What Is A Blockchain Platform
A blockchain platform allows users and developers to create novel uses of an existing blockchain infrastructure. One example is Ethereum, which has a native cryptocurrency known as ether . But the Ethereum blockchain also allows the creation of smart contracts and programmable tokens used in initial coin offerings , and non-fungible tokens . These are all built up around the Ethereum infrastructure and secured by nodes on the Ethereum network.
Various Companies Using Blockchain In Food Industry
Walmart is using blockchain in the food chain to track sliced mango packages. Previously, it took them about six days to track the whole process of the food. However, now it only takes seconds! Can you imagine the amount of time they are saving? More so, this tracking took place all the way from Mexico to their store. So, the packages went through a lot of stages, and blockchain could detect the condition in each one of them.
Carrefour is one of Europes largest retailers that is using blockchain to trace their free-range chickens. More so, they also allow shoppers to track the process at every stage, knowing just from where and how the chicken was available in the store. Therefore, with success, the company wants to use blockchain in food and beverage items, including milk, salmon, tomatoes, eggs, honey, and so on.
Nestlé is using blockchain in the food chain to trace their milk from farms and the production house to the factories. At present, they are working with OpenSc on the pilot project. However, its a great way to showcase their strengths to the market as they are choosing to stay transparent in their actions. More so, they also plan to include other products in this project later on.
Want to check out more blockchain use cases? Check: Top 20+ Blockchain Use Cases
Bumble Bee Foods
Working Mechanism Of Blockchain
Blockchain can be defined as a shared ledger, allowing thousands of connected computers or servers to maintain a single, secured, and immutable ledger. Blockchain can perform user transactions without involving any third-party intermediaries. In order to perform transactions, all one needs is to have its wallet. A Blockchain wallet is nothing but a program that allows one to spend cryptocurrencies like BTC, ETH, etc. Such wallets are secured by cryptographic methods so that one can manage and have full control over his transactions.
There are now wallet options that allow you to add an address and generate a unique domain name, such as. sol. Digital eyes has introduced a Bonafide that provides such services.
Now, this is how Blockchain works. Initially, when a user creates a transaction over a Blockchain network, a block will be created, representing that transaction is created. Once a block is created, the requested transaction is broadcasted over the peer-to-peer network, consisting of computers, known as nodes, which then validate the transaction.
A verified transaction can involve cryptocurrency, contracts, records, or any other valuable information.
Once a transaction is verified, it is combined with other blocks to create a new block of data for the ledger.
Don’t Miss: How Does Blockchain Work Bitcoin
Music/entertainment Rights & Ip
Entertainment entrepreneurs are turning to blockchain technology to make content sharing fairer for creators using smart contracts, whereby the revenue on purchases of creative work can be automatically disseminated according to pre-determined licensing agreements.
Muzika, a blockchain-based music streaming platform, partnered with Binance, a crypto-exchange network, to try to help independent artists make money from their listeners. Muzika has stated that it plans to give 90% of revenue to the artists.
In 2017, Spotify acquired blockchain startup Mediachain, which had been developing a decentralized media library, to better identify the rights holders of songs on Spotifys platform for royalties payments.
UK-based blockchain startup JAAK also has plans to work with music rights holders and other entertainment industry stakeholders. JAAK, which provides an operating system for content, is developing a platform that allows media owners to convert their repository of media, metadata, and rights into smart content that can self-execute licensing transactions on the Ethereum blockchain.
Blockchain Also Has Potential Applications Far Beyond Bitcoin And Cryptocurrency
From a business perspective, its helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the cost of trust. For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.
Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance. These articles will help you understand these changesand what you should do about them.
For an overview of cryptocurrency, start with Money is no object. We explore the early days of bitcoin and provide survey data on consumer familiarity, usage, and more. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected as the market matures.
For a deeper dive into cryptocurrencies, we recommend that you read the following:
Crypto Center: PwCs open source of knowledge on all things crypto.
Carving up crypto provides an overview of how regulators are thinking about cryptocurrency in financial services, both in the United States and abroad.
Cryptocurrency? Digital asset? Whats the accounting? In this podcast, we discuss what these terms mean and how they impact your financial statements.
You May Like: Where Is My Bitcoin Wallet
Lets See How Blockchain Can Be Used In Manufacturing Business
As already mentioned, the supply chain is an integral part manufacturing industry and having a more efficient system will only ensure that the manufacturing business runs seamlessly.
Amalgamating Blockchain with IoT at the shipping level in supply chain enhances transparency, authenticity, compliance to product and contractual requirements thereby reducing the duplication of products and also counterfeit products. This becomes especially more important when it comes to a highly regulated industry like Consumer Packaged Goods, Aerospace and Defense, pharmacy. Combing both these technologies will give the real-time information of abutting a particular product ensure hassle-free shipping, tamper-proof storage, Temperature controlled product transportation and much more.
When Blockchain is used in the supply chain part, then the information pertaining to a certain products gets uploaded the time it is procured from the producers place, installing a sensor on the product and syncing the sensor with the ledger will ensure that you can do the real-time tracking of information thus ensuring that the product is authentic and real.
