Blockchain Applications

Here we come with our second update on Blockchain. This part comprises of the various possible uses of Blockchains across the industries.

Industries where  Technologies can be used

1.  Banking:

Swiss bank UBS and UK based Barclays have already started investing in this technology.

Banks essentially serve as secure storehouses and transfer hubs for value, and blockchain as a digitized, secure, and tamper-proof ledger can address the same function. 

2.  Payments and Money transfer:

Abra is a startup using blockchain technology for global bitcoin- and blockchain-based money transfers. 

3.  Cybersecurity:

According to Goldman Sachs, blockchain can reduce the cybersecurity risk by removing the intermediaries. Guardtime is an Estonian startup focused on a blockchain-based approach to industrial-grade cybersecurity. 

4.  Academic Records:

Holbertson School (California based) is using blockchain technology to verify academic certificates. This will ensure that students claiming they passed courses at the Holbertson School aren’t using accreditation they didn’t earn. It will avoid manual check and reduce both time and resources. 

5.  Voting System:

Use of blockchain technology will avoid malpractices in election system. Votes will be secured and will be stored directly into ledger. It was recently experimented in Spain elections.

6.  Car Leasing and Sales:

Visa and DocuSign unveiled a partnership last year which used blockchain to build a proof-of-concept for streamlining car leasing, and making it into a “click, sign, and drive” process. The prospective customer chooses the car they want to lease and the transaction is entered on the blockchain’s public ledger; then, from the driver’s seat, the customer signs a lease agreement and an insurance policy, and the blockchain is updated with that information as well.  

7.  Networking & IoT:

IBM and Samsung are working together on the technology ADEPT. It uses blockchain technology to form the backbone of the IoT devices and its network. This will help devices to communicate with one another autonomously to manage software updates, bugs, or energy management.

ADEPT - Autonomous Decentralized Peer-to-Peer Telemetry 

8.  Smart Contracts:

These are computer programs that use blockchain technology. This will change the process of formulation of legal contracts. Mortgages, registrar marriages, etc. can be performed. 

9.  Forecasting :

Blockchain can shake up the entire research, analysis, consulting and forecasting industries. Augur is using this technology to perform online betting.

  10.Music Industry:

This will help users to pay only for the music they want. Artists or singers can be directly paid for the songs used. Ujo Music is using blockchain technology to modernize online music industry. 

11.Ride Sharing:

Israeli startup La’Zooz is developing on blockchain technology for cab services (opposite to Uber model)

12. Stock Trading:

TQ.com subsidiary of Overstock wants to start trading based on blockchain. As of now they are working with Nasdaq to start these services for private firms.

This is just a comprehensive list. It will keep on growing with the passage of time. This is just the beginning. The root has been sowed will soon spread and grow its branches and touch each and every sphere of our life.

Hope this might be some use for the beginners who are enthusiastic about blockchain. We will be back with further information on this. Do stick with us.