5 SIGNIFICANT BLOCKCHAIN PRODUCT USE CASE SCENARIOS THAT SIMPLY CANNOT BE IGNORED
A PERFORMANCE PREFACE
Recently, there has been much hype about Blockchain Technology, all thanks to the introduction of Bitcoin in 2009. BitTorrent and Tor are applications of the splendid blockchain technology pertaining to the peer-to-peer network design.
The blockchain technology has garnered its reputation because it eliminates the need for third-party intervention while two parties are mutually exchanging business information which saves upon cost overheads to a large extent. Its immutable disposition reduces the risks of information tampering, fraud, and unethical cyber activities.
A sneak peek into the performance trail of Bitcoin will tell you about its high level of competency. The initial coin offerings raised massive sums of money for blockchain-based projects in the last two years. After raising a mind-boggling sum of $5 billion in 2017, the industry has outstripped it in 2018, which is a vital sign that it won’t just stop at that.
The hard fact remains that it’s not the fundraising that matters but the actual use case alignment to the question when a business needs a Blockchain implementation.
Blockchain’s cutting-edge design has already catalyzed disruptions in several industries. In fact, blockchain-based startups have already designed many novel use cases that span the entire trajectory of private and public-sector services.
From logistics to digital identities, the ideas emanating from blockchain are astounding. Every business today, is slowly drifting towards Blockchain implementation in order to make their operations more cost-efficient through transparency and for better revenue generation. There are five lucrative use cases that have emerged so far from the incipient blockchain industry.
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Here are the five prominent Use cases of the Blockchain Technology that give us a preview on how powerful this technology could get over the years.
STREAMLINING SUPPLY CHAIN
Businesses worldwide have developed unevenly over the years in response to the dynamic momentary needs rather than an organized phenomenon. This dynamism has led to an unnecessary convolution in the supply chain segment. Manufacturing activities occurring globally have espied the transparency between suppliers becoming almost non-existent. For suppliers, warehousing, and even logistics providers, prioritizing accountability isn’t just customary, but paramount as far as the myriad moving parts are concerned.
Blockchain is the perfect fit for the designated task in hand, with real-time tracking that’s subjectively appealing to organizations with complex supply chains. The multinational retailing giant Walmart has partnered with IBM to implement the Hyperledger Fabric blockchain hands-on, for instance, in tracking food staples from the supplier to the rack. The functional implementation of the ledger could be beneficial for pharmaceutical giants, which are required by law to uphold the chain of custody over every pill. This way, with the Distributed Ledger Technology, vital data is shared among all the designated users with an increased level of operational transparency and no corruption.
ENABLING SMARTER PREDICTIONS
Because all transaction data is stored directly to the ledger, blockchain-based business intelligence and analytics tools are more capable than ever of mining massive amounts of data and producing valuable business-intelligent insights. Some applications have had a practical contrivance already.
For instance, by using natural language processing, the operational equivalent of typing in a question or a query, the blockchain-powered AI platform Endor uses its predictive analytics capabilities to relay responses in real-time. With their predictions protocol, individuals and businesses can tap into accessible public data sets or utilize them privately for the bespoke needs of their projects.
Users can trade in coins to access the predictive capabilities of the ecosystem while data providers, predictive engine providers, and application developers are rewarded for their contributions. The ecosystem is designed to deliver accurate forecasts in real-time while bequeathing predictive capabilities in the hands of consumers and smaller private enterprises.
BUILDING DECENTRALIZED APPS
Blockchain’s dynamism offers developers the ability to build decentralized applications (or dApps) that circumvent many intrinsic problems. Originally created using the Ethereum ERC-20 chain, dApps offer a truly decentralized platform that capitalizes on the benefits of blockchain technology, including greater democratization, peer-to-peer interactions, and a consensus-based fully trustless protocol. The biggest difference, however, is in the way data is stored and accessed. Unlike traditional apps where data is centralized in one location, dApps store transaction entries and other data directly on the blockchain’s distributed ledger, which removes single points of failure and facilitates increased transparency in operations.
Regardless, Ethereum is starting to run into serious problems due to its difficulty in scaling up for massive userbases. Currently, Qtum, a foundation that has its proprietary hybrid blockchain, is providing developers a way to build and deploy dApps. Qtum’s blockchain integrates the bitcoin blockchain’s security capabilities and features with an Ethereum Virtual Machine, experiencing the best of both worlds. Users can create apps on an integrally unique chain while underscoring their experience with the best features of the two renowned blockchains.
The ability to build better dApps rapidly is vital for the blockchain, and trademark businesses that provide enterprise software solutions, looking to assimilate its capacities. By simplifying the dApp process, companies can reach out to upscale markets with better products effectively. Discover How with our Blockchain Technology Consulting Services.