Cryptocurrencies run on the distributed ledger technology, also known as the Blockchain. Blockchains are decentralized systems that record and document all transactions taking place involving a particular cryptocurrency. A blockchain is a transactional ledger that maintains duplicate copies across several member computers within the network.
For cryptocurrencies, 2017 should have been the ultimate year as bitcoin shook the world. What with 875 crypto-based startups and investors pouring some $6.2 billion? When the cryptocurrency market crashed at the beginning of 2018, the Blockchain itself remained intact. The 2018 cryptocurrency dip forced the world of Blockchain into a period of innovation and product development.
Before 2018, news about Blockchain solely focused on cryptocurrency-related applications. Today the focus has shifted after a world of unimaginable possibilities emerged. From financial-based industries to artificial intelligence (AI) and energy, institutions and innovators are now exploring new and exciting ways to take advantage of blockchain technology.
Use Case Industries for Blockchain Technology
The spread of the global COVID-19 pandemic is changing the money narrative. There’s currently intense competition among governments to create a programmable standard for digital currencies. The radical new model that’s being modeled after cryptocurrencies seeks to replace banknotes with e-cash. This will facilitate software commands in a new device-driven P2P system of exchange that will bypass banking gatekeepers. This creates a niche for cryptocurrency websites like CryptoRunner to recreate themselves as the world goes cashless.
Rules that will ensure the integrity of drugs from manufacturer to consumer could save over one million lives annually. Scott Allison, president of healthcare at DHL Global Logistics, recently said pharmaceutical companies could create random serial numbers that can be verified at the point of origin. Applied correctly, a Blockchain tracks-and-traces serialization to the highest level, would reduce costs, eradicates error-prone data, elevates trust and security and facilitates up-to-the-minute supply chain transparency.
There are innumerous challenges bedevilling fund administration as most players rely on out-of-date software or cumbersome paperwork. Businesses spend so much time shuffling through spreadsheets, PDFs and papers when processing documents manually. The CEO of aXpire, a blockchain-based office solutions provider believes that smart contracts will play a role in automating such tasks and “shave hours spent on a wide range of office processes.”
Realty remains a dynamic industry full of many moving parts. From buyers to sellers, brokers and agents, processing of titles and escrows; the process is slothful and risky. Introducing Blockchain reduces the risk factor and enhances trust in different ways.
Banks were once critical of Blockchain but are warming up to digital currencies and the technology behind it. Goldman Sachs, J.P. Morgan, Chase, Barclays and other significant bankers are studying potential applications. Leading banks in Europe are moving from the traditional one-sided systems and adopting a decentralized approach. Legislation has coerced banks to let interested parties access client data through APIs.
We have associated it with cryptocurrencies, but blockchain technology has innovation at its core. Forward-thinking organizations are taking advantage to improve their services. Blockchain has created a new generation of businesses that don’t tolerate inadequacies or third-party meddling, leaving no doubt that the future is Blockchain and cryptocurrency.