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What Are The Applications Of Blockchain?

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 >>

What Are Non-bitcoin Applications Of Blockchain Technology?

What Are Non-bitcoin Applications Of Blockchain Technology?

What are non-Bitcoin applications of blockchain technology? Currently, I see six broad categories of uses for the Bitcoin blockchain: 1) Currency - Bitcoin began as a P2P electronic cash system. Anyone can hold bitcoin and pay anyone without a middle man. Examples: Bitcoin , L itecoin. 2) Payment Infrastructure - You can use Bitcoin to send money around the world. Merchants can accept bitcoin payments. This is slightly different than using bitcoin as a currency. Uses cases include merchant processing and remittances. Examples: BitPay , Abra . 3) Digital Assets - The blockchain can be used to create digital assets such as stocks, bonds, land titles, and frequent flyer miles. These assets are created using protocols on top of the Bitcoin blockchain. Example protocols include Coloredcoins and Counterparty . Companies using this technology: Chain , NASDAQ , Openchain . 4) Identity - Companies offer blockchain IDs that can be used to sign in to apps and web sites, digitally sign documents, etc. Here's mine: Wayne Vaughan's blockchain ID . Companies: Onename , Keybase 5) Verifiable Data - Create a verifiable record of any data, file, or business process on the blockchain. Examples: Tierion , Proof of Existence , Factom 6) Smart Contracts - Software programs that live on the blockchain and execute without the possibility of third-party interference. I call this "PHP in the sky". Examples: Ethereum , RootStock . My company, Tierion , is a pioneer of the verifiable data category. Here are some practical use cases that have been built using our platform. Create a verifiable audit trail of insurance claims . Create an audit trail for healthcare processes and patient data. Track the purchasing approvals of goods and services in Salesforce.com Archive every Slack communication, cre Continue reading >>

35 Amazing Real World Examples Of How Blockchain Is Changing Our World

35 Amazing Real World Examples Of How Blockchain Is Changing Our World

35 Amazing Real World Examples Of How Blockchain Is Changing Our World Opinions expressed by Forbes Contributors are their own. It's quickly becoming apparent that blockchain technology is about far more than just Bitcoin . Across finance, healthcare, media, government and other sectors, innovative uses are appearing every day. Here is a list of 35 which I have come across. While some may fail to live up to their promises, others could go on to become household names if blockchain proves itself to be as revolutionary as many are predicting. Guardtime This company is creating keyless signature systems using blockchain which is currently used to secure the health records of one million Estonian citizens. REMME is a decentralized authentication system which aims to replace logins and passwords with SSL certificates stored on a blockchain. Gem This startup is working with the Centre for Disease Control to put disease outbreak data onto a blockchain which it says will increase the effectiveness of disaster relief and response. SimplyVital Health Has two health-related blockchain products in development, ConnectingCare which tracks the progress of patients after they leave the hospital, and Health Nexus, which aims to provide decentralized blockchain patient records. MedRec An MIT project involving blockchain electronic medical records designed to manage authentication, confidentiality and data sharing. ABRA A cryptocurrency wallet which uses the Bitcoin blockchain to hold and track balances stored in different currencies. Bank Hapoalim A collaboration between the Israeli bank and Microsoft to create a blockchain system for managing bank guarantees. Barclays Barclays has launched a number of blockchain initiatives involving tracking financial transactions, compliance and com Continue reading >>

