Blockchain Technology: Industry Applications and Use Cases

Blockchain Technology industry applications use cases

Blockchain technology is answer to the question that, we have been asking since the dawn of the internet age – “How can you trust everything that is happening online?”

Blockchain technology has popularly become buzz not only in financial industry but also across other verticals ever since Satoshi Nakamoto published his invention in 2009.

What problem Blockchain can solve?

Today, World Wide Web is no longer the place of content but a revolutionized place for interaction. We shop online, share or exchange information back and forth and much more; but is everything that we do is secured and error-free?  Databases merely cannot chat with each other; it needs fault-prone human administration or central authority to run every node.

On the other hand Blockchain technology is a decentralized database, shared by multiple users without any third-party. Blockchain records everything that happens on the internet – every digital transaction, exchange of goods & service, private data etc. Data is encrypted into blocks that never get modified and gets scatter into pieces across a worldwide network of distributed nodes.

And due to this:-

  • Electronic ledgers can become much cheap than traditional account system as number of head-counts can be reduced
  • Distributed ledger system results into less error and eliminates repetitive steps
  • Minimize the processing delays so no risk of pending transactions

Let’s see more how Blockchain is used in different verticals:-

  • Internet-of-Things

IoT is integrated with sensors in the objects like vehicles, embedded electronics and many more to communicate with the outside world, typically over an IP protocol. IoT when combined with Blockchain technology will help to track the history of every devices; it records a ledger of data between the devices, web services and human users. The connected vehicles enables the car or truck to behave as a super-giant smart app and with Blockchain, it will enable this device to be tracked on the digital ledger, providing inter vehicle communication, automatic tracking of fleet’s insurance policies, vehicle registration renewals etc.

Example: IBM and Samsung have teamed up for the concept of Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT), which uses Blockchain for secure transactions. ADEPT would act as a public ledger, which eliminates the need of central hub, operated at a low-cost and communicate autonomously to update bugs.

  • Voting

What if technology allowed for more secure and streamlined voting process during election?

As per today’s voting scenario, when a voter submits a vote, it is passed through publicly accessible vote forwarding server to the vote storage server where the data is encrypted and stored online until the voting period is over. Then the vote that carries all identifying information is cleaned and transferred to the vote counting server which is disconnected from all networks. At every stage process is logged and audited.

But, what if malware is present on the client-side machine?  It can monitor the vote placed by user and later change votes with different candidate.  Blockchain technology can be used for tracking and counting votes so that the question of voter-fraud, lost records or fowl-play never arises. Moreover, it can also verify that no votes get changed or removed, and no illegitimate vote gets added.

Example: In 2014, Liberal Alliance, a political party in Denmark, became the first organization to use Blockchain technology for secured and verifiable electronic voting in order to safeguard electoral integrity and encourage public’s trust in their use.

  • Digital Identity

Digital identity is very crucial in digital world for many businesses as it provides the ways to interact with billion of users in digital world.

How many login IDs and password do you have? Corresponding to the number of ID, your identities are fragmented and duplicated across the digital world, making them difficult to link together and the risk of being stolen, faked, lost or altered occurs no matter how much secured they are. With Blockchain technology, it empowers the consumers to control their own identity and shared between trusted entities with their consent. Blockchain ID is a single ID that can replace all other IDs enabling to be same you everywhere and anywhere. It can track and manage digital identities in secured and efficient way, resulting into seamless sign-in and reduced fraud. With this, you can receive better service as all your information is integrated and consistent everywhere.

Example: IBM was the first company to study and test the Blockchain technology to solve identity related issues. They are working on to create new digital identity and attribute sharing network to make it easier for users to verify their data in a privacy-enhanced, secure and efficient way.

  • Decentralized cloud storage

Cloud Storage enables the users to access the files from any location via internet and are centralized which means you are giving control of your digital assets.

