Hi
Let go through the industries that are working on Blockchain.
What is Blockchain?
A blockchain is an anonymous online ledger that uses the data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.
In simple words, a blockchain is a global online database that anyone with an internet connection can use. Unlike traditional databases — which are typically owned by big institutions — a blockchain doesn't belong to anyone; and with an entire network of people monitoring it, cheating the system by faking documents, transactions and other information is nearly impossible.
Banking and Payments
Abra is a startup that is working on a bitcoin-based remittance service. Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure. IBM predicts that 15% of banks will be using the blockchain by the end of 2017.Cyber Security
Although the blockchain ledger is public, the data is verified and encrypted using advanced cryptography.Supply Chain Management
Some blockchain startups working in this sector are Provenance, Fluent, SKUChain, and Blockverify.Forecasting
Online platforms like Augur are looking to create global decentralized prediction markets.Networking and the Internet of Things
Samsung and IBM are using blockchain technology for a new concept called ADEPT, which will create a decentralized network of IoT devices.Insurance
Aeternity is one blockchain project that is building tools that are useful in the insurance industry.Private Transport and Ride Sharing
The blockchain can be used to create decentralized versions of peer-to-peer ridesharing apps, allowing both car owners and users to arrange terms and conditions in a secure way without third-party providers. Startups working in this area include Arcade City and La’Zooz.Cloud Storage
Storj is one example of a cloud storage network using the technology.Charity
Bitcoin-based charities like the BitGive Foundation use blockchain’s secure and transparent distributed ledger to let donors see that the intended party has received the funds.Voting
Democracy Earth and Follow My Vote are two startups aiming to disrupt democracy itself through creating blockchain-based online voting systems for governments.
Thank You for Your Time.
Stay tuned for further updates.
Nice overview! Upvoted and followed you :)
I have noticed that when talking about blockchain solutions, people tend to have one narrow setting in mind. The most common one is decentralized network of bitcoin, which is theoretically open for anyone. However, it is only one extreme.
Organization science teaches us that in addition to decentralized markets there are also hierarchies, such as single organizations. Some blockchain solutions are centralized or governed within a hierarchy. At least in theory, their design is preventing external participation.
There is life between these extremes also. Organizations can have inter-organizational bilateral blockchain solutions with more or less selected mechanisms for selecting participants.
Thanks for the appreciation :)
I fully agree with you. Most of the people think seeing only cryptocurrencies and ignoring the true potential of blockchain and its application. In the coming years, blockchain will be going to put its steps in all aspects of human life.