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What Can Blockchain Technology Be Used For?

What Are The Applications And Use Cases Of Blockchains?

What Are The Applications And Use Cases Of Blockchains?

What Are the Applications and Use Cases of Blockchains? Blockchain technology is a revolution in systems of record. Bitcoin is historys first permanent, decentralized, global, trustless ledger of records. Since its invention, entrepreneurs in industries around the world have come to understand the implications of this development. The nature of blockchain technology has got imaginations running wild, because the idea can now be applied to any need for a trustworthy record. It is also putting the full power of cryptography in the hands of individuals, stoppingdigital relationships from requiring a transaction authority for what are considered pull transactions. For sure, there is also a lot of hype. This hype is perhaps the result of how easy it is to dream up a high-level use case for the application of blockchain technology. It has been described as magic beans by several of the industrys brightest minds. There is more on how to test whether blockchain technology is appropriate for a use case or not in ourguide "Why Use a Blockchain?" . For now, we turn to a discussion of the development of blockchain technology for how it could be useful. Cryptographic keys in the hands of individuals allow for new ownership rights and a basis to form interesting digital relationships. As weve discussed in our guides "What is Blockchain Technology?" , "How Does Blockchain Technology Work?" and "What Can a Blockchain Do?" , blockchains provide an opportunity to establish a strong system for digital identity. Because it is not based on accounts and permissions associated with accounts, because it is a push transaction, and because ownership of private keys is ownership of the digital asset, this places a new and secure way to manage identity in the digital world that avoids exposing us Continue reading >>

What Is Blockchain Used For Besides Bitcoin?

What Is Blockchain Used For Besides Bitcoin?

What Is Blockchain Used For Besides Bitcoin? {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe What are the use cases of Blockchain outside of bitcoin? originally appeared on Quora : the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Alyssa Satara , Masters of Law (LLM) Public International Law & Human Rights, City University London, on Quora : 4 Incredible Examples Of How Blockchain Is Changing The Future Of Human Rights Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance. Its an encrypted database of agreements, so to speak. This means once a deal is made, neither party can go back and rewrite the terms. Smart Contractsa blockchain based contract that holds both parties accountable by only completing the terms of the agreement once both parties have fulfilled their end of the bargainis a perfect example. Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the potential to create massive social changeand greatly protect the human rights of every individual. Were already seeing some of this amazing work unfold. This year, the UNWFP sent over 10,000 Syrian refugees cryptocurrency-based vouchers. Led by Ethereum co-founder Gavin Wood, and blockchain big data firm Data Continue reading >>

Blockchain Is Useful For A Lot More Than Justbitcoin

Blockchain Is Useful For A Lot More Than Justbitcoin

Blockchain is useful for a lot more than justBitcoin The distributed nature of blockchain networks make them useful for many applications. Shutterstock Blockchain is useful for a lot more than justBitcoin Principal Researcher in Software Systems, Data61 Mark Staples is a Conjoint Associate Professor at UNSW. CSIRO provides funding as a founding partner of The Conversation AU. Data61 provides funding as a member of The Conversation AU. Blockchain technology is not just useful for creating digital currencies such as Bitcoin or developing new financial technologies . Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights. Blockchain technology was popularised by the Bitcoin digital currency system. But, essentially, a blockchain is just a special kind of database. The Bitcoin blockchain stores cryptographically signed records of financial transfers, but blockchain systems can store any kind of data. Blockchains can also store and run computer code called smart contracts. What makes a blockchain system special is that it doesnt run on just one computer like a regular database. Rather, many distributed processing nodes collaborate to run it. There can be a full copy of the database on every node, and the system encourages all those nodes to establish a consensus about its contents. This boosts our confidence in the database and its contents. Its difficult, if not impossible, to meddle with the database without others finding out and correcting it. The global consensus among the nodes about the integrity and contents of the distributed database is why its often called a distributed ledger. In our society, we normally rely on trusted third parties, such as lawyers, Continue reading >>

7 Most Interesting Uses Of Blockchain

7 Most Interesting Uses Of Blockchain

November 10, 2017, 10:05:18 AM EDT By Due.com Blockchain rose to fame as the underlying system behind Bitcoin and other digital cryptocurrencies , but Blockchain has many potential uses that extend far beyond digital money. From the stock market to the bank, Blockchain may be the future of finance and financial technology. Blockchain has so many interesting applications that hundreds of companies have popped up with a focus on the technology. Here are some of the most interesting uses of Blockchain in development today. Africa is arguably the least advanced part of the world in terms of financial development. Outside of a few cosmopolitan areas, much of Africa trades in cash. The economies of African nations are often cut off from the rest of the financial world, but the continent of 1.2 billion inhabitants is poised for exciting developments . BitPesa is aiming to solve Africas liquidity and money transfer fragmentation. The Blockchain based app allows users to do business across Africa with built in foreign exchange and business to business payment features. The company has its biggest operations in Kenya, Nigeria, Tanzania, and Uganda, but this startup app supports payments to over 85 countries including the United States and China. Expect a lot more from this startup in the coming years. Most Blockchain technologies are focused on cash and cash equivalents, but Storj has a completely different focus: cloud storage. Most online storage requires your data to live in a central server, which sends out your web assets on demand when visitors click a link to your page. With a CDN , copies of your data sit in servers around the world, and the closest copy is sent when someone clicks. Storj is taking that to the next level. Using Blockchain and heavy encryption, Storj allo Continue reading >>

