Examples Of Blockchain Smart Contracts Applications
What Is The Role Of Blockchain Technology In Business Transformation
When we talk about Blockchain we usually associate it with cryptocurrencies however, this technology goes further. Blockchain is a technology with more than 20 years since its creation. It is considered emerging today, with multiple corporate and institutional applications where companies must pay attention and test.
Hybrid Blockchains Or Consortiums
Consortiums are a combination of public and private blockchains and contain centralized and decentralized features. For example, Energy Web Foundation, Dragonchain, and R3.
Take note: There isnt a 100 percent consensus on whether these are different terms. Some make a distinction between the two, while others consider them the same thing.
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Train To Become A Blockchain Developer
The more valuable the transaction, the more you want to protect it. Traditional systems hire a mediator, such as a banker or a remittance company to ensure trust. Islanders of Yap had a different solution. They kept a mental record of who owned what and referred to this distributed community record when disputes arose. The blockchain is this community record on a wider, digital scale. It extends across the globe, with computer users from Yemen, Rome, Vermont and so forth where each node in the network records and verifies the data of each transaction that occurs within the network. Records are permanent, comprehensive and public which is why users love the blockchain for finagling questionable or risky transactions.
Speculation Fraud And Adoption
Cryptocurrencies have been compared to , and , such as . of stated in 2017 that digital currencies were “nothing but an unfounded fad , based on a willingness to ascribe value to something that has little or none beyond what people will pay for it”, and compared them to the , , and . has explained the debate based on interviews with blockchain founders in an article about the “argument over whether Bitcoin, Ethereum, and the blockchain are transforming the world”.
While cryptocurrencies are digital currencies that are managed through advanced encryption techniques, many governments have taken a cautious approach toward them, fearing their lack of central control and the effects they could have on financial security. Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users. However, research in 2021 by the UK’s financial regulator suggested such warnings went unheard, or ignored. Fewer than one in 10 potential cryptocurrency buyers were aware of consumer warnings on the website, and 12% of crypto users were not aware that their holdings were not protected by .
The cryptocurrency community refers to pre-mining, hidden launches, or extreme rewards for the altcoin founders as a deceptive practice. It can also be used as an inherent part of a cryptocurrency’s design. Pre-mining means currency is generated by the currency’s founders prior to being released to the public.
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Hot Wallets And Cold Wallets
Hot wallets are online wallets through which cryptocurrencies can be transferred quickly. They are available online. Examples are Coinbase and Blockchain.info. Cold wallets are digital offline wallets where the transactions are signed offline and then disclosed online. They are not maintained in the cloud on the internet they are maintained offline to have high security. Examples of cold wallets are Trezor and Ledger.
With hot wallets, private keys are stored in the cloud for faster transfer. With cold wallets, private keys are stored in separate hardware that is not connected to the internet or the cloud, or they are stored on a paper document. Hot wallets are easy to access online 24/7 and can be accessed via a desktop or mobile device, but there is the risk of unrecoverable theft if hacked. With cold wallets, the method of the transaction helps in protecting the wallet from unauthorized access .
We can further break down wallets into three types:
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.
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Offer Tourist Coupons And Incentives
Whether you like it or not, companies provide traditional paper, plastic tokens, coupons, discount and other sorts of inefficient reward and loyalty rewards to their customers.
Rouge allows companies to make use of this new digital format into their customer services programs, creating their own Blockchain loyalty tokens and coins for their customers.
Do You Need A Central Authority To Control The Data
Having a third party that oversees all transactions might be required for some businesses. At the same time, central authorities create a lot of security risks. When all the data is validated by a number of network participants with an agreed-upon consensus algorithm, you dont need to rely upon a third party. Thus, it reduces transaction fees and guarantees impeccable security.
Give Everyone Freedom From Passwords
Irrespective of measures like two-step verification and alphanumeric passwords for stronger account protection, there are still concerns about compromising user information and app security.
This is where the tamper-proof Blockchain database and its transparent, as well as consensus-based verification strategy, proves to be the most secure way to protect user identity and credentials.
Examples Of Blockchain Smart Property Applications
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Best For Content Creators: Steem
Content creators who dont mind getting paid in crypto have a powerful new outlet in Steem. The platform encourages creators to invent engaging content with its Steem tokens. The cryptocurrency is currently in the top 100 of all cryptocurrencies on the market.
Steem measures success through a Proof of Brain concept. Creators who drive new users to Steem and engage current users are given the most tokens. Each token is currently worth about $0.20, with the total market cap of the currency standing at about $80 million.
Blockchain For Advanced Advertising Model
Ads in apps is another crucial area that can be totally optimized through a blockchain model. All the cost-per-installment ad campaigns that developers now rely upon involving a lot of mediators in the middle who take away a considerable portion of the ad revenue.
With Blockchain the so-called cost-per-installment model can be totally replaced by the cost-per-attention model. According to this approach, the users are instantly rewarded with app coins as soon as they spend money on the app. By eliminating the role of middlemen developers get better revenue and users make a better deal.
Automating app approval through Blockchain
Both Google Play and Apple App Store have a cumbersome and time-consuming approval process involving several meticulous considerations. The approval process of both stores is completely non-transparent and is often arbitrary in nature. In several cases, the developers have strong objections to the unfair rejection of apps.
