Blockchain technology is more than just a method of securely moving cryptocurrencies. Beyond finance, blockchain is future of technology, it is utilized in other applications such as healthcare and insurance and voting, welfare benefits and gambling as well as in the case of royalty payments to artists.
With blockchain technology already affecting the world of business and society at many different levels, the world economy is getting ready for the revolution in blockchain technology.
If the word “revolution” sounds a bit alarming, think about the fact it that 8 of 10 biggest companies are developing diverse products that use blockchain technology.
The Reasons How Blockchain Is Future of Technology!
1) Blockchain technology can disrupt financial services
One area expected to continue growing with the advancement of the advancement of blockchain is trans-border payment. Recent developments are leading changes on this front:
IBM’s Blockchain World Wire:
This conduit with blockchain capabilities was based on the Stellar protocol to allow banks to process and clear international payments in a matter of minutes. World Wire API World Wire API integrated into the payment systems of banks, using World Wire then converting the digital asset into money to complete the transaction.
Due to the COVID-19 epidemic, IBM shut down the network and released the code as open source and invited the community of developers to draw on their experience.
Paystack:
Paystack develops payment infrastructures and connects payment processors to each to work towards making it easier and faster to make online payment transactions. In October of 2020, the the financial services company Stripe bought Paystack at a price of $200 million.
The service was expanded up to South Africa in May 2021 and by the time it was running 50% of all online payments in Nigeria which is which was where it was established. 5 And in September it was one of the initial Nigerian payment processor to be an Apple Pay partner, opening the doors to 380 million people in 60 nations.
Ripple as well as Pyypl:
the San Francisco-based software company Ripple has been specializing in real-time global payments that are based on blockchain technology, since. The company recently joined forces with Dubai-based tech company Pyypl who have created an online platform that uses blockchain technology to provide non-bank financial services through smartphones.
Since the platform doesn’t need the pre-funding that is required for traditional cross-border payments, which means that additional funds are required to be kept in the bank account of the user which can boost the liquidity of the companies who utilize this platform.
AZA Finance:
This business uses blockchain technology for small-scale companies to collect and send payments from and to Africa. Through the conversion of appropriate fiat currencies into stablecoins, instead of U.S. dollars when trading, AZA says it can decrease the dependence on an economy dominated by dollars, facilitate trade on bank holidays, and improve the efficiency of trade.
Blockchain technology is used for applications that go beyond payment transactions too. Here are some additional examples of fintech innovation using blockchain technology.
Securrency:
It is a platform for trading cryptocurrencies as well as any type of asset. The currency is exchanged via Securrency tokens which allow the trading of cryptos without the need for specialized exchanges.
2) Adopting blockchain technology in business
Blockchain technology can have enormous implications for businesses and the primary motives for adoption being greater revenues, lower costs and better utilization of time. Some examples of the ways that blockchain technology technology is being utilized by companies include:
ConsenSys:
Quorum was originally created by JP Morgan, Quorum is an enterprise-grade solution that assists companies expand as well as manage massive blockchain systems.
LLVMH This luxury products firm is tracking its products and fighting counterfeiting using blockchain. It has registered over 10 million items through a platform developed in collaboration with Prada as well as Cartier.
MediaChain:
The blockchain database was purchased by Spotify to manage copyrights. royalty payments and to solve rights holder disputes.
3) Application of blockchain in the legal field
Blockchain technology in law could be used to develop smart contracts as well as to validate ownership documents, such as title deeds. If it is used to validate and authenticate evidence in courtrooms, blockchain technology could enhance efficiency in legal system.
Smart contract are electronic agreements that preserve the essence of legal contracts. The contract’s terms can be written using code, and instantly executed when the stipulated conditions are fulfilled, without any involvement or intermediaries. If this happens the blockchain gets continuously updated and only the parties who have permissions are able to see the outcomes.
Certain states within the U.S. have begun to allow that use of blockchain within certain legal situations. They include Arizona where parties are able to sign legally binding contracts using smart contracts, as well as California where marriage licenses are granted via the blockchain.
4) The use of blockchain in real estate
The real estate market is typically costly, complicated and require the help of agents. Blockchain can simplify the process of finding and purchasing real estate by tokenization, which uses virtual real estate tokens that symbolize physical assets. This could:
- Facilitate transfer between seller and buyer by eliminating the middleman
- Prove ownership irrefutable by distributing a digital ledger
- Allows for smaller investments in real estate As a token, it can be divided similar fashion to bitcoin.
- Increase market security and Transparency because each transaction is processed and vetted by the other participants. Examples of real estate that utilize blockchain technology are Deedcoin that connects real estate professionals with home buyers and cuts commissions by 1 percent. Then there’s Harbor that allows for the tokenization of REITs, private securities as well as land titles and records of land registry.
- Improving logistics and supply chain through blockchain
Supply chains – the connections between the production as well as distribution of products have been continually affected by the advancement of technology. The supply chains of today are quite complicated, with several continents and involving enormous numbers of invoices and payment that involve a myriad of entities and could extend for months.
Due to its complexity blockchain offers a compelling method to change the logistics and supply chain industry. If goods are transferred to a different step of the supply chain the entire process is recorded in a secure and continuously, creating an auditable and immutable record starting from the beginning point to the point of the point of sale.
Here are some examples of unique logistics applications as well as supply chain blockchain solutions:
- TradeLens
- Provenance Honeywell
- De Beers
6) Innovations in healthcare using blockchain technology
Blockchain’s open and highly secure nature is an perfect fit to improve healthcare. Patient data, for example could be saved in a decentralized, incorruptible and a transparent database providing it with security and accessibility to healthcare professionals and patients alike.
The other primary applications of blockchain in healthcare are:
- Security of health data
- Personal health record management
- Point-of-care genomics management
- Electronics health records data management
There are some exciting blockchain-based applications that are in this area:
MedicalChain:
is an alternative to blockchain technology that allows for the creation of an individual-centered digital health record that can be easily shared with doctors. All data is recorded in a secure, auditable and clear structure.
Guardtime:
The firm is helping healthcare providers as well as governments to implement blockchain technology into their cybersecurity systems to ensure vital data safe.
Curisium The Curisium blockchain platform was designed to simplify the negotiation of rebates and manage contracts by utilizing innovative electronic contracts.
Robomed:
This platform utilizes chatbots, telemedicine and wearable devices to gather patient information and record it on blockchains so that it can be securely shared with medical experts.
MediLedger Project The MediLedger Project was first initiated by Chronicled in the year 2019, the MediLedger Project seeks to improve the capabilities of track-and-trace for prescription medicines.
The project was developed to fulfill the requirements laid in the U.S. Drug Supply Chain Security Act (DSCSA), the blockchain healthcare project satisfies the legal requirements while also serving the operational needs that are required by the drug supply chain.
