Over the years, Bitcoin has undergone a rock-star like persona; the poster child of the digital currency revolution. Cryptocurrencies have been raucous, due to the massive 4,500% surge in market capitalization between early 2017 and January 2018. This additionally catapulted the crypto sphere into a $138.6 billion market.<\/p>\n
The industry’s big brothers have been quite vocal in showcasing
\ntheir skepticism towards cryptocurrencies. Although there has even been an open
\nshow of contempt towards crypto with some terming it as worse
\nthan tulip bulbs\u201d and a bubble,
\nthe skeptics, business leaders and technologists have not failed to notice the
\npotential of crypto’s backbone, the blockchain. <\/p>\n
This open and shared database can be used in industries ranging from health, financial, shipping, mines, logistics and engineering among others. As the crypto sphere endures its bearish run, things have heated up in the blockchain world.<\/p>\n
According to Lori
\nBeer, the Global Chief Information Officer (GIO) at J.P Morgan, blockchain is
\ngoing to replace
\nexisting technology in a few years. She noted that blockchain today
\nonly coexists with the current technology but it will replace it in a few
\nyears. <\/p>\n
J.P Morgan has now built a blockchain based payment platform and has signed up over 75 financial institutions to test it and make it market ready. Blockchain`s potential for a cross-industry broad ecosystem application has propelled it in the innovation foreground.<\/p>\n
Smart Contracts<\/strong><\/p>\n A smart contract Building of static registries<\/strong><\/p>\n Blockchain records can be stored for reference, eliminating, for Identity<\/strong><\/p>\n Blockchain’s Creating functional This feature works Blockchain has sparked a lot of Research and Development, and Blockchain technology sounded the death knell for most financial Financial Services<\/strong><\/p>\n MasterCard, Goldman Sachs, Visa, American Express, Citibank and J.P Morgan are to name but just a few, financial institutions that are carrying out pilots and tests on blockchain based innovations. American Express has filed for a patent for a unique rewards program that utilizes record keeping.<\/p>\n It will compensate its new customers with cryptocurrency for Automobile<\/strong><\/p>\n Volkswagen and Renault are equally innovating in the field of vehicle telematics tracking. This system captures a vehicle’s data on mileage, maintenance and repair; and the engine usage history via the blockchain. Manufacturers, buyers, insurance companies, and dealers can then access information pertaining to the vehicle with accuracy. Toyota, on the other hand, is building a decentralized exchange for purchasing and selling independent data on vehicle driving.<\/p>\n Shipping and aviation<\/strong><\/p>\n Maersk is innovating on ways of tracking cargo and freight Blockchain enhances transparency and security in shipping Retail<\/strong><\/p>\n Walmart has its sights set on tracking the movement of supplies from China. Alibaba, on the other hand, is developing a blockchain network to monitor the authenticity of products on its supply chain to eliminate counterfeits.<\/p>\n Blockchain bridges the gap on trust for consumers. It offers Online Data Ownership<\/strong><\/p>\n Social media platforms have recently gone through cases of Blockchain thus comes in handy in tackling the issue of data Conclusively, Blockchain technology is still on its early stages of evolution. The giant steps taken so far towards a decentralized future full of trust and security is exciting and worth all the investments placed on it.<\/p>\n
\nhas a predefined order of steps that have to be met for validation of
\ntransactions. Once these steps are achieved, the next door of action will open
\nautomatically. In the insurance industry, for example, this would assist in the
\ngrowth of peer to peer validations.<\/p>\n
\nexample, ambiguity in title ownership. Documents stored via blockchain are
\nimmutable without the uncertainty witnessed with standard land title storage
\nsystems. All records in the blockchain network are time stamped and there is a
\ntransparent and traceable path of origin. This system is of supreme value to
\nthe storage of patents, original ledgers, research records or food safety
\nrecords.<\/p>\n
\npayment and dynamic registries<\/strong><\/p>\n
\nvery well for drug supply chains and cryptocurrency payment networks. It helps
\nin mapping all stops and movements of assets on a digital platform.
\nFurthermore, it helps to stop counterfeits.<\/p>\n
\ninnovation across most Fortune
\n500 companies ranging from finance to the retail sector. The financial
\nsector was the first to adopt to blockchain technology and with good cause. <\/p>\n
\nservices businesses because it eliminates third-party players. Shipping,
\nautomobile, aviation, and telecom companies have quickly caught up
\ncommensurably. Today, most multinationals are investing and filing patents for
\nblockchain based innovation, and some are at the implementation stage. <\/p>\nThe
\nadoption and integration of blockchain innovation by industry<\/h2>\n
\nreward points. This reifies the power of the blockchain. Visa, on the other
\nhand, is
\nrunning a pilot called “B2B Connect“, a blockchain based business
\npayments service. MasterCard’s
\npatented innovation will enhance payment processing speeds. <\/p>\n
\nmovement. Airbus
\nis also innovating on jet plane tracking while Lufthansa
\nhas a user blockchain based app. Airfrance is working on a distributed database
\nfor its supply chain, one that tracks aircraft maintenance workflow systems as
\nwell.<\/p>\n
\nperishables in the industry. It enables
\ncompanies to keep records of shipments right from the entry data points, size,
\nweight up to the shipment location. Each shipment can be tracked at every level.
\nData is decentralized and information stored across diverse locations thus
\nmaking it impossible for individuals to tamper with the records. <\/p>\n
\nconsumer- based possibilities that enhance the shopping experience. Under
\nretail, it has several use cases in the areas of management of loyalty points,
\nfraud prevention and product provenance.<\/p>\n
\ndata breach. Major giant platforms in the industry such as Google, Facebook and
\nother tech platforms have to contend with data
\nprivacy and responsibility of data protection. <\/p>\n
\nprotection. Blockchain allows the option of locking self-governed digital
\nidentity with a private key. Vetri, a
\nblockchain data marketplace, allows marketers and other consumers to buy
\nanonymized data from users who sell it willingly. Once the sellers release the
\ndata from their digital identity wallets, they receive their payments via
\ncryptocurrencies.<\/p>\n