With the blockchain-based approval process, apps can be approved by using a transparent system covering the multitude of approval parameters in a well-orchestrated and disclosed manner. This will ensure faster approval and fewer chances of dissatisfaction on the part of developers.
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Government & Public Records
The management of public services is yet another area where blockchain can help lessen paper-based processes, minimize fraud, and increase accountability between authorities and those they serve.
Some US states are taking it upon themselves to realize the benefits of blockchain: the Delaware Blockchain Initiative, launched in 2016, aims to create appropriate legal infrastructure for distributed ledger shares, to increase efficiency and speed of incorporation services.
Illinois, Vermont, and other states have since announced similar initiatives. Startups are assisting in the effort as well: in Eastern Europe, the BitFury Group has partnered with the Georgian government to secure and track government records.
Research & Clinical Trials
Beyond better data sharing, blockchain offers an opportunity to improve healthcare before the treatment phase: in research and clinical trials.
Effective research and clinical trials require the coordination of multiple sites and stakeholders, as well as careful management of massive amounts of sensitive data coming from different sources.
One important function blockchain could fulfill is connecting disparate data within a study, which frequently takes place across different research facilities and is administered by different researchers. This would prevent the need to reconcile separate databases together to create a traceable record of what a participant did.
Once a study is finished, there would be an easily accessible audit trail that could be submitted to regulatory parties, auditors, or other researchers .
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Select A Blockchain Development Platform
Blockchain app development from scratch requires in-depth research and strategy and will take several months to complete. To reduce the total time required for development, a blockchain development company builds the apps on top of reliable blockchain platforms.
The platform you choose will depend on a number of important factors such as what is the need of the app and what functionalities are required. For instance, if the app is for financial purposes, Ripple, Stellar, and R3 Corda are the relevant platforms. For apps meant for digital asset management, the OpenChain platform can be chosen.
So, do some brainstorming about the available platforms to figure out the best one for your application. Making the right decision will be beneficial in the long term.
Give Your Valuables A Digital Identity
Losing your valuables is a painful experience. Giving police the serial number of your stolen valuables is not enough.
At VTT, you can protect what you love. Whether it is a bicycle, drones, escooter or luxury handbag. You write your proof of ownership to the Ethereum blockchain forever. In this way, it makes easier recovery of these portable stolen assets.
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Examples Of Blockchain Financial Services Applications
Fill Up Empty Hotel Rooms
If you are a sales representative in the hotel industry, you will appreciate this solution. Imagine your hotel guest does a last minute cancellation for his long stay. And to make the situation worse, he refuses to pay. Moreover, its very challenging to find a substitute customer for the vacant room within a short time.
Webjet is an online traveling portal that allows stock of empty hotel rooms to be efficiently tracked and traded.
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Transportation & Logistics Apps
Blockchain technology in transportation offers immediate, scalable solutions for order tracking, transition, and authentication. With the help of blockchain, the supply chain for truck components and used trucks could be easily tracked on a digital ledger thus serving as a sort of CARFAX on steroids for the commercial transportation market.
Furthermore, blockchain-based transportation & logistics apps will be more efficient. A decentralized public ledger system that records all the changes in real-time will help logistic companies to become more efficient through a public ledger system that stores the motions of each shipping container and reduces clerical errors.
Among all technologies, Blockchain technology is witnessed as the most benefited technology used in transportation & logistics industry app-
What Is Web 3 And What Does It Enable
Web 3 is an umbrella term for a set of emerging technologies intersecting cryptocurrencies, blockchains and distributed systems that, together, extend the capabilities of the web we all use today in important and meaningful ways.
The blockchain and the web will connect together in lots of interesting ways.
– Tim Berners-Lee
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Best For Medical Safety: Burstiq
BurstIQ is an app designed to safely and anonymously deliver medical information from place to place. A progressive characteristic of this platform is the ability to choose exactly what information is shared.
BurstIQ can also be used for extended patient treatment programs. The user interface displays personalized health plans after a doctor makes recommendations and prescriptions.
Blockchain To Streamline In
It is common for app users to face issues corresponding to in-app purchases. Because of the uneasiness about certain payment methods such as credit cards, many users stay away from in-app purchases.
This is where Blockchain offers a very streamlined and smooth payment solution to make purchases easier. The disintegrated blockchain database allows paying through digital coins that involve no risks of frauds, security concerns, and transaction fees.
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Blockchain Is In Its Infancy
Blockchain technology has only been around for a dozen years, and businesses are still exploring new ways to apply the technology to support their operations. With the growing amount of digital data used in our lives, there’s a growing need for the data security, access, transparency, and integrity blockchain can provide.
Cryptocurrencies: The Beginning Of Blockchain’s Technological Rise
Blockchains most well-known use is in cryptocurrencies. Cryptocurrencies are digital currencies , like Bitcoin, Ethereum or Litecoin, that can be used to buy goods and services. Just like a digital form of cash, crypto can be used to buy everything from your lunch to your next home. Unlike cash, crypto uses blockchain to act as both a public ledger and an enhanced cryptographic security system, so online transactions are always recorded and secured.
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Do You Need A Trustless Environment
Trust is violated often, creating a lot of issues for business. Blockchain is a trustless environment where parties can work without worrying about other particles sticking to the protocol and previously agreed-upon rules. The system is transparent and nothing goes unnoticed.
If you answer all the questions with a strict Yes, your business will probably benefit from blockchain implementation. Now lets find out how to build a blockchain app for different industries and how they will benefit.