Blockchain Technology Applications & Use Cases - Business Insider

Blockchain Technology Applications & Use Cases - Business Insider

As Bitcoin and other cryptocurrencies have been on fire for a large portion of 2017, focus has turned to blockchain, the underlying technology that powers these digital currencies. But blockchain technology has many more potential use cases and applications other than just serving as the fuel behind Bitcoin. Below, BI Intelligence, Business Insider's premium research service, has outlined those applications across finance, business, government, and other industries. Blockchain Use Cases in Banking & Finance Blockchain technology is simple to understand at its roots. Basically, the tech exists as a shared database filled with entries that must be confirmed and encrypted.It's helpful to envision it as a stronglyencrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors. Blockchainprovides a way tosecurely and efficiently create a tamper-prooflog of sensitive activity. This makes it excellent for international payments and money transfers.Julio Faura, Banco Santander's head of R&D and innovation, told BI Intelligence that the bank isparticularly interested in the potential of the technology in thepayments space. That's because as a large commercial bank, Santander has numerous retailclients who would benefit from more efficient and cheaper payments, particularly in the area of international transfers. Blockchain technology can be used to decrease the cost of these transfers by reducing the need for banks to manually settle transactions. And while that's something Santander isn't able to deliver using existing payment rails, it could potentially do so using ablockchain-based system, according to Faura. Banco Santander also sees potential for blockchain-based systems to improve capital markets, b Continue reading >>

What Is Blockchain Technology And What Can You Do With?

What Is Blockchain Technology And What Can You Do With?

What is blockchain technology and what can you do with? This is a great two-in-one question because blockchain is so popular, yet causes confusion. This term is used with abandon at tech conferences, in research reports, and by thought leaders. Its now a word with implicit meaning as in, you should know what blockchain is, but theres a strong chance that the person discussing it is more confused than you are. Thats largely because despite all the buzz, blockchain is still in its infancy. At last years Finance Disrupted conference hosted by The Economist, panelists discussed blockchain like its going out of style. But they also admitted that its not in style yet. There was uniform consensus that although blockchain might turn the finance world on its head, its still a good five to 10 years away from mass adoption. This aligns with Gartner research on the subject. The IT research firms recent blockchain report found that while this sector is increasingly crowded, its still so young that whichever blockchain technology will come to dominate likely isnt here yet. So, what is blockchain technology? According to Harvard Business Review: With blockchain technology, the core system that underpins bitcoin, computers of separately owned entities follow a cryptographic protocol to constantly validate updates to a commonly shared ledger. A fundamental advantage of this distributed system, where no single company has control, is that it resolves problems of disclosure and accountability between individuals and institutions whose interests arent necessarily aligned. Mutually important data can be updated in real time, removing the need for laborious, error-prone reconciliation with each others internal records. It gives each member of the network far greater and timelier visibility Continue reading >>

20 Real-world Uses For Blockchain Technology

20 Real-world Uses For Blockchain Technology

20 Real-World Uses for Blockchain Technology I bet you didn't realize blockchain could do all of this. Cryptocurrencies simply couldn't be stopped in 2017, and blockchain technology is to thank for that. Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and/or logging information. Why the sudden need for blockchain? Blockchain is the vision of developers who believed that the current banking system had flaws. In particular, they viewed banks acting as third-parties and pilfering transactions fees as unnecessary, and they scoffed at the idea that payment validation and settlement could take up to five business days in cross-border transactions. With blockchain, real-time transactions are a possibility (even across borders), while banks are left out of the equation entirely, presumably reducing transaction fees. There are other uses for blockchain, too, beyond the currency setting. Numerous Dow Jones Industrial Average components are testing out some of these uses in small-scale projects and controlled demos right now. You're probably wondering what this potentially game-changing technology can actually do in the real world. Well, wonder no more. Here are 20 potential uses for blockchain technology. 1. Payment processing and money transfers Arguably the most logical use for blockchain is as a means to expedite the transfer of funds from one party to another. As noted, with banks removed from the equation, and validation of transactions ongoing 24 hours a day, seven days a week, most transactions processed over a blockchain can be settled within a matter of se Continue reading >>

