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Best Use For Blockchain

7 Most Interesting Uses Of Blockchain

7 Most Interesting Uses Of Blockchain

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 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 allows users to store digital objects in the cloud. With great security, upt Continue reading >>

Don't Believe The Hype: There Are No Good Uses For Blockchain | American Banker

Don't Believe The Hype: There Are No Good Uses For Blockchain | American Banker

Don't believe the hype: There are no good uses for blockchain BankThink Don't believe the hype: There are no good uses for blockchain A version of this post was previously published on Medium. It has been condensed and lightly edited for clarity. Everyone says the blockchain, the technology underpinning cryptocurrencies such as bitcoin, is going to change everything. And yet, after years of tireless effort and billions of dollars invested, nobody has actually come up with a use for the blockchain besides currency speculation and illegal transactions. Each purported use case from payments to legal documents, from escrow to voting systems amounts to a set of contortions to add a distributed, encrypted, anonymous ledger where none was needed. What if there isnt actually any use for a distributed ledger at all? What if, 10 years after it was invented, the reason nobody has adopted a distributed ledger at scale is because nobody wants it? The original intended use of the blockchain was to power currencies like bitcoin a way to store and exchange value much like any other currency. Visa and Mastercard were dinosaurs, everyone proclaimed, because there was now a costless, instant way to exchange value without the middleman taking a cut. A revolution in banking was just the start: Governments, unable to issue currency by fiat anymore, would take a backseat, as individual citizens transacted freely outside any national system. It didnt take long for that dream to fall apart. For one thing, theres already a costless, instant way to exchange value without a middleman: cash. Bitcoins substitute for dollars, but Visa and Mastercard actually sit on top of dollar-based banking transactions, providing a set of value-added services, like enabling banks to track fraud disputes and verif Continue reading >>

4 Industries That Are Making The Best Use Of Blockchain Technology

4 Industries That Are Making The Best Use Of Blockchain Technology

4 industries that are making the best use of blockchain technology As blockchain evolves, several industries are poised to take advantage of the distributed ledger technology. Here are four examples of how the blockchain can be used to get work done. Subscribe to TechRepublic's Next Big Thing newsletter Blockchain could revolutionize the way business is conducted across several industriesbut it isn't necessarily right for every company, Derek Martin, a cloud solution architect at Microsoft, explained in a session at Microsoft Ignite in Orlando on Tuesday. Blockchain, originally developed as a supporting technology for cryptocurrency Bitcoin, is a distributed ledger that tracks transactions, connecting them to other transactions nearby and securely encrypting the information. This ledger technology has proved to be the larger value of cryptocurrencies, with implications for almost every industry, not just tracking digital currency. The business value-add of blockchain is expected to grow to more than $176 billion by 2025, and to exceed $3.1 trillion by 2030, according to Gartner . However, many companies that bought into the technology's hype faced challenges to adoption, including corporate muscle memory, technology maturity and security, enterprise needs, a fragmented tech landscape, and unclear ROI, Martin said. SEE: Quick glossary: Blockchain (Tech Pro Research) "We are starting to address large-scale business problems," Martin said. For example, Microsoft is currently working with Accenture and the United Nations to prevent human trafficking by using blockchain to provide a legal form of identification for 1.1 billion people worldwide. And in August, Microsoft announced the Coco Framework , an open source system that allows businesses to build scalable, secure bloc 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 >>

What Are The Best Uses Of Blockchain You've Seen?

What Are The Best Uses Of Blockchain You've Seen?

Cross border payments - Banks traditionally use SWIFT transfer to transfer money from one country to another. It takes a lot of time i.e. 24 days and even more. Ripple block chain is being tested by various banks for the same. The time taken is 24 seconds for transfer. Smart Contracts - Removal of third parties such as banks, government and other institutions from contracts. Simply speaking, A smart contract is a line of Code which specifies for a certain act to happen providing certain conditions are met. These contracts are validated and executed by the miners sitting on the decentralized block chain. This eliminates the need for third parties, is more secure, fast and economical Smart Contracts have use cases in many industries and horizontals. Many companies are experimenting with the same Answered Nov 21, 2017 Author has 380 answers and 2m answer views Real world data - Claims won't be based on human judgement Insurance policies which rely on real world data can create smart contracts that automatically payout in the event of a circumstance that a valid claim would arise. AXA have implemented this technology to reimburse policy holders automatically if their flight is delayed (see below): Relying on human verification is a slow, and unreliable method to dealing with claims that can be verified using real time online information. If you want to learn more about cryptocurrencies check out my blog: www.cryptoinvestorsclub.co.uk P.S. If you sign up, youll receive an exclusive email that details the top 5 cryptocurrencies I invest in and why. Despite the hype for blockchain building meaningful and ready-to-use blockchain apps is really hard. You easily can come up with use cases that have hardly any use, are theoretical, or only technical persons can use. You can check Continue reading >>