For instance: you are using Google Drive for storing your data on cloud server. When you upload, Google saves it on their data center and when you want to access, your computer sends request to that data-center and you are all done to access.  But using such giant server farms involves risk. It can be expensive, needs to have controlled temperature, must be updated and maintained rigorously and can have high environmental impact. Although, Google provides rigorous safety, no matter how careful you are but when humans interact with the system it leads to the human-error, privacy danger and more. Google already have stated in their privacy policy that they can legally access and share your data, large companies can look for encrypted files and much more.

But, with Blockchain, it enables decentralized cloud storage which offers the facilities of safe, fast and cost-effective cloud storage. Your data (what happened, who accessed, how it processed) can be verified by anyone who has the access to the Blockchain. It has the time-stamped facility which freezes the computing platform time and cloud users can verify that the platform is in the correct state in real-time. Such a system helps in giving complete traceability, accountability, and transparency for the cloud storage.

Example: Storj Labs uses Blockchain technology to create a decentralized cloud system using open source software to provide the security, privacy, and transparency.

  • Supply-Chain Communication

Most of the products that we purchase are not made from a single resource but a chain of suppliers are involved in that product. Supply chain industry is a complex process (varying with the size of business and numbers of items are manufactured) and depends on the multiple suppliers to deliver different elements. This may result into lack of accountability, transparency, lack of monitoring between supply chains. If any component fails in between the process, it results in affecting the final product.

By using Blockchain technology, it holds the record of digital transaction in such a way that it makes them accessible and visible to multiple suppliers in the network while keeping them safe and secure. The digitally shared ledger is updated and authenticated with every transaction, resulting in a secure and permanently record exchange. The result is faster, reliable and auditable for B2B interactions between resources like buyers, sellers and logistics providers.

Example: IBM announced that it is collaborating with key food producers and distributors Nestle and Walmart to reduce contamination in the global food supply chain. They intend to use Blockchain technology to create a “trusted environment for transactions”.

  • Healthcare

Blockchain technology can allow hospitals, pharmacies and other entities in a chain to share access with their networks without compromising in data security and integrity. Prescriptions can be written electronically and every doctor in the network can see everything about medications and act accordingly.  Every health care provider will have an immediate view of patient’s current medication ensuring accuracy and loyalty.

Example: SimplyVital Health is using Blockchain technology to give healthcare industry a facelift. The company is using the Blockchain based data storage and analytics platform with the goal to streamline the medical data sharing and storage.

The Bottom line:

Blockchain technology is here to stay; creating a connected world by driving more and more values and transforming the way how our society functions. While the above applications do sound promising, a business would need to a software development company to convert their ideas into reality.

So, any thoughts whirling in your mind? Connect with us today!

Geofencing App Development for Business Growth

Geofencing

As per the research by Delloite, it was revealed that in 2017 respondents earning $100,000 or more expect 57 percent of their spending will be online and 39 percent in-store. They also added up that as holiday retail spending is bucking trends this season, online spending is expected to exceed this year for the first time.

These predictions can become true at least when Amazon is concerned. Amazon’s e-commerce sales are expected to grow 32 percent to $196.8 billion dollars in 2017 in the U.S., or 43.5 percent of total e-commerce sales. This figure represents gross merchandise volume data, which includes sales made by third parties on Amazon’s marketplace. – reported recode.

Here the question arises – What can brick and mortar retailers and small business owners do to compete with the trends of online sales? How would they get a larger piece of retail pie? One answer lies in location-based marketing using geofencing technologies.

But what is geofencing all about?

Geofencing is a feature that uses Global Positioning System (GPS) or Radio Frequency Identification (RFID) technology to access their customer’s location by establishing a virtual fence around specific area. Area can be a precise location of your business, a larger region around your business or even the location of your nearest competitors. You can send push notifications or text messages or display relevant ads on the browser or social media feeds whenever any of your customers enters or leave the geofenced area.

Customers are typically identified by:

  • Using your business’s mobile app
  • Social media profiles
  • Browser and search history

But businesses are not just limited to retail or using their own locations!

