would have the capacity to check whether something was changed on the system. It consolidates the simplicity of casting a ballot with the changelessness (i.e., constant nature) of blockchain to make the most of genuine votes.
2. Smart Contracts
Believe it or not, the expression "smart contract" is being used since 1993, yet now it's related with the blockchain on account of the development of 2013's the Ethereum Project. This Project "is a decentralized platform that runs smart contracts precisely as made, with no probability of downtime, oversight, misrepresentation or outsider obstruction."
"Smart contracts" are self-generated PC programs that can perform the terms of any agreement. More or less "it is a financial security held in escrow by a system that is routed to recipients based on future events, and any defined computer code." With "Smart contracts" organizations will have the capacity to circumvent ordinances and "lower the expenses for a subset of our most basic money-related exchanges." Additionally, these agreements will be unbreakable. Moreover, banks worldwide are utilizing "Smart contracts" to enhance the syndicated credit.
3. Money Transfer
The most outstanding blockchain application ever is having the capability to make-receive payments. Since blockchain innovation has its beginnings in digital money, this bodes well. Be that as it may, how precisely is this useful for entrepreneurs?
By utilizing blockchain, you're ready to exchange funds instantly and safely to anybody you want, quickly and at ultra-low expenses. This is possible as there aren't any mediators regulating the exchange of assets between a few banks and charging ridiculous exchange fees. The system is particularly helpful if you have a remote workforce or are engaged with the worldwide marketplace.
4. Loyalty Programs
Blockchain can help retailers that offer vouchers by making the loyalty procedure more secure and less expensive utilizing blockchain's one of a kind verification capacity. Blockchain could additionally alter the retail experience by turning into the go-to for loyalty rewards. By creating a framework based on tokens that reward customers, and then putting away these tokens inside a blockchain, it would boost buyers to come back to a specific store to do their shopping. It would also defeat the issue of scam and waste usually connected with paper-and card-based dedication rewards programs.
5. Cloud Storage
Cloud storage is another application that organizations can exploit. Utilizing overabundant hard drive space, clients could store the common cloud many times over. Considering the world burns through $22 billion + on cloud storage alone, this could open an income stream for average users, while fundamentally diminishing the expense to store information for organizations and individual clients.
6. Supply Chain Monitoring
Blockchain additionally comes in especially convenient with regards to checking or monitoring supply chains. By abandoning paper-based trails, organizations are able to pinpoint wasteful aspects inside their supply chains rapidly and find things progressively. It can also permit organizations, and perhaps even purchasers, to see how items performed from a quality-control point of view.
"The greater part of the things we purchase aren't made by a solitary party, but by a chain of providers who offer their parts (e.g., graphite for pencils) to an organization that gathers and markets the concluding product.
The issue with this framework is that on the off chance that one of these segments falls flat "the brand takes the brunt of the backfire," says Phil Gomes of Edelman Digital. By using blockchain "an organization could proactively give out permanent and auditable digital records that demonstrate partners the condition of the item at each step." Provenance and SkuChain are the only two organizations endeavoring to fix this issue.
7. Networking and IOT
Cisco is behind a blockchain-based application with the capability to screen Internet-of-Things (IoT) systems. The IoT depicts remotely associated gadgets that can send and get information. Such an application could decide the reliability of gadgets on a system - and persistently do as such for gadgets entering and leaving the system, for example, smart-cars or cell phones.
IBM and Samsung are also working together on a project known as ADEPT, or Autonomous Decentralized Peer-to-Peer Telemetry. It leverages blockchain to give the foundation of the framework, using a blend of proof-of-work and evidence of-stake for secure exchanges. This would act as a public-ledger for an extensive number of devices. This would dispose of the need for a focal central-hub and would "fill in as a link between numerous devices economically." Without the requirement for a focal control framework, these devices could speak with each other, self-governing, with the end goal to oversee application updates, bugs, or oversee vitality.
8. Copyright and Royalty Protection
With blockchain, copyright and proprietorship laws would be expanded extensively for computerized content downloads, guaranteeing the craftsman or artist of the content being bought, getting their lot of the share. The blockchain would likewise give real-time and straightforward royalty distribution information to performers and content makers.
