Blockchain across Multiple Industries

The blockchain is undeniably a revolutionary technology. As an incontrovertible public record of data protected by a network of peer to peer contributors, entries made in the blockchain cannot be removed or edited. A very popular application on this platform is the cryptocurrency Bitcoin. Other applications are in banking and financial tech. But as it turns out, more industries can harness the technology. Here are different applications that made the headlines recently.

  • Education Certificates
    Sony Global Education developed a blockchain-based application that stores educational data, which has a potential to become a universal educational identification. Due to the blockchain’s immutable nature, educational institutions have also realized its potential to eliminate forgery in the certificates they issue. In fact, two schools have already issued blockchain-based certificates to their students – Holberton School and MIT Media Lab.
  • Distributed Cloud Storage
    Blockchain offers a way to store data on a peer-to-peer network. Unlike Dropbox, Amazon and Google Drive, the data is secured by multiple parties. It will be hashed and stored in multiple locations to secure it. Two startups have started exploring the idea already. and Maidsafe released a beta version of a cloud platform.

  • Time-stamping and Decentralized Notary
    Digital time-stamping of documents are in trend now, but a trusted authority is still necessary. With the blockchain, data can be validated at a specific time and is provable in the court of law. How does it work? For instance, you have an original written piece of work. Simply have it in digital form, compress it in a hash and relay it as a transaction on the blockchain. The network will validate it and a timestamp will confirm you had it first.
  • Marketplace
    With a decentralized currency, decentralized markets aren’t far behind. They will directly connect buyers and sellers, omitting the need for a middle man. They do not involve government intervention, high commission and fees, and tight regulations on sellers. The interaction will be through a software and, of course, payment of trades will be in Bitcoin. The first OpenBazaar went live on April 3, 2016.

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Blockchain Technology: What does it do? Is it good for business?

This year, 2016, will be the biggest year for blockchain technology. The excitement surrounding it has created a seemingly new industry – the blockchain industry. It is not only for developers anymore, but for business people as well. Multinationals from banking, technology and other industries have slowly caught on the trend. In fact, when you go to a blockchain conference, you see more banking and technology professionals instead of the prominent figures of the Bitcoin world. The business people are now getting involved, and they are changing the blockchain industry and its culture. They are not worried about how the technology works, but what it does. They care more about what can be achieved with the blockchain with regards to business-to-business processes and modern business models. The technology is a means to achieve a goal, and business incumbents are curious about what they might do with it. Mainstream financial institutions are discussing blockchain projects. They want to exploit the technology and the opportunities within it. While there are many concerns about the adoption of distributed ledger technology, the blockchain could still ensure economic peace and stability. It could transform the business processes at the back office. This means that the technology is not only intended to be a currency but an efficient way to record transactions as well. 70% of financial institutions believe that the blockchain technology will be good for their businesses, and 19% are fully prepared for the impact it could have on their businesses. In order to take advantage of the positive effects of the technology to business, we need to forget how the blockchain works and focus on what it does. While we may love the technology behind it, we need to focus on the use cases for the masses if we want to attract them. Sign up for our weekly blog summary and newsletter!