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!

Top Trends for the Future of Web Development

Web development trends

Since past few years, the web development has become omnipresent – From reading newspaper, every morning to shopping and banking, it has become integral part of our lives as its presence can be felt everywhere. To utilize this wide range of opportunities, web developers need to pace up with the ever changing technologies. They must harness new frameworks, techniques and tools to enhance their ability of developing more engaging and robust websites. This makes it even more crucial for the developers to keep themselves updated of the latest trends of web development in order to create and deliver engaging websites that keeps user’s attention for significant amount of time.

Below are the top players that will change the technology landscape in the near future:

Artificial Intelligence (AI)

Artificial Intelligence is always the first word that comes to the mind, when anyone talks about future of technology. Majority of AI development have been intended to make consumer processes easier and simpler. Artificial Intelligence becomes more reality as machines learn from errors and hits to act more effectively, apply logical rules to reach conclusion, recognize patterns and can infer their reasoning from day to day.

Machine learning is one of key criteria for the website developers as Microsoft, Google, Apple and other tech giants continues to evolve the software as a solutions. For instance SIRI – she goes so far beyond voice recognition, her development was based on Pentagon AI project. The importance of AI is explained by the fact that, it enables devices to act independently without manpower and this leads to increased efficiency, accuracy and overall better user experience.