Applications of blockchain technology

Applications of blockchain technology - Learn about new opportunities

Applications of blockchain technology has an implementation rate of over 25% for industries from banking to the healthcare. In a way the adaptability and innovativeness of blockchain applications are revolutionizing the entire business perspectives. The most widely used practical implementation is in cryptocurrencies and digital identity management. Blockchain networks ability to handle secure business transactions is unparalleled in every industry.

>> Know the possibilities of integrating AI with blockchain

Adopt blockchain technology to change the way you do business

Blockchain technology has no central authority, thus it delivers a transformational way for storing data on the data network. The data stored on a blockchain is stored at multiple locations on a wide data server network, thus it could never be changed or removed without the prior permission or knowledge of the person who created the data or record. From financial transactions and data sharing to business intelligence, blockchain keeps track of the entire customer journey of any industry. The most known blockchain technology applications involves tokenization of digital as well as real-life assets, supply chain management, personalized retail experience and much more.

blockchain-technology

APPLICATIONS OF BLOCKCHAIN

TECHNOLOGY - EXPLORE

POSSIBILITIES?

Blockchain is an interconnected network using a wide array of digital technologies. The decentralized nature of the blockchain technology applications makes it a perfect fit to many industries in order to carryout secure business transactions. Studies shows that the total market cap of blockchain technology applications are expected to rise to over 30 billion by 2024. The proper use of blockchain technology allows to validate and perform business transactions, avoid the use of middlemen or partner platforms in a peer-to-peer network, reduced reception time, as it is decentralized it is fraudulent proof and it could handle business operations 24*7. Along the edge the possibilities of blockchain technology applications had created a lot of hype in the marketplace among both businesses and entrepreneurs.

Banking

Avoid risk of payment losses involved in banking transactions by adopting secure distributed ledger platform. Reduces transactions fee across cross-borders, corporate payments and remittances.

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Retail & Consumer Products

Enhance your product quality, business reliability, product authenticity and customer loyalty through on-time delivery. Prove your business capability by delivering promises made. Make it easy for your supply chain partners to track the deliveries.

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Real Estate

Decentralized ledger platform helps to connect potential buyers with sellers. Helps to analyse the authenticity of ownership transfers, rental agreements and smart contracting through land registry management system.

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Insurance

Transforms the way the insurance documents, claim settlements and fraud handling's are carried out. It allows the creation of transparent, secure, decentralized and immutable insurance network.

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Healthcare

Helps to prioritize patient health at all costs without compromising the quality of the health care service. Establishes a secure chain of network to handle patient records, consent forms, billings and public health monitoring.

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Automotive

Solves challenges in automotive manufacturing, car deliveries, billings and helps in the creation of an after sales support ecosystem to keep track of the maintenance record of vehicle owners.

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Government

Ensures transparency for the public records through the usage of a digital form platform for book keeping and auditing of government documents. Moreover it allows to maintain the authenticity of the document and clearly reduces the processing time.

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Travel

Reduces delay time of passenger document handling, establishes secure customer loyalty programs for travelers, creates a decentralized hotel booking ecosystem at the least transaction fee and also keeps passengers private information's safe.    

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Food & Supply Chain

Creates a tamper proof record to check the real information about expiration date, product journey from the farm to the shop. The real information's of the product improves the reliability and efficiency of the supply chain system.

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HOW DOES BLOCKCHAIN

HELP YOUR BUSINESS

Enhancing business productivity

Blockchain technology shapes your business processes to bring out the maximum potential from each department through shareable insights, optimizing business environment, perfect coordination with both internal as well as external team & building competent skills for employees. Blockchain delivers more business value by turning bottom line business predictions into reality.

Friction less supply chain management

Blockchain transforms the trade in the global economy by bringing traceability and transparency across global supply chain networks. Through distributed public ledger across the supply chain network, each player in the supply chain are able to get instant access to real information thereby delivering seamless inventory management, improved process automation and much more. 

Minimizes business risk involved

Blockchain solutions helps to make intelligent risk-aware business decisions for industries by meeting the right regulations and compliance requirements. Identifying business risk helps to unlock potential business opportunities, build trust, improve business performance and gain loyalty. Blockchain even allows use to make informed decision for better credit control in the banking sector.

ARTICLES,

TRENDS,

AND NEWS

Know how blockchain technology applications implement collaborative strategies for industry-wide business transformations. Smart ledgers influences the way business transactions are done at real time. Decentralized technology delivers better reliability & credibility between business partners & customers. In a way, blockchain is considered as a hyperledger fabric for transactions carried out across international borders. Learn how accubits blockchain expertise enables businesses to stay connected through data storage and cryptocurrency exchange products and services.

 

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WHITEPAPERS,

CASE STUDIES,

RESOURCES

Read more White papers, research reports and resources about how blockchain technology applications is transforming the business industries. Blockchain Technology can be used to solve problems across international board. It can help a business increase sales, improve customer experience, automate work processes, provide predictive analysis etc. From conversational tools to driverless cars, distributed ledger technology in various shapes and forms is transforming industries.

The retail industry has been a darling for blockchain technological innovations as it opens its door to the biggest avenue to reach out end users directly. This whitepaper talks about the key technology challenges that today’s retailers face and by exploring its usability.