Clearly The Future Lies With Blockchain Technology
As you can see, blockchain technology is poised to take over the way we work. Why not secure your future in the industry of your choice by becoming an expert in blockchain now? We offer two courses in understanding blockchain. The first, Blockchain basics, provides an overall understanding of blockchain technology from its origin up to Bitcoin Data Structures. You also become aware of emerging technologies such as those discussed in this article. Its a good introduction to all things blockchain and Bitcoin.
However, if youre really intrigued by blockchain technology, you might want to master it more fully with our Blockchain Certification Training Course, where you get down and dirty with Bitcoin, Ethereum, and Hyperledger. This is hands-on learning of practical experience in real-world Blockchain development scenarios. Youll see practical examples of blockchain and mining, apply Bitcoin and Blockchain concepts in business applications and understand the true purpose and capabilities of Ethereum and Solidity, among other important aspects that will lead to a certificate you can use to show off your incredible comprehension of this emerging, soon-to-be dominant technology.
Recommended Reading: How Does Blockchain Wallet Work
Rising Market Capitalization Of Cryptocurrencies Fueling Venture Capital Investment
Cryptocurrencies are based on blockchain technology, representing a new development across the payments landscape. Cryptocurrencies offer a lower transaction fee compared to other payment methods, which attract individuals and entities for cross-border payments as they involve high transaction fees. This drives blockchain market growth across the globe. Additionally, the decentralized nature of cryptocurrencies does not allow cross-border regulatory authorities to impose restrictions on transactions. Lower transaction fees along with other factors are propelling market capitalization of cryptocurrencies, which are attracting venture capitalists to invest in blockchain technology startups. For instance, in 2017, when the cryptocurrency price jumped by 2,200% in 11 months, funds raised by blockchain startups through ICOs surpassed VC investments in the sector.
Get more details on this report – Request Free Sample PDF
Blockchain Companies To Invest In 2021
If youre looking to get started with crypto investing, weve created a comprehensive step-by-step guide you can follow to get started here: How To Invest in Cryptocurrencies: The Ultimate Beginners Guide
Here is a comprehensive list of public blockchain companies to invest in. We have segmented them based on these categories: banking, supply chain, health care, energy, insurance, travel, real estate, exchanges, and mining.
These public companies are either using blockchain, have cryptocurrency on their balance sheets, allow you to trade cryptocurrency, or are mining cryptocurrency.
*Technically, Binance is not a public company, but you can invest in it by purchasing their own digital currency . You can use their currency to pay for transaction and trading fees on the exchange. This is also true for DeFi exchanges like Uniswap, 1inch, and PancakeSwap.
Don’t Miss: How To Pay With Bitcoin Wallet
Benefits Of Adopting Industry 40
1. Beat The Competition:
The topmost beneficiary of this industrial revolution is supply chain industry and e-commerce industry, So by keeping this in minds, Amazon has already started to enrich the process of goods delivering methodology into more digital. So, a business which focuses on goods delivery and supply chain could beat the competition if it is enough capable of adopting Industry 4.0 Components.
2. Boosts Profit, and fosters the Growth
3. Business operations could be stronger, efficient, and also collaborative too
As everything focused to be automated any process inside a business network would be more efficient, trackable, robust, and also easy to collaborate.
4. Easy to identify the big problems
With sensors and connected IoT devices, we could easily identify the problems before occurs inside any segments of a value chain. So we can easily decide on time to recover those problems with the help cyber physical systems.
Below Are Some Of The Key Reasons Why Most People Are Suddenly Interested In Cryptocurrencies:
- Blockchain security makes theft far more difficult since every single cryptocurrency has an absolute identifying number connected to a single owner.
- Crypto eliminates the need for distinct currencies and central banks with the assistance of blockchain. Crypto may be sent to anybody, wherever in the world, without the need for currency conversion as well as involvement or service from central banks.
- Cryptocurrencies have undoubtedly the potential to make some people extremely rich. Speculators have enhanced the price of cryptocurrencies, notably Bitcoin, making some early adopters in millions. It has to be seen if this is truly good since some individuals claim that speculators are not taking notice of the long-term advantages of crypto.
Furthermore, it has to be seen digital currencies are the way of the future. For the time being, it explains that blockchains meteoric rise is beginning to take root in reality rather than sheer hysteria. It is showing potential beyond Bitcoin and with the fact that it is still in its early phases in this brand-new, high-risk business.
Recommended Reading: Can Bitcoin Turn Into Cash
The Process Of Transaction
One of Blockchain technologys cardinal features is the way it confirms and authorizes transactions. For example, if two individuals wish to perform a transaction with a private and public key, respectively, the first person party would attach the transaction information to the public key of the second party. This total information is gathered together into a block.
The block contains a digital signature, a timestamp, and other important, relevant information. It should be noted that the block doesnt include the identities of the individuals involved in the transaction. This block is then transmitted across all of the network’s nodes, and when the right individual uses his private key and matches it with the block, the transaction gets completed successfully.