Blockchains Applications Reach Further Than You Think

Blockchains Applications Reach Further Than You Think

Blockchains applications reach further than you think The supply chain, food distribution, and energy will all be affected. By Rebecca Linke | February 12, 2018 Blockchain technology is evolving rapidly, and so are its potential uses. Heres where disruption could be coming. Have a question or comment for Michael Casey and Paul Vigna? Join them for a Twitter chat on Feb. 28 at 1 p.m. EST using #MITSloanExperts. Many people are familiar with bitcoin, the cryptocurrency that doubled its price four times in 2017 before falling again in the new year. Fewer people are familiar with blockchain, bitcoins underlying technology that has the potential to affect every industry . MIT Sloan senior lecturer Michael Casey realized that blockchains disruptive potential shouldnt be underestimated when he was writing his 2015 book " The Age of Cryptocurrency ." That book explored how digital money could upend the financial system, but while writing it Casey and his coauthor, Wall Street Journal reporter Paul Vigna, realized that blockchain and its broader applications was going to be as big a story. In their new book The Truth Machine: The Blockchain and the Future of Everything , Casey and Vigna delve into why blockchain is so important and how it could shift balances of power. We realized that there was a deeper conversation to be had just around why decentralized recordkeeping, which is what the blockchain is, has such importance, Casey, who is also a senior advisor for the Digital Currency Initiative at MITs Media Lab, said. In a recent interview, Casey discussed blockchain's potential applications and where he sees the technology going in the future. The truth we're talking about is one we take for granted: the consensus of facts. This goes back to the idea that human beings have bu Continue reading >>

What Are The Real-world Applications Of Blockchain Technology?

What Are The Real-world Applications Of Blockchain Technology?

What are the real-world applications of Blockchain technology? From the previous part Blockchain- An overview , we could see the following key features of Blockchain: A development platform: Blockchain, born with Bitcoin, has proven to be a reliable platform for the development of multiple contractual and transaction based use cases. Holds a distributed System of Record: Both dynamic data (transactions) and static data (registry) are recorded in the blockchain. Secure and Immutable: Due to its distributed structure and consensus- driven mechanism all participants/nodes in the peer-to-peer network need to validate the transaction and hence the nature of blockchain is very secure. Any attempt to tamper data will create a need to change data present on all computers (nodes) within the network, and any violation will make the tampering invalid. With these features, there is a major hype around possible use-cases of blockchain technology. But before we try to explore some truly valid use cases, let us try to understand why do we need Blockchain or more importantly, do we really need it? When do we need Blockchain? Source: IEEESpectrum In this article, lets look at the real-world applications of the blockchain -those supported by large and active developer communities: 1. Banking access in remote areas: In a country like Zimbabwe and Afghanistan, where all people may not have access to banks or the banking infrastructure itself is not robust due to uncertainties, currency fluctuations and mistrust; Blockchain is useful as a stable form of currency, which would not lose its entire value overnight. 2. International payments: Typically, if one wants to transfer money to a person or an institution in another country, they use a bank/money exchange based wire transfer. This proce 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 >>

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 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 >>

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 >>

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 >>

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 Applications For All Walks Of Life

Blockchain Applications For All Walks Of Life

Blockchain Applications for All Walks of Life Blockchain technology can be applied to a wide variety of business uses and potentially all walks of life. Given the meteoric rise in popularity of cryptocurrencies in 2017, some mainstream financial institutions are clamoring to board the steadily moving crypto train. The successful launch of Bitcoin futures contracts on CBOE and CME markets has proven that there is a healthy appetite for Wall Street investors to hedge their bets on the daily trade movements of cryptocurrencies. While the two Chicago-based exchanges will go down in history as the first to offer futures, a number of big players arent far behind. The New York Stock Exchange has officially filed for permission to launch Bitcoin exchange traded funds linked to the CME and CBOE listed futures, and the likes of Goldman Sachs are planning to launch their own cryptocurrency trading desk. Lets not forget about the NASDAQ, which is expected to launch its own Bitcoin futures midway through 2018. While the experts iron out the fine print of their plans to offer Bitcoin futures on their futures platform, NASDAQ shared some important facets of the underlying technology that breathes life into cryptocurrencies - the Blockchain. For the uninitiated, we should take a quick glance at Bitcoins Blockchain . Put simply, this particular Blockchain is an electronic accounting ledger that records every single transaction made using Bitcoin since its inception. The ledger is shared on a worldwide network of computers, that keeps exact copies of the entire Blockchain. Batches of transactions are stored on blocks which, when full, are added to the chain - hence the word Blockchain. Every transaction must be verified by nodes on the Blockchain before it is stored on the Blockchain. G Continue reading >>

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