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Blockchain—a new technology that has gained astronomical popularity on the back of the rising wave of cryptocurrencies may prove to be the panacea for all the pain points faced by the participants of a supply chain/logistics system.

Blockchain technology would disrupt industries in an unprecedented manner. The more accessible, secure and reliable the available information is, the faster and more effective health professionals and health organizations can act. 

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BLOCKCHAIN FAQ ?

Is blockchain a technology or a theoretical concept ?

Blockchain is unquestionably a newly adopted technology and not just a theoretical concept. In terms of functionality, blockchain is just a distributed public ledger that stores a growing list of records in a chain of blocks during a business transaction or data transfer. Blockchain technology is considered to be the most secure one because these blocks of data are decentralized, transparent and immutable. Each change made on a block gets saved as a new block rather than the data being overwritten on the existing block. Each of these changes could be even viewed separately from among the chain of blocks, this makes blockchain technology a anti-fraudulent one. Bitcoin is one of the most well known practical application of blockchain technology. Bit coin uses this technology to handle monetary transactions but the real potential of blockchain is much more.

What are the three pillars of blockchain?

The three main pillars of blockchain technology are:

  • Decentralization - Decentralization in blockchain means that it is not governed by a central authority, this makes the system more fair and secure. Here rather than depending on a central authority to perform a transaction or data transfer, blockchain uses consensus mechanism to record data across nodes of network to actualize a transaction or data transfer in a secure & irrefutable way.   
  • Transparency - Blockchain provides a way to conceal the identity of a transaction block so that the public address of the block is extremely difficult to trace out. Here the real meaning of transparency, comes from the fact that each asset or data involved in the transaction is open to viewing. But only the creator of the block could perform such functions. This makes a blockchain both secure & transparent as a whole. 
  • Immutability - Immutability in blockchain implies that any data or information that is once recorded in a blockchain could never be tampered with by any external means. Here a cryptographic method conceals each stored data using crypto hashing function to keep it secure. The immutability nature of a blockchain technology makes it a great fit for banking transactions, patient record handling, land registry management systems and much more. 
How important is hyperledger fabric in blockchain?

Hyperledger fabric is an undeniable standard for enterprise blockchain platforms. It is a platform built under Linux foundation, it allows us to create one or more enterprise level distributed ledger in a blockchain network to satisfy specific day to day business requirements. 

The advantage of using hyperledger fabric includes:

  • Perfectly controlled network
  • Concrete and secure transaction
  • Tailor-made blockchain architecture 
  • Improved scalability and accountability
  • Makes it easy to program and implement in all enterprise systems
What are the different types of blockchain networks?

There are exactly four different types of blockchain networks based on its usage:

  • Public blockchain - Public blockchains have no restriction or control, anyone with a network access could become the creator of a block (associate themselves with the consensus mechanism) to perform a transaction or data transfer. One of the most well known public blockchains are Ethereum, Bitcoin, Dash, Factom etc.
  • Private blockchain - Private blockchains are controlled by a central authority and not decentralized. It is used by those enterprises who require their own cryptocurrencies to run internal business operations. Here, the blockchain acts just as a distributed or shared database. Some well known private blockchains includes Multichain, Blockstack etc.
  • Consortium blockchain - Consortium blockchain could be seen as a semi-decentralized blockchain, where one or more entities, companies or persons could serve as the central authority. They could control the number of participants or users of the new block in a blockchain (entry into the consensus mechanism). Here some users are given read access to the new block while some might have write access to the new block. So, it a way it is not fully decentralized. Some of the well known consortium blockchain includes Ripple, R3 etc. 
  • Hybrid blockchain - Hybrid blockchain is a combination of both private and public blockchain network. Here some of the characteristics stay as that of private blockchain while some other stays as that of public blockchain. This feature of hybrid blockchain gives us an extra edge on what information needs to be made public and what need to stay private. The decentralized nature of the network could be achieved in a wide combination of ways where the blocks doesn't need to run on private hash nodes or private networks it could be implemented in a completely decentralized network to run the operations. A well known hybrid blockchain is the Dragonchain that is hosted on an another blockchain network.
What is level of impact that blockchain solutions has on the global market?

For blockchain technology cryptocurrencies like Bitcoin, Ethereum is just the beginning. In the very near future many industry sectors like banking, messaging applications, hedge funds, infrastructure security, advertising platforms, wills, inheritances, land registry management systems and much more are going to controlled through blockchain based technology solutions.

For instance in the land registry management systems the administration of blockchain delivers:

  • A record of the digital land registry
  • Assurance on land property ownership's
  • Smart contracts automation
  • Proper document validation
  • Enhances the trust between the parties involved
I need to more detailed information's on blockchain technology?

To know more about implementing blockchain into your business read it, Implementation of blockchain into business

--> Learn more from blockchain business implementation blog 

To know about capabilities & functionalities of Accubits Blockchain Platform for improving supply chain management read our whitepaper, Blockchain for efficient supply chain system

--> Register and download our whitepaper on supply chain management system whitepaper

To get a clear idea on Accubits expertise on blockchain solutions visit our page, Blockchain solutions

--> Visit the blockchain solutions page

To get a clear idea on how to jump start your business operations using blockchain visit our page, Digital transformation using blockchain solutions

--> Visit the enterprise blockchain solutions page