In addition to conducting financial transactions, the Blockchain can also hold transactional details of properties, vehicles, etc.
Heres a use case that illustrates how Blockchain works:
Top Use Cases Of Blockchain In Fintech
A smart contract is nothing but a computer code that runs on top of blockchain technology. This code contains a set of rules under which the parties consisting of it must agree to interact with each other. The agreement between two parties is automatically enforced if the predefined rules of the contract are met. The code of smart contracts can verify and enforce the performance or negotiation of an agreement.
Purchasing and selling of shares and stocks involve many middlemen, like a stock exchange and a broker. But when blockchain is involved, its decentralized and secure ledger enables every stakeholder to have a say in the validation of any transaction. This completely eliminates the need for middlemen. And because of that, the settlement process gets quicker and also improves the trade accuracy.
Once blockchain gets involved with the digital identity management system, the users can select the way people identify them and also who can see their digital identity. But for this, the users have to register their identity on the blockchain.
When it comes to digital payments, the traditional transfer of value has been very expensive and slow. But with blockchain coming into the picture, the process has become faster and simple. People can now easily transfer money without worrying about its security.
Recommended Reading: How To Transfer Crypto To Usd
Investing In The Future
Businesses and governments around the world are continuing to test and implement blockchain technology, but none of this will happen overnight. If we ever reach a point where government currency is blockchain-based or medical records are converted to a blockchain, it wont be anytime soon.
In the meantime, you can bet on the power of blockchain by adding a blockchain-based cryptocurrency like Bitcoin to your portfolio, though thats not the only way to put your dollars behind the technology.
You can also adjust more traditional investments so theyre blockchain-forward. For example, look into whether your ETFs or mutual funds include companies that are developing blockchain technologies or beginning to use blockchain in their business operations.
There are even ETFs wholly made up of these types of companies, known as blockchain ETFs. One example, launched in 2018, is the Siren Nasdaq Blockchain Economy Index , which has outpaced the S& P 500s overall return both year-over-year and on a three-year average. These funds dont put any of your money in crypto specifically instead, they invest in select company stocks ranging from long-established businesses like IBM to lesser-known startups like Galaxy Digital.
While it still doesnt guarantee a return, this can be a more conservative alternative to putting your money into the notoriously volatile cryptocurrency market directly.
Business & Corporate Governance
The benefits of using blockchain for smart contracts and verifiable transactions can also be applied toward making business accounting more transparent. The Boardroom app, for example, provides a governance framework and app enabling companies to manage smart contracts on the public and permissioned Ethereum blockchains.
The app provides an administrative system for organizations to ensure smart contracts are executed according to rules encoded on the blockchain . Boards can also use the app for shareholder voting by proxy and collaborative proposal management.
Aragon is going even further, using blockchain to disintermediate the creation and maintenance of companies and other organizational structures. Believing that decentralized organizations can solve the worlds worst problems, Aragon is developing tools to help companies use blockchain to manage their entire global workforce.
The company sees blockchain as a tool to welcome more employees and contractors from developing countries into North American and European businesses.
Recommended Reading: How To Invest In Cryptocurrency Stocks
When Travelers Book A Trip They Probably Imagine Their Information And Funds Transferring To A Single Vendor The Reality Is Typically Much More Complex
Data about the traveler, luggage, and trip might be passed between dozens of vendors who support the transaction. When a travelers flight gets rerouted, for instance, every relevant vendor needs access to that information fast enough to take corresponding actions.
Today, we pass an immense volume of data from one vendor to the next. We build complex integrations, automation workflows, and data checks. And we go to great lengths to optimize the speed of data transfer.
Blockchain presents a more efficient and secure option. Rather than transferring data between vendors, blockchain connects approved vendors to a shared set of dataa single source of truth. Every approved vendor has immediate access to that update when a transaction or change occurs. They can all access the same information at the same time.
This article will explain what blockchain is and provide examples of how it can benefit the travel industry.
Industries That Benefit From Blockchain Networks
Blockchain technology has proven useful for a variety of industries from finance to supply chain to real estate to gambling. By using smart contracts i.e., self-executing code stored and accessible on an immutable blockchain companies and individuals can avoid the expense and often the ambiguity of engaging with third parties to accomplish routine business.
Blockchain technology is also well-suited for payments, as evidenced by bitcoin, bitcoin cash , litecoin , and numerous other payments-focused cryptocurrencies. Blockchain is in many ways more efficient and globally accessible than traditional third-party payments providers.
Additionally, industries that rely on efficient and secure mechanisms of data ownership and control, such as healthcare, the Internet of Things , and digital identity, are finding new cutting-edge solutions facilitated in large part on blockchain network protocols. Through public-key cryptography which gives users a public key for receiving transactions and a private key for sending transactions blockchains allow users to remain pseudonymous and for the transfer of data to remain secure.
Read Also: How To Find Out If You Have Any Bitcoins