Blockchain – What It Is & How It Works – Pt. 2

This is Pt. 2 in a series on Blockchain – What It Is & How It Works

6. Develop Prototypes

Once you see it is viable, then you should start trying it in all your priority areas. You can bring the technology into the business.

You must invest in it. Develop prototypes in each of these areas.

Find out what problems will prevent their smooth functioning. Once you have removed the obstacles, you can implement the technology on a larger scale.

7. Pick The Best

Once you have seen the prototypes and its working, you must select the ones that are most suitable to scale.

You should make those models work on an enterprise level. A change will be difficult.

You must take care to bring all the stakeholders on board. You must get everyone on the same page to get the best ROI (return on investment).

The blockchain is still a new technology and so you must be very careful when using with an enterprise solution.
You must get experts in the technology along with your team to explore where you can use the technology.
Build an excellent proposal to present to the C-suite. Get their approval with the help of blockchain experts.
Form a core group consisting of people from different departments.
The core groups must contain both technical and business experts in the company.
Identify one area where you can test it with minimum risk.
Draw a roadmap for the execution of the work. Work out the costs.
You must implement and test in that one area. Test the system.
Once it is a success in one area, develop prototypes for all priority areas.
Pick the prototypes suitable for scaling to the enterprise level.
Get all the stakeholders on board for full expansion. It will ensure the best ROI.

8. Applications Of Blockchain

Financial Services

The conventional methods of conducting business transactions are very slow. There are agencies that we have to depend on to complete formalities. Now, a lot of financial services are using blockchain technologies for financial transactions.

Using this technology improves trust and transparency. Mobile app developers can use blockchain in the banking sector and other financial applications.

It will make the app more secure and safe.

Asset Management:

Cross border transactions didn’t need intermediaries as the blockchain ledger reduces risk by encrypting records.
The lack of intermediaries reduced the chances of error or fraud.

Insurance Claims:

Blockchain technology prevents fraudulent claims. The process is simplified.
Risk-free management and transparency.

Cross-Border Payments:

International payments were slow, error-prone, and open to money laundering.
Blockchain provides easy, fast, and safe cross-border transfer of money.

Smart Property

You can store the registration details of property in blockchain ledgers. You can give access to only selected parties.

The system can provide smart keys to those who need access. These keys are stored and exchanged through the blockchain.

Traditional Money Lending:

The blockchain is very useful in cases of hard money lending using the property as collateral.
The borrower can give smart property as collateral and take money making the deal in a perfectly transparent manner.
There is no need to have any intermediaries in this transaction.

Smart Appliances:

There is more use of smart appliances now with IoT becoming widespread. It generates a lot of data that companies store in the cloud.
Blockchain can be used to store the data of IoT which will make them secure.

Supply Chain Sensors:

Another use of IoT is to track things that you transport.
Companies can store information about where the goods are, in the blockchain, making them more secure.

Smart Contracts

Intermediate agents managed contracts and ensured that all the parties adhered to the terms. If the arrangements are made bright by embedding them in blockchains, there is no need for third-party mediation.

The agreement will automatically implement itself when one fulfills the conditions.

Healthcare:

People can store their health records on the blockchain allowing access keys only to selected persons.
Insurers can automatically get receipts of surgeries as proof of work done.
Top mobile application development companies in India can use blockchain to create various secure decentralized apps for the healthcare industry.

Music Industry:

This industry is rife with copyright and royalty issues. Many times over, ownership rights are in dispute.
Blockchain can store all the records transparently and safely. There is no way to manipulate the documents.
As the contract runs, the system will make payments on the fulfillment of conditions.

Government Applications

Secure Voting:

The rigging of votes is possible in electronic form. It has happened before.
Governments had to conduct re-polling where there were disputes.
Casting one’s votes on the blockchain will ensure a transparent system. People can know whether their votes were counted or not.

Government Information:

There is much information with the government that is useful for the public.
The information is released only once a year and doesn’t reach the people concerned.
Placing it in blockchain can make it accessible to all without fear of manipulation by anyone.

Community:

The government can place information regarding companies, NGOs, foundations, government agencies, etc. on blockchains.
Private and public agencies can see the information and exchange ideas mutually without the data getting corrupted.

Fulfilling Their Responsibilities:

The electorate can elect representatives to keep certain conditions.
The elected representatives will get the payment only on the fulfillment of the conditions.

Protecting Your Identity

It is a truth that our identity is pretty open. Many companies use this information for their marketing purposes. These practices are sometimes highly irritating. You get calls and emails from people whom you don’t know.

There is a way to protect your identity using blockchain.

Digital Passport:

Blockchains can help create digital passports. It was built first in Github in 2014.
You can post a photo with your public and private stamp on it.
Input your details on the blockchain, and you have an identity that nobody can use without your permission.

Certificates:

Birth, marriage, and death certificates are essential for various purposes. They get us many privileges.
You can store this on the blockchain without any fear of loss.

One Identity:

Blockchain will allow you to create an identity that nobody can copy or change.
You can use that one form of identification for various purposes including using as a password.
With this system, nobody can steal your passwords as there is no central storage place for this information.