9. Data Sharing
Digital money IOTA propelled a beta adaptation of its Data Marketplace in November, exhibiting that blockchain could be utilized as a commercial center to share or offer unused information. Unused enterprise data can enhance a large group of businesses facilitated by blockchain which would act as a middle person to store and move the data. Even in its infancy, IOTA has in excess of 35 brand-name members (with Microsoft being one) offering input for improvement.
10. Real Estate and Automotive Transfers
One of the essential objectives of blockchain is to remove the paper from the equation since paper trails are frequently the root of disarray. Ownership transfers are performed when you are trading land, house, or vehicle. Rather than taking care of this on paper, blockchain can store titles on its system, taking into account a straightforward perspective of this exchange, and in addition, showing a completely clear picture of legitimate possession.
11. Labor Rights
Blockchain can be revolutionary in supporting the privileges of laborers around the world. As indicated by the International Labor Organization, 25 million individuals overall work in forced conditions. Coca-Cola, alongside the U.S. State Department, is developing a blockchain-based registry which would include smart contracts to enhance work policies and force bosses to respect the digital contracts signed with their workforce.
12. Stable Data Backups
Blockchain may be the ideal method for data backups. Even though distributed storage frameworks are intended to be a go-to hotspot for secure data storage, they're not invulnerable to hackers, or even framework issues. Utilizing blockchain as a reinforcement for cloud server farms - or for any form of data can possibly resolve this issue. In December, Boeing filed a patent for a blockchain technology that would work as an onboard backup for in-flight GPS receivers.
13. Securing access to belongings
Smart contracts in blockchain can be redesigned to an organization's or shoppers' needs. As a customer, you can leverage blockchain as a way to give access to your belongings to the service professionals. Without your unique digital key, these service professionals wouldn't able to access your possessions, ensuring a high level of security and reliability.
14. Food Safety
Blockchain could be used in tracking food from the farm to your plate. Since information within blockchain is permanent, you'd have the ability to track food from the farm to the general store. Furthermore, if there is an issue like a disease caused by the produce, blockchain would enable the source of contaminant to be found much faster than it was possible in the past.
15. Medical Records
The medical industry is wanting to move far away from paper for storing records. In any case, blockchain offers much more security and support as compared to paper records. Apart from storing patient records, the patient, who has the crypto-key to get to these computerized records, would decide who can access that information. It would be a really great method for reinforcing the HIPAA laws that are intended to ensure patient confidentiality.
16. Tracking Prescription Drugs
Blockchain can be a great platform for investigating medicines prescribed by the doctor. Where returns of medicines do happen, and fake prescriptions are a major issue, blockchain offers drugmakers the capability to track their items using serial-numbers to guarantee that buyers are getting the genuine thing when they get their medication from the drug store. Merck is presently trying out such a framework for prescribed medication returns.
17. Stock Trading
Sooner or later, blockchain would challenge or supersede trading platforms to purchase or offer stocks. Due to quick turnaround times for exchanges, it would kill the long hold-up times experienced by investors when offering stock(s) and looking for access to their assets with the end goal being reinvestment or withdrawal.
18. Tracking Weapon Purchases
One of the top themes right now on any media channel is firearm control as well as weapons liability. Blockchain can make a straightforward and rigid registry network that facilitates law enforcement and the federal authorities to track firearm or weapon possession, and track weapons which were sold in a private manner.
19. Wills and Asset Management
Blockchain has the capability to put your end-of-life worries to rest. People will finally have the choice of storing away their digital-will on a blockchain network. Using smart contracts, you would be able to split the inheritance depending on certain criteria being met, (for example, when a grandkid achieves a specific age). Hence, wills would become transparent and legally bound, leaving no inquiries about who ought to get what when the proprietor is dead.
New York Interactive Advertising Exchange in association with Nasdaq is utilizing blockchain to make a commercial center where brands, distributors, and organizations can purchase advertisements. The procedure is basic but as secure as it can possibly be, utilizing an open convention on the Ethereum blockchain.
This was it for the Blockchain express (well not really). It may not be perfect, but there are countless real-world scenarios where Blockchain can be leveraged not just to make ends meet but also to simplify business processes and optimize outputs.
References: Medium, Upwork, Fool