  • Cafeteria can trigger a notification when a customer walked in to another cafeteria
  • An event planner can trigger notification when fans visit birthday parties, wedding etc and can offer helpful tips

The possibilities are quite broad – if used correctly, geofencing can revolutionize your business and offer you many perks. Let’s consider some of the benefits:-

  • Cost-Effective Marketing

Today, the cost of creating ad-campaigns is sky-high and it’s not easy for every product owners to match that budget. But, with geofencing you can cut-down your cost and still produce the desired result – since it only focuses on targeted customers and these customers are surely going to profit you. Geofencing is like the extension of your local store or restaurant. With geofencing you get the chance to pinch the user with the best offers on your product at the right time when they need it.

For instance, Taco Bell – Geofencing is very important tool for the marketing plan of Taco Bell. Its mobile ordering feature attracts the users to download their mobile app and simply pickup their order from the outlet without waiting. When their customers download the app, restaurant uses geofencing capabilities to alert the customer when they are near and can served with hot and fresh food. Additionally, they are using push notification service to target the people under 30 years old whenever they are in the locality of Taco Bell.

With the right tools at a right time, you can grow your business by sending alerts with just location-based functionalities in your mobile app. Isn’t that cost-effective enough?

  • Driving-in customers

Apart from marketing the brand, it also provides the reasons for the customers to visit their stores. Although they are nearby your business, but that doesn’t mean that they are aware of all promotional offers you are running –You need to tell them. You can use variations in your approaches – let’s say you can geo-fence your competitors’ locations and deliver the ads and push alerts promoting your business when they are in the vicinity of your competitors.

The North Face – one of the top outdoor product companies in USA producing coats, fleece, shirts, footwear etc. started trials of geofencing in 2011 by sending text messages deal and discounts on the new arrival but eventually started expanding with the alerts about weather condition or logistics for ski competition. A difference in the approaches can always attracts the users to draw the customers in and in-turn can increase engagement.

If you feel hesitant enough to approach your competitor’s customer, you can opt for co-marketing geofencing campaigns. For instance, travel company targeting wedding planner’s customers. If you constantly overwhelm your visitors, they are likely to opt out your service, but if you offer value and convenience with well-timed strategy and different approaches they are likely to visit you. Based on demographics and interest, you can apply a filter to reach a specific group of audience and ultimately grow your business.

  • Business Intelligence

With the help of geofencing, your business can gather customer data to know their buying habits, buying motivation etc. By analyzing the customer’s data carefully, you can generate more detailed segment of your customers, by targeting with the social media posts, ads, push notifications that are related to the customer’s behavior and interests.

Walgreens is looking to develop location-based software to understand behavior of customers and ultimately improve customer’s experience. When customers enter the store, Walgreens wants them to check their point-balance, store specific information before they purchase certain products.

Today, customers come across many offers and discounts, but they tend to respond which is convenient to them and are tailored to their interest and behavior. Hence, geofencing can be used as the best tool to gather customer’s data to further process them for business analytics.

Few other use cases…

Keeps the track of construction, vehicles, tools, materials

Today most of the Construction Company uses GPS facility to keep track of their construction fleets by installing the technology in their equipments and provide alerts to any unauthorized entry to the construction site. The manager can receive push notification when equipment has crossed its radius, so you can determine whether your equipment is stolen or moved to any specific location.

Another important use of geofencing is in the fleet-management system. When fleet delivers any material, your crew can be notified so that they can make any arrangement to reduce waiting time.

Few examples of leading companies that thrives business by Geofencing app development

  • Facebook
  • Instagram
  • Uber
  • Zomato
  • Starbucks

The Conclusion

Today geofencing is gaining momentum in all industry verticals and if used effectively at right place and time, it can drive more conversions and boost your brand. Looking to develop app which facilitates geofencing? Tell us your requirements and we assure you that our experts will surely accomplish them.

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