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.
APPLICATIONS OF BLOCKCHAIN
TECHNOLOGY - EXPLORE
HOW DOES BLOCKCHAIN
HELP YOUR BUSINESS
With the advent of the Fourth Industrial Revolution, many technologies that were once thought of as “ahead of its time” or “impractical” is now gaining traction and one of those technologies is Artificial Intelligence or AI.
A critical factor that indicates the performance of any business is its bounce rate. Higher bounce rate means lesser sales opportunities for the business. Even though there are several reasons that can result in a high bounce rate, the most prominent one is the unavailability of quick information about the business
RPA is software that copies human behavior or actions, whereas AI is a broad term where a machine simulates human intelligence such as sensing things, making deductions and communicate. The keywords here are – actions vs intelligence. This article should help you confidently differentiate between RPA and AI particularly in the context of automation.
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.
BLOCKCHAIN FAQ ?
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.
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.
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
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.
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
To know more about implementing blockchain into your business read it, Implementation of blockchain into business
To know about capabilities & functionalities of Accubits Blockchain Platform for improving supply chain management read our whitepaper, Blockchain for efficient supply chain system
To get a clear idea on Accubits expertise on blockchain solutions visit our page, Blockchain solutions
To get a clear idea on how to jump start your business operations using blockchain visit our page, Digital transformation using blockchain solutions