17 Blockchain Applications That Are Transforming Society

17 Blockchain Applications That Are Transforming Society

17 Blockchain Applications That Are Transforming Society Angel Investors, Startups & Blockchain developers... The early internet dealt with intangibles. You sent or received emails, corresponded on forums, read and distributed articles. This modern internet deals with assets, your most valuable immediate items that you can touch and want to protect. These assets are stored in encoded form on a network-to-network chain called the blockchain or ledger, where each participant sees who you do business with. This not only protects your business dealings and prevents theft, but, also, simplifies your affairs, quickens the process, reduces errors, and saves you from hiring a third party. This decentralized blockchain system is going to change your life from the way you transact business or manage assets, to the way you use your machines, vote, rent a car, and even prove who you are. Along the way, it will transform banks and other financial institutions, hospitals, companies, and governments among others. Heres what the blockchain does and what it means to you. At its simplest, cryptocurrencies, or digital coins, are coins that are passed through an electronic network. You can make transactions by check, wiring, or cash. You can also use a type of virtual currency, most famously Bitcoin (BTC) but also Litecoin, Peercoin, or Dogecoin, among others, where you use an electronic coded address to make the transaction. 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 wid Continue reading >>

5 Blockchain Use Cases In Financial Services

5 Blockchain Use Cases In Financial Services

5 blockchain use cases in financial services One of the most discussed topics in the financial services industry today is blockchain technology. We are beginning to understand what a blockchain is, but how can we best use this technology within our business? In this series we describe 5 blockchain use cases, such as smart contracts, identity management and share trading. We hope they will enhance your understanding of the opportunities and challenges of this technology, and we welcome your feedback and further discussion. Most parties in the financial sector already have a grasp of concepts such as bitcoins and other cryptocurrencies. These concepts work on the blockchain technology, which is a digital, distributed transaction ledger with identical copies maintained on each of the networks members computers. All parties can review previous entries and record new ones. Transactions are grouped in blocks, recorded one after the other in a chain of blocks (the blockchain). The links between blocks and their content are protected by cryptography, so previous transactions cannot be destroyed or forged. This means that the ledger and the transaction network are trusted without a central authority a middleman. #1. Blockchain speeding up and simplifying cross-border payments The transfer of value has always been an expensive and slow process. This is particularly true for cross-border payments. The blockchain is able to speed up and simplify this process - and also reduces the costs significantly. #2. Blockchain the future of share trading Share trading will soon be impacted by the blockchain. Utilizing blockchain technology allows for greater trade accuracy, and a shorter settlement process. #3. Blockchain the benefits of smart contracts One of the most promising applications Continue reading >>

Best Use Of Blockchain Archives - Benzinga Fintech Awards

Best Use Of Blockchain Archives - Benzinga Fintech Awards

AlphaPoint is a financial technology company helping make illiquid assets liquid. It provides institutions enterprise-grade blockchain solutions enabling customers to digitize assets, launch markets, and manage assets. AlphaPoint is led by a seasoned team with over 400 years in capital markets and FinTech, with offices in New York City, Philadelphia, and San Francisco. Auxesis, established in 2015, is among the very first players in India focussing over building Blockchain solutions. Though it marked its initial journey with the aim of research and development of the nascent technology, it soon emerged as an enterprise grade Blockchain solution providing company with the help of partner organisations. With a global footprint, Auxesis is recognised amongThe 100 most influential Blockchain companies in the world. Over the years Auxesis has encouraged Blockchain innovation across the globe. With its focus on continuous research and building in production applications for enterprises, it has marked its benchmark in the industry. With cryptocurrency wallets, exchanges and payment gateways it entered into the mainstream adoption of Bitcoin and thus proven the reliability of a Blockchain network in terms of security and usability. Auxesis is now deeply focussing on Private Blockchain solutions with its enterprise grade blockchain infrastructure, focused on production-readiness, security, performance and scalability. The Blockchain powers decentralised applications on a network tailored to the specific needs of an industry and use case. The Bitfury Group's pilot in the Republic of Georgia has resulted in the Republic of Georgia being the first government to secure land titles on the Bitcoin Blockchain. In April 2016, The Bitfury Group announced that it signed an agreement with Continue reading >>

