Beyond Crypto Nirvana: How Blockchain is redefining other sectors
In today’s world, Blockchain has become synonymous to Bitcoin and other crypto-currencies. What many need to understand is that Blockchain as a technology has a reach beyond finance. This decentralized network and smart contracts-based system can prove to be a step change in re-defining processes in various business areas.
With all the hype around bitcoin and other currencies of its kind, a lot of attention has shifted away from the underlying technology – Blockchain – which runs these currencies.
So, let’s see what Blockchain really is and some of the industry use-cases that has people talking about it.
What is Blockchain?
Blockchain came about when Satashi Nakamoto published his Bitcoin whitepaper proposing a decentralized approach of online currencies – Bitcoin. The basic technology used in bitcoin was separated and came to be known as Blockchain.
In it’s essence, Blockchain is a chain of many individual links called units. Instead of having a central authority looking over the work-flows, the entire activity of processing, monitoring and executing actions are carried out openly by each unit involved in the chain. This decentralized approach is what created so much noise around Blockchain.
Apart from crypto-currencies, other sectors like logistics & Supply chain, Pharmaceuticals, Gaming, finance have all found use of this disruptive technology. Blockchain truly holds the potential to restructure the socio-economic fabrication of our society.
Blockchain is proving to be a step change for various business sectors. Many blockchain solution providers have come up with a sole focus on incorporating blockchain in various domains.
Blockchain certifications can help you ride this new tech-wave and make a lasting career in it.
Let’s look at how tech-startups are now adopting this technology to revolutionize various sectors:
Followmyvote are one of the pioneers of introducing blockchain in voting. Since the dawn of democracy, elections have been plagued with accusations of illegitimacy. In most cases, the accusations are made based on lack of transparency and security in the election process.
Joseph Stalin once said, “It is enough that people know there was an election. The people who cast the vote decide nothing. The people who count the votes decide everything.”
Now, with its blockchain incorporated voting system, followmyvote offers complete transparency in the voting system without compromising on security and mathematically proves the authenticity of the results. They even boost of carrying out online elections without any foul play involved.
Arcade city is another such company which is leveraging blockchain tech to bring out revolutionary innovation. It is a truly a decentralized ride sharing service which is being dubbed as the ‘Uber-killer’ in the US. They are working towards building a global network of local drivers, collectively called a – Guild.
Their stronghold geographic location is Austin, Texas where they have managed to build the world’s first and only peer-to-peer ridesharing network which is owned, managed and run completely by the drivers themselves.
A decentralized approach here offers higher earning bars to the drivers and more feasibility for people taking the ride.
They have demonstrated that Blockchain can have a disrupting effect on the five-trillion-dollar global transportation market.
Shocard is a digital identity verification system. It ventures into protecting consumer privacy through patented use of mobile devices and the blockchain. It allows individuals and enterprises to establish a decentralized identity verification system – whether it is to log in, complete a financial transaction or even to share personal information.
The working is simple here, they take personal details and stores the hashed and signed version of the information onto the blockchain. The sensitive information here is not visible to any third party or any other Shocard user until it is authenticated by the user himself.
Shocard with its Blockchain implementation offers a guaranteed and verified transaction between user and enterprise.
Everledger is another tech start-up which is using blockchain and smart contracts to detect fraudulent cases for banks, insurers and other open marketplaces. They provide an immutable blockchain ledger for diamond identification and verification of transaction.
Their digital ledger is aimed at tracking and protecting valuable assets throughout their life-time journey. As the ledgers are decentralized and open to all, the digital footprint can be accessed by various investors and stakeholders across the supply chain pipeline to verify authenticity.
Their innovative measures have brought about a change for governing provenance and maintaining transparency in the trading sector.
These are just some of the market use-cases in which Blockchain is used to solve real world problems. Companies which can go beyond the experimental phase and find a stable solution in Blockchain will be the kings of market. With a trend pointing at an exponential growth, more innovation is needed to realize the full potential of Blockchain technology. Skilled professionals who can learn and create innovative solutions in blockchain will be in demand. Learning blockchain is therefore an absolute must for professionals who are looking to grow further in their career.