Smart Contracts Use Cases
Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all parties involved in a way not possible with traditional agreements. This saves businesses time and money, while also ensuring compliance from everyone involved.
Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits. Below are a few examples of how companies are using blockchain to make contracts smarter.
Industry: Internet of Things, Cybersecurity
Location: Palo Alto, California
Blockchain Application: Xage is the worlds first blockchain-enabled cybersecurity platform for IoT companies. The technology manages billions of devices at once and can even self-diagnose and heal possible breaches. Xage is primarily used by IoT companies in the transportation, energy and manufacturing industries.
How Is Blockchain Used
As we now know, blocks on Bitcoins blockchain store data about monetary transactions. But it turns out that blockchain is actually a reliable way of storing data about other types of transactions, as well.
Some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to its locations.
Why do this? The food industry has seen countless outbreaks of e Coli, salmonella, listeria, as well as hazardous materials being accidentally introduced to foods. In the past, it has taken weeks to find the source of these outbreaks or the cause of sickness from what people are eating.
Using blockchain gives brands the ability to track a food products route from its origin, through each stop it makes, and finally its delivery. If a food is found to be contaminated then it can be traced all the way back through each stop to its origin. Not only that, but these companies can also now see everything else it may have come in contact with, allowing the identification of the problem to occur far sooner, potentially saving lives. This is one example of blockchains in practice, but there are many other forms of blockchain implementation.
Expediting Energy Futures Trading And Compliance
Even the energy industry is getting in on the act. Similar to the benefits it could bring to equity traders above, blockchain offers the ability to help energy companies settle futures trading considerably faster than they currently do. It’s also worth noting that blockchain could help energy companies with regard to logging their resources and maintaining regulatory compliance.
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Having Said All That Heres The Scope Of The Future Of Blockchain Technology
If you didnt appreciate the long introduction , you might as well do the fact that its over.
You now know the issues preventing blockchains from reaching what some think is their ultimate destiny. And weve taken a good hard look at where we are in the grand scheme of things. We now can talk about how blockchains are meant to impact a variety of industries in the future. Aside, of course, from the obvious financial implications.
Some of these industries are
Although they might sound similar, both concepts in the previous subtitle are not the same thing. Blockchain games happen on-chain, while blockchains could, without a doubt, find use cases in the videogame industry. Both of these are attractive applications that could signify something, so its worthwhile to take a look.
Josh Chapman, MP of Konvoy Ventures, a firm dedicated to esports and gaming, has said about this: Gaming does not need blockchain blockchain needs gaming. Blockchain will only see mass adoption and mass application once it provides significant value to the video gaming ecosystem. And, indeed, one of the very first iterations of NFTs happened thanks to gaming: CryptoKitties a Tamagotchi-like game centered around breedable, collectible, cute creatures called CryptoKitties. Thanks to its blockchain presence, a kitty is always unique, unreplicable and indestructible.
A Comprehensive Database Of Origin
The blockchain technology can have vast application in the certification of both existing and new artworks. A living artist can use blockchain to certify his or her own art, while works of deceased artists can be verified and added to blockchain by certification boards. In time, blockchain technology could lead to the creation of one centralized database that could encompass a list of all owners or all artworks ever created. Since the database will be transparent and easy to access, checking the artworks’ authenticity will be possible with just a few clicks.
Blockchain technology can be equally valuable for certifying physical and digital art. The authenticity of physical artworks can be protected by using a chip similar to the one on your ID or passport. The chip holding a private key can be stored on the artwork, with accompanying public key stored on the blockchain. When you scan the chip, it goes through a cryptographic algorithm and affirms that this is the authentic work of art.
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How Pwc Can Help
Any blockchain solution, no matter how prescient, is only as good as its execution. This is where PwC excelsby offering proven expertise in managing complex implementation programs from start to finish.
What PwC delivers:
- Design, development, testing and training of blockchain solutions
- Integration and management of third party implementation partners
- Rigorous PMO and proactive management of overall efforts
Do You Want To Remove The Brokers And Intermediaries
- If yes then read on and continue to next step
- If no then do not use blockchain
The first thing that you need to understand is the business context. Do you need the intermediaries or brokers in your system or removing them helps you solve a critical business problem? If thats the case, then you need blockchain. Banking solutions are relying on distributed ledger technology such as CORDA to improve their work process by removing intermediates and enabling them to do transfers more securely and faster.
