The best ways of implementing Blockchain Technology beyond Cryptocurrency
Ever since its use in Bitcoin and other Cryptocurrencies, Blockchain Development services have gained serious prominence over time. From being considered as the harbinger of a new era of cryptocurrencies to being looked upon as the greatest revolution in the world since the Internet, Blockchain Technology has already gained quite the hype.
In a nutshell, Blockchain Technology can be defined as a distributed open ledger, in which the information about transactions stored is permanent and immutable, and is decentralized through a peer-to-peer network.
The processing, Storage and recording function of this open ledger is done through nodes, which is essentially any device that is used to perform the transaction. These nodes are what ultimately validate any additions in the blockchain through a shared consensus, thus it eliminates the need for any middlemen.
Lately, the use of advancements such as Smart Contracts have further enhanced the potential of Blockchain Technology. Smart Contracts can be compared to the regular Contracts we know about, except that it’s in a digital format in the form of an automated program existing within the blockchain.
Smart contracts can be used to automate the flow of transactions provided that a particular requirement is fulfilled. Think of it like making a transaction through escrow, but the escrow isn’t a third-party agency, but an automated program which gives you the required amount subject to the fulfillment of an assigned task.
Though Blockchain Technology is the heart of Cryptocurrencies such as Bitcoin, Litecoin and Ethereum. But if the above information gave you some clarity on how it really works, you might be able to understand that the “transactions” this technology secures so perfectly doesn’t really have to be in the form of a Cryptocurrency. It can be any form of data, and using Blockchain to keep it secure and increase its accountability opens up new possibilities of transparency and security.
This is precisely why the real potential of Blockchain extends beyond the realms of Cryptocurrency! Read on to find out how Blockchain Technology can be implemented in various other sectors and how the use of Blockchain development services can potentially be incremental to the security and accountability of your own Business.
Image caption: Blockchain Opportunities by Industrial Sector
How Incorporating Blockchain into your Organization can boost its share value
Blockchain Technology is considered by many to have a similar potential to what Internet had in the 1990s. It’s hype has reached a level where its likely to remain as a trending buzzword for a long time to come.
Today’s investors value Technological innovation more than anything else before making their decisions and cherry-picking the best companies to bet on. This is the reason why companies such as Tesla have tremendously boosted their value despite not having made any significant profits since its inception.
The potential of Blockchain Technology has a created a similar perception among people willing to invest in stocks of developing firms. According to Reuters data, the addition of the term “Blockchain” to a company’s name and field of work itself led to a three-fold increase in its average share price!
If the term itself can do so much for a business, it’s understandable what it really means to the people today. In the minds of the millenials and almost everyone getting into the hype of Blockchain Technology, it is the future, and they foresee a time when this technology would be used as commonly as we use the Internet today.
Application of Blockchain in the Healthcare sector
In the Healthcare Industry, the data of patients, and other medical records are of paramount importance, and Blockchain developers can be used to store such records, and make all data traceable to the core, and transparent, yet immutable. Additionally, even drug supply records and certain other aspects of the supply chain can be secured, thereby negating the occurance of counterfeit drugs.
Have a look at this video to get a better understanding of Blockchain’s utility in the Healthcare and Pharma sector.
A few Healthcare Companies making use of the Blockchain Technology
- Nebula Genomics
Online Advertising & Content Distribution
Content is the essence of Digital media today, and its promotion and distribution could reach higher levels of transparency and security with the use of Blockchain Technology. On 9th January 2018, the imaging major Kodak and Wenn Digital launched a new platform based on Blockchain Technology called KODAKOne.
The Blockchain powered platform would allow photographers to register and archive their work in an encrypted digital ledger (basically a Blockchain) of rights ownership, and license them within the platform itself, the payments for which will be received in the form of KODAKCoin, a new photography-centric cryptocurrency created by Kodak and Wenn Digital.
Such a utility of the Blockchain Technology redefines the way we see content distribution and Digital licensing as of today. Blockchain can also change the way how consumers interact with content, and eliminate any intermediaries between the consumers and the content creators through decentralized platforms.
Another exceptional utility of Blockchain Technology lies in its application of Smart Contracts, which as explained above, can essentially automate any activity requiring the consent of multiple parties with the need for a third-party.
In context of Digital Advertising, the decentralization aspect can be highly useful by linking multiple service providers, and ensuring that the ads displayed to end-users are relevant to their needs.