Application Of Blockchain Technology In The Manufacturing Industry

Application Of Blockchain Technology In The Manufacturing Industry

Application of Blockchain Technology in the Manufacturing Industry Authors: Vincent Dieterich, Marko Ivanovic, Thomas Meier, Sebastian Zpfel (Technische Universitt Mnchen), Manuel Utz (StromDAO), Philipp Sandner (Frankfurt School Blockchain Center). Download the article as PDF file . More information about the the Frankfurt School Blockchain Center on the Internet , on Twitter or on Facebook . The following paper shows both the high potential of blockchain for the manufacturing and machine tool industry in the future, as well as the challenges that occur with that technology. Several use cases of blockchain technology will be presented and discussed in this paper. Furthermore, we want to show the conditions under which blockchain solutions might be most beneficial and if blockchain will become a key technology to transform many industries. Recently, the cryptocurrency Bitcoin was at an all-time high, being worth more than 7,000 USD, which is six times the value at the beginning of the year. The hacker attack WannaCry from May, which used Bitcoin as a medium for the victims to pay the ransom, brought the cryptocurrency back to the public attention. Digital currencies, however, not only show their strengths in the criminal world, but their potential is also recognized by large banks. [i] Bitcoin, as well as other digital currencies, are built on a technology called blockchain. Blockchains store data decentral and immutable, without a central authority. The financial and related industries already know the disruptive potential of the blockchain technology and its applications. There are several use cases besides digital currencies from foreign exchange transfer to identity management. Blockchain can also be applied in other industries, e.g. for travel management or intell Continue reading >>

8 Experts On The Future Of Blockchain Technology & Applications

8 Experts On The Future Of Blockchain Technology & Applications

8 Experts on the Future of Blockchain Technology & Applications Blockchain the - immutable, encrypted, decentralized - ledger has a potential of making every centralized process, activity, and organization fully autonomous. This means we can eliminate intermediaries, authorities, and churn. Thus, streamlining every business, governance and non-profit activity. While all this sounds amazing it is yet a far-off dream and we still struggling to make real-world moves. Amidst all the developments revolving around blockchain, there is a lot of confusion about the future of this tech. To bring some clarity we interviewed 8 industry experts and here is what they say about the possible blockchain technology future: Interested in latest technologies? Checkout our resources section and grab your pick today: Possible Blockchain Applications in the Future: Blockchain as a technology has the potential to fundamentally affect a wide variety of processes and technologies. At its core, the Blockchain is a system for eliminating the need for trust in transactions. While that may sound like a simple proposition, many of the largest institutions in the world exist today to operate as trusted third parties, for example, SWIFT and the Depository Trust Clearing Company. Corporate opportunities abound for companies that can create applied blockchain technologies targeting specific transactions, for example, the mortgage industry. The current landscape of mortgages requires an intricate web of title searches, title insurance, and countless minor transaction fees that are necessary to keep the system running. These systems exist because, historically, the transfer of land has been a process that requires a tremendous amount of trust in dated records. However, the Blockchain would address all of Continue reading >>

Popular Use Cases Of Blockchain Technology You Need Toknow

Popular Use Cases Of Blockchain Technology You Need Toknow

Popular Use Cases of Blockchain Technology You Need toKnow I am the Blockchain! I am invincible because I replicate myself on multiple computers. Yea like the Ultron. You cannot corrupt me. Though Bitcoin and Ethereum were my first applications. My true power is yet to be unleashed. Let me start with identity cards, badges, and things. Fancy designs can be replicated. You know about 3D printers right? How do you verify them? Some organisations provide online verification service. You can scan the card or punch in the number and verify if its authentic. But, this can be costly, you need to pay for the cloud. With Blockchain you dont have to build your own identity infrastructure, you can use Ethereums open Blockchain to store the identity details. Anyone who wants to verify just has to query the open Blockchain. Most of your ownership records are stored in paper ledgers. These can be tampered. The data on Blockchain cannot be altered. On a Blockchain there are two things. A block and a chain. At a very high level, it is just a chain of blocks. Since its inside computers, we can rule out the physical stuff. Here digital information is divided into blocks and linked together. For example consider the following blocks, each represent a country. Each of them contains the city names of the respective country. Wait, there is something more. Each of these blocks has something called a hash. A hash is a set of characters (eg. 1hi515AHA5H ). Hash is derived from the information contained in the block. The block of U.S.A has cities New York, Los Angeles, and Chicago. So the hash would be something like NYLAC (Technically thats not the case, but you get the idea). Every successive block will contain the previous blocks hash. This is what binds them together (The force). If someone Continue reading >>