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How To Use Blockchain Technology In Web Development
In todays world, technology is getting more advanced, and it becomes easier to build your website. Anyone can easily make their websites by choosing some necessary services like, proper web hosting services, web designing services and domain registrar. But when it comes to using the blockchain technology in web development, many think that it is restricted only to the bitcoins.
However, it is not the truth. The bitcoins and cryptocurrency are one of the first widely known uses of blockchain technology, but it doesnt stop here. There are many ways through which you can use blockchain technology in web development. In 2020, blockchain technology is revolutionizing almost every industry including:
- Entertainment: In the entertainment industry, platforms like KickCity, B2 Expand, and Spotify are used to perform the task effectively. These platforms have different features and services that connect the users to give them exceptional service.
- Social Engagement: The best use of blockchain technology in social engagement is the matchpool, which rewards successful matches and used in dating apps, uber, or freelancing.
- Supply & Logistics: In supply and logistics, blockchain is used to create transparency within a shared record of location and ownership.
- Healthcare: One of the best uses of blockchain technology is in the health care industry, where doctors can easily know in-depth medical information of a patient.
Bitcoin And Blockchain: How They Are Related
Although the advent of Blockchain has taken the world by storm, many people still get confused about these two terms. Thus, it is important to understand how these terms differ and how they are interrelated.
Bitcoin is a cryptocurrency, which is an application of Blockchain, whereas Blockchain is simply an underlying technology behind Bitcoin that is implemented through various channels. So if you are working on Blockchain and learning Blockchain, then you are not actually learning cryptocurrency but learning how cryptocurrency works.
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Beyond Bitcoin: Ethereum Blockchain
Originally created as the ultra-transparent ledger system for Bitcoin to operate on, blockchain has long been associated with cryptocurrency, but the technology’s transparency and security has seen growing adoption in a number of areas, much of which can be traced back to the development of the Ethereum blockchain.
In late 2013, Russian-Canadian developer Vitalik Buterin published a white paper that proposed a platform combining traditional blockchain functionality with one key difference: the execution of computer code. Thus, the Ethereum Project was born.
Ethereum blockchain lets developers create sophisticated programs that can communicate with one another on the blockchain.
Security Of Physical Assets
Even when a blockchain record is secure, there is still the danger that a contaminated or counterfeit product might be tagged and introduced into the supply chain, either in error or by a corrupt actor. Another danger is inaccurate inventory data resulting from mistakes in scanning, tagging, and data entry.
Companies are addressing these risks in three ways. First, they are stringently conducting physical audits when products first enter the supply chain to ensure that shipments match blockchain records. Second, they are building distributed applications, called dApps, that track products throughout the supply chain, check data integrity, and communicate with the blockchain to prevent errors and deception. If a counterfeit or an error is detected, it can be traced to its source using the blockchain trail of the transactions for that asset. Third, companies are making the blockchain more robust by using IoT devices and sensors to automatically scan products and add records to the blockchain without human intervention.
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Why Is Blockchain Popular
Suppose you are transferring money to your family or friends from your bank account. You would log in to online banking and transfer the amount to the other person using their account number. When the transaction is done, your bank updates the transaction records. It seems simple enough, right? There is a potential issue which most of us neglect.
These types of transactions can be tampered with very quickly. People who are familiar with this truth are often wary of using these types of transactions, hence the evolution of third-party payment applications in recent years. But this vulnerability is essentially why Blockchain technology was created.
Technologically, Blockchain is a digital ledger that is gaining a lot of attention and traction recently. But why has it become so popular? Well, lets dig into it to fathom the whole concept.
Record keeping of data and transactions are a crucial part of the business. Often, this information is handled in house or passed through a third party like brokers, bankers, or lawyers increasing time, cost, or both on the business. Fortunately, Blockchain avoids this long process and facilitates the faster movement of the transaction, thereby saving both time and money.
Blockchain is an emerging technology with many advantages in an increasingly digital world:
Does Your Business Require High
- If yes Theres a chance that blockchain solutions can pull it off, but at the moment they cant.
- If no then go to the next step.
Not all businesses are created equally as some businesses need solutions that are fast and can handle millions of transactions. If your business also needs speed then blockchain might not be for you. Blockchains are fast but can pose a limitation when it comes to some requirements. There are currently developments in blockchain technology that is going to tackle the problem and you might see more custom-based solutions out there that will be fast and able to cope up with the demand.
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Extra Task For User Experience
Finally, our app has two pages for adding and verifying certificates! The last point to implement is the ability to share the link to check your certificate.