The 8 Best Uses For Blockchain In2017

The 8 Best Uses For Blockchain In2017

The future of search is here! Worlds First Decentralized Search Engine Ecosytem. Blockchain based. The blockchain is going to change your life in pervasive ways. Many aspects of your everyday life will run partly on the blockchain, and you wont even fully realize it. From healthcare to equity trading to insurance, many industries are ripe for disruption using distributed ledger technology. Here are the 8 best uses for blockchain in 2017 that have the most powerful to disrupt established industry verticals: Every time you type keywords into search engine, you hand your data over to Google, which uses your data to profile you and target you with ads. This violation of your privacy is both irksome and creepynobody likes it. The blockchain is changing this, and decentralized search will soon be a reality. One of the most exciting private search engines is BitClave , an ecosystem built on Ethereum that really respects user privacy and gives consumers full control over their data. With a digital identity built upon the blockchain, youll never have to worry about your security again, eliminating one of the most costly problems. Best estimates indicate that digital security problems the sort of problems that a blockchain-based digital identity could eliminate cost industry around $18B per year. A distributed ledger offers solutions to many of the most severe digital identity issues, allowing users to be authenticated in an irrefutable and encrypted manner. Surprisingly, it is estimated that errors occur in around 10% of equity trades. This results in manual human intervention, which drives up the transaction costs of equity trading and increases the amount of time required to clear an equity transaction. These problems multiply (both legally and logistically) when market maker Continue reading >>

10 Incredible Uses For Cryptocurrency And Blockchain You Probably Haven't Thought Of

10 Incredible Uses For Cryptocurrency And Blockchain You Probably Haven't Thought Of

10 Incredible Uses for Cryptocurrency and Blockchain You Probably Haven't Thought of Cryptocurrency to battle election fraud? De-corrupt charities? Make the world greener? Who knew? Now, more than ever before is a time to be thinking about cryptocurrencies. Over the past few years, cryptocurrency has grown exponentially because of its attractiveness to people looking to use this alternative money. Bitcoin, the best known of the new cryptocurrencies, is one of those words surrounded by automatic buzz, in part because everyone's so excited about its potential. Related: 6 Cryptocurrencies You Should Know About (and None of Them Are Bitcoin) And it's no surprise that cryptocurrencies are exciting, overall. Because they're decentralized (no banks!), anonymous and electric, they've got the potential to change the world as we know it. Interestingly, that change will extend beyond the finance sector: Cryptocurrency, it turns out, has a huge number of uses, many of which will surprise you. Just take a look at these ten: Wealth management is one of the most exciting ways cryptocurrency can be used. That's why companies such as SwissBorg -- a company that's created its own tokens for investment solutions -- are giving investors some great opportunities to manage their wealth without boundaries or restrictions. According to the SwissBorg website, "Whether you are an individual, a DAO [decentralized autonomous organization] or a financial expert, SwissBorg is a democratic ecosystem where you can manage a portfolio of crypto assets." Digital publishers and advertisers are scrambling to find ways to increase their relevancy with one another. Today, traditional banner ads that have almost nothing to do with an article are simply ineffective with users. To fix the irrelevance problem, 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 >>