5 Applications For Blockchain In Your Business

5 Applications For Blockchain In Your Business

Home Career Advice Industry trends 5 applications for blockchain in your business 5 applications for blockchain in your business 5 applications for blockchain in your business Ever since Satoshi Nakamoto published an invention he called bitcoin in 2009, cryptocurrency has had its ups and downs. More recently, however, people have looked beyond bitcoin as being a controversial currency used for nefarious black market activity and into the endless possibilities that it presents. At the forefront is the public ledger that records every bitcoin transaction known as a blockchain. The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also alternative uses that will change the world. In short, blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done. In my opinion, it will even change the way that you run your business from day-to-day which include the following five applications. The term smart contract was first coined in 1993, but its recently become a buzzworthy term thanks to the 2013 release of the Ethereum Project . The Project is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Chris DeRose further explains on American Banker that smart contracts are self-automated computer programs that can carry out the terms of any contract. In essence, it is a financial security held in escrow by a network that is routed to recipients Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

10+ Uses For Blockchain That Will Change Theworld

10+ Uses For Blockchain That Will Change Theworld

Utilizing token economy and Blockchain technology to identify each online visitor and customize website content in real-time. 10+ Uses for Blockchain that will Change theWorld Many people perceive the terms blockchain and cryptocurrency as synonymous when in fact theres much more to the technology than just a payment option. Here are 10 uses for blockchain technology. Our banking transactions, our shopping, our communication everything is done online today. And everything we do online is recorded and that includes the exchange of value, every digital transaction; goods and services, and so on. Blockchain technology collects that data into encrypted blocks that can never be changed or modified and throws open the pieces across a global network of nodes or distributed computers. Cutting-edge digital companies such as BehaviourExchange already use blockchain tech to revolutionize the way we use internet. The blockchain is a distributed database that maintains a shared list of records. These records are known as blocks. The encrypted block of code contains every detail of the block that came before it complete with the time stamped transaction. Chaining those blocks together makes for a blockchain. And the tech can be used for many other things than just a substitute for national currencies. Much more than just the technology behind cryptocurrencies Because blockchains are a virtual ledger, one can use this technology for all sorts of things other than money. Below are 10 potential everyday uses for blockchains that will definitely change the world according to one author on Steemit . 1. Decentralised Internet. Programmers are currently working on decentralised internet platforms to distribute all the functions of the internet over distributed nodes which will increase the Continue reading >>

Blockchain Technology: Not Just For Cryptocurrency

Blockchain Technology: Not Just For Cryptocurrency

Blockchain technology: not just for cryptocurrency Imagine a place where you can safely store all your personal information and only you decide who has access to it. You can choose which parts of that information you want to share, and you can just as easily revoke that access. If this place ever comes into existence, I am willing to bet it will be built on blockchain technology. Blockchain technology is still very much in development, but those in the know are convinced it will change many markets and industries. So, after delving into the workings of blockchain and crypto-currency , its time to have a closer look at what blockchain technology can do outside the realm of cryptocurrencies. Most of these possibilities take the form of smart contracts. The expression smart contracts was coined by Nick Szabo long before blockchain technology was refined. He envisioned a technology meant to replace legal contracts, where the terms of a contract could be digitized and automated. An action (payment) could be completed as soon as the condition (delivery) was met. After the introduction of blockchain, the term smart contract was used more widely as software that runs computations on the blockchain. As a quick reminder, the blockchain is defined as a distributed, decentralized, cryptographically-secured ledger, where each new block contains a reference to the previous block, as well as all the confirmed transactions since that previous block was approved. I use the term transactions lightly here since it would seem to imply that we are still discussing crypto-currency, which is not the case. We call them transactions because of the protocols that are in place to determine whether a contract is considered fulfilled. Today, a smart contract can be any kind of software, as long as Continue reading >>

5 Blockchain Applications That Are Shaping Your Future

5 Blockchain Applications That Are Shaping Your Future

11/28/2016 10:15 am ETUpdatedDec 06, 2017 5 Blockchain Applications That Are Shaping Your Future You probably have heard of bitcoin and cryptocurrency by now. And as of late the term " Blockchain " has made huge splashes in the tech community. It's the technology that underpins digital currencies and ensures that all transactions are properly conducted and recorded. But what is stored on the blockchain need not be just a monetary unit - it can be put to all manner of other interesting uses. But, there is one underlying question most have. What are the blockchain applications of the future? As it turns out, more applications besides the currency can be developed to harness the technology. The following are five of the blockchain ideas that are in work in progress stage. Blockchain data storage will become a massive disruptor shortly. (3-5 years) Current cloud storage services are centralized -- thus you the users must place trust in a single storage provider. "They" control all of your online assets. On the other hand with the Blockchain, this can become decentralized. For instance, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating new marketplaces. Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in multiple locations are the keys to securing it. Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with easy to track basic metadata. Imagine never having to worry about your digital security every again. It's a massive problem in the world. Which is now estimated to cost the industry about $18.5 billion annual Continue reading >>

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