Certificate sharing functionality:
The certificate validation link can be sent so that the verifier does not need to fill out the form. A link like URL/check.html?2 Vladimir Zhuravlev is enough for the form to be automatically filled in with the relevant data, 2 Vladimir Zhuravlev.
What Is A Blockchain
A blockchain is a data structure that offers its network a way to create a digital ledge of data, and share it amongst the independent parties that make up the network.
There are numerous types of blockchains that fall under 3 different categories:
Each structure noted above use cryptography to allow any member of the network to manage the ledge in a secure way without any influence from central authorities. The removal of central authorities from the database structure is one of the leading aspects of blockchains.
Ethereum Classic and Bitcoin have both been the targets of 51% attacks which caused the value of their currency to fall.
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How Does A Public Blockchain Work
For a more in-depth account of the next section, check out the thorough discussion in: What is Blockchain Technology and How Does it Work?
Lets start with an oversimplification.
As a society, we created ledgers to store informationand they have a variety of applications. For example, we use ledgers in real estate to store a houses records, such as when alterations were made or the house was sold. We also use ledgers in bookkeeping to record all the transactions a company makes.
Bookkeeping mostly relies on double-entry accounting to store transactions. Although this is a step-up from single-entry accounting that lacks transparency and accountability, double-entry accounting also has its pitfalls: Entries are accounted for separately, making it difficult for one counterparty to verify the others records.
Records stored using traditional ledgers are also easy to tamper with, meaning you can easily edit, remove, or add a record. As a result, youre less likely to trust that the information is accurate.
Public blockchains solve both these problems and the way we trust by evolving the traditional bookkeeping model to triple-entry bookkeeping: transactions on a blockchain are cryptographically sealed by a third entry. This creates a tamper-proof record of transactions stored in blocks and verified by a distributed consensus mechanism.
Real Estate Land And Auto Title Transfers
One of the primary goals of blockchain is to take paper out of the equation, since paper trails are often a source of confusion. If you’re buying or selling land, a house, or a car, you’ll need to transfer or receive a title. Instead of handling this on paper, blockchain can store titles on its network, allowing for a transparent view of this transfer, as well as presenting a crystal-clear picture of legal ownership.
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Bitcoin Cryptocurrency Blockchain So What Does It All Mean
Let’s start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency . Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
What Are We Going To Develop
Well consider the Certificado project as an example of a blockchain-based app. The project aims to solve a real-world problem forgery of certificates of education. For instance, documents can easily be forged in Adobe Photoshop, and this makes certificates lose their value. It is easier to create a certificate using the software and add it to your CV portfolio than to take a course on Coursera, for example.
The mission of Certificado is to add value to certificates issued online, with two features:
- Transparent storage of certificates on a blockchain
- Only administrators can add certificates to the database
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Improved Security For Domain Name Servers
Domain name servers maintain records of how-to covert the name of a website into its IP address. They are subject to hacking. Website URLs can be misdirected by unauthorized persons. This DNS system can be improved by using blockchain technology to distribute the DNS records in a more secure, less hackable, fashion.
Advantages And Disadvantages Of Blockchain
For all of its complexity, blockchains potential as a decentralized form of record-keeping is almost without limit. From greater user privacy and heightened security to lower processing fees and fewer errors, blockchain technology may very well see applications beyond those outlined above. But there are also some disadvantages.
Improved accuracy by removing human involvement in verification
Cost reductions by eliminating third-party verification
Transactions are secure, private, and efficient
Provides a banking alternative and way to secure personal information for citizens of countries with unstable or underdeveloped governments
Significant technology cost associated with mining bitcoin
Low transactions per second
History of use in illicit activities
Here are the selling points of blockchain for businesses on the market today in more detail.
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Preferred Blockchain Features For Corporations
Most corporations appear interested in permissioned chains or frameworks that allow them to build customized, private solutions. Popular frameworks like IBM’s Hyperledger Fabric and Sawtooth are modular frameworks and the de facto standard for enterprise blockchain platforms. They have advanced privacy controls so only the data you want shared gets shared among a “permissioned network of participants”.
In financial circles, which usually involves a group of private customers with confidential information at stake, this would seem the most logical step forward in terms of maintaining privacy.
Of course, this argument should not be taken at face value, as many public chains have the opportunity to provide privacy and data protection . See an example of how Dusk Network solves privacy in Capital Markets on an open blockchain here.
However there is no arguing that permissioned frameworks have been the “go-to” technologies for corporate blockchain solutions. This is why Corda, Hyperledger, and Quorum have become popular choices amongst enterprises.