Blockchain Impact: Real-Life Examples Of How Blockchain Is Transforming Our World
Blockchain is a technology that is changing the rules, and it's revolutionary, but do you know where the opportunities are for your business?
Blockchain is a community-based technology that enables the safe exchange of value.
As the name suggests, a blockchain is nothing more than an ever-lengthening chain of blocks of data.
Each block contains a record of a change or transaction locked in chronological order and secured by cryptography.
When you search for something on Google, it retrieves the data from a Google server, which means it is centralized.
In the case of Blockchain, the data is not centralized; the data is distributed among several computers connected to that network means the data is distributed/decentralized.
So if you become part of the network, you also have a copy of that data.
The crucial point is that the users believe a piece of information to be correct if recorded on the Blockchain.
This group verification removes the requirement for mediators or intermediaries.
Everyone on the network has access to the record and can confirm that a transaction occurred.
Blockchain is a strength in numbers, but what does this mean for you?
Here is a summary of the distinguishing elements that make Blockchain a superior technology:
- Immutability: Once information enters the Blockchain, it cannot be updated or altered by the administrator. It provides Blockchain with the advantage of being easily open to scrutiny.
- Accessible– The information is easily accessible to all nodes in the network.
- Decentralization– It is the essential aspect of the Blockchain; it distributes information across nodes in the network.
- There is no third party– Because Blockchain facilitates peer-to-peer transactions, there is no requirement for third-party consent when trading or transferring money. Blockchain is a platform in and of itself.
Blockchain can enable self-activating smart contracts, which means if a flight is delayed, passenger details are updated on a blockchain record, automatically triggering an insurance payment.
It offers solid yet flexible data storage such as smart IDs where driving licenses or passports can be confidently digitized into a single adaptable record; this record facilitates fast and easy onboarding and resists compromise.
It means safe value transfer that allows for property deeds to transfer quickly without needing a third party from banking investment management insurance and the public sector.
Let's know more about some real-life examples where Blockchain is making our lives easy:
Ensure the Security of Public Records in the Government Sector
Followmyvote is an idea to provide better transparency in election voting and reduce the number of voter frauds. Using blockchain technology lowers the cost of elections, protects voter privacy, and facilitates safe online voting, resulting in higher voter turnout.
Supply Chain and Logistics
DHL and Accenture collaborated to develop a blockchain-based serialized prototype with nodes in six countries to monitor medications along the supply chain.
Manufacturers, warehouses, distributors, pharmacies, hospitals, and doctors may all access the ledger that tracks these medications.
Trazable is a B2B platform that aims to revolutionize the food industry's supply chains by automating quality departments.
It employs blockchain technology to offer transparency to the whole supply chain, hence enhancing product quality, food safety and involving customers in the product's history.
Solving Land Registry Issues in Real Estate
BitofProperty, currently known as InRento, is a Singapore-based startup that has developed a blockchain crowdfunding platform via which users may invest in a rental property and get monthly payments.
Through the InRento platform, one may make fractional buy-to-rent investments. It is currently growing its reach into new nations and expanding its blockchain-powered services into varied and sizable real estate markets.
ShelterZoom intends to push all payment and property management operations to the Ethereum network. It would provide a forum for buyers, real estate brokers, renters, and others to access legal documents, property titles, mortgages, and house assessment reports, among other things.
Financial Services: Cost-cutting & Fee-Reduction
Aeternity is leveraging blockchain network technology to automate the payment process. If the prerequisites are satisfied and agreed upon by network consensus, it triggers the smart contracts.
Hydrogen Molecule, a cutting-edge platform, may be linked to third-party products and financial systems to incorporate blockchain components. It can aid with digital identity, crypto payment choices, tokenization, and other processes.
SimplyVital Health is using Blockchain to provide patients with coordinated care. It enables the development of an open-source blockchain database from which doctors may access patient data to provide care.
MedRec is an MIT initiative that the healthcare sector will utilize to assure data security and validity. Blockchain technology will store digitized medical records.
Transport and Tourism
Arcade City: A blockchain-based application that promises to beat Uber at their own game by bringing ride-sharing and car-hiring to the Blockchain.
Accenture (ACN): developed the Known Traveler Digital Identity System in conjunction with the World Economic Forum (WEF) to help disrupt the global tourist industry.
Distributed ledger technology enables tourists to acquire control over their digital identities while also improving security.
Airports and airlines gain from faster processing and enhanced safety, which helps minimize lines while reducing one of the most common passenger complaints.
La'Zooz — A community-owned platform for real-time synchronization of vacant seats with customers needing a lift.
Internet of Things (IoT)
Patently Walmart is a blockchain-based IoT solution. With Patently Walmart, each gadget has a unique identification, and users have a password that they can access via their cell phones.
This password allows users to administer each device to know that all transactions and messages are encrypted and routed through a secure network.
All device configuration modifications are auditable since they are saved in tamper-proof blockchain technology.
Blockchain Technology: Transforming the Future
The explosive growth of Blockchain in the last two years demonstrates that it is laying the groundwork for developing a more efficient and futuristic solid technology.
Retail, government, real estate, financial services, and healthcare are not the only industries embracing blockchain technology to improve transparency, accountability, and security.
Tourism, transportation, the industrial industry, supply chain management, and many more industries also utilize future technology.
Blockchain is a world of opportunity; together, we can discover, design, and develop groundbreaking solutions.
Our goal at LordToken is to use our platform to promote projects that will impact our everyday life.
Join us today!