Building It Better: A Simple Guide To Blockchain Usecases

Building It Better: A Simple Guide To Blockchain Usecases

Officer at Blockchain at Berkeley, ICO Growth Consultant, Blockchain Speaker Building it Better: A Simple Guide to Blockchain UseCases According to a recent study by Deloitte , 92% of the 26,000 blockchain-based projects that have been created over the last two years are now dead. After first hearing of this, I had to ask myself: how did this number get so out of hand? This article attempts to articulate exactly what caused this issue, aiming to help us passionate blockchain enthusiasts avoid starting a project that becomes a part of the 92%. Building a Good Blockchain Use Case From the GroundUp For those who are still unfamiliar on the basics of how blockchains function, I would highly recommend first reading the Blockchains, Cryptocurrencies & the New Decentralized Economy: Part 1 A Gentle Introduction article written by Blockchain at Berkeleys Ashley Lannquist last year. For those with familiarity with the subject, we can begin to dive into core capabilities of blockchains that can be applied to create meaningful use cases. With distributed ledger technology (like blockchain), users are able to create database environments where multiple mutually untrusting users can exchange value or append records without a central coordinator. By combining concepts from cryptography and game theory, blockchains remove the need for trust in a system, ensuring that users are able to transparently interact with reduced reliance on third party authorities. This inherent decentralization of blockchain systems is important, as it eliminates the negative effects of central points of failure: breaches in security, network downtime, or network outages. Additionally, as long as safety and liveness guarantees are intact, blockchains will rid networks of transaction censorship or malicious a Continue reading >>

Best Use Of Blockchain Technology In Different Industries

Best Use Of Blockchain Technology In Different Industries

Best use of Blockchain Technology in Different Industries As blockchain technology progresses, multiple industries are poised to take the benefit of this cutting-edge distributed ledger technology. Derek Martin, cloud solution architect at Microsoft, in a recent event held at Microsoft Ignite in Orlando says that Blockchain technology could transform the way business is conducted across different industries, but it isn't essentially appropriate for every business. Blockchain, initially developed as a supportive technology for cryptocurrency named Bitcoin, is a distributed ledger that tracks transactions, linking them to other nearby transactions by encrypting the information securely. This inevitable ledger technology has ascertained to be the larger value of cryptocurrencies, with implications for almost every industry, not just simply tracking digital currency. The business advantage of blockchain is anticipated to grow above $176 billion by the year 2025, and to surpass $3.1 trillion by the year 2030, according to Gartner (prominent American research and advisory firm). Check out the four major industries that have the best blockchain use cases as the technology now stands- Blockchain technology has many use cases in the era of financial industry, which includes redesigning the costly legacy workflows, progressing liquidity, and free up capital. This technology can also assist to increase transparency, reduce infrastructure costs, reduce frauds, and also enhance execution and settlement times. Several governments in small countries are also scrutinizing blockchain's potential usage for replacing physical national currency. This incredible technology can provide the retail and manufacturing industries better supply chain management, smart contract platforms, digital 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 >>

Blockchain Is Changing Our World: Here Are The Best Practical Examples Of How It Is Used In 2018

Blockchain Is Changing Our World: Here Are The Best Practical Examples Of How It Is Used In 2018

Blockchain Is Changing Our World: Here Are The Best Practical Examples Of How It Is Used In 2018 Opinions expressed by Forbes Contributors are their own. The potential of blockchain technology to disrupt nearly every industry in some way cannot be dismissed even though there are still several hurdles to overcome before we see its full transformative impact. Leaders of major financial institutions where security is paramount and change is often resisted see enough upside in blockchain technology that they have been willing to invest millions in resources to learn how to best implement it. And, they are not alone. Any business with valuable digital assets from contacts to contracts they need to protect can find a legitimate use case for blockchain technology. Blockchains, whether public or private, are a real-time ledger of records stored in a distributed, peer-to-peer fashion independent from any central authority. Since every record is encrypted and time-stamped and users can only access and edit the block they own through a private key, its very secure. Every block is linked to the one before and the one after it, and whenever a change is made, the entire chain gets updated. Blockchain helps secure and streamline transactions efficiently without requiring intermediaries to manage the process. Blockchain technology is revolutionary in terms of record keeping and can track and document every change in a record or transaction. What are the practical uses of blockchain? If you havent already realized it, blockchain technology is going to change many systems that you encounter in your day-to-day life. Here are a few of the practical examples: Any industry heavily reliant on contracts, such as insurance, financial institutions, real estate, construction, entertainment and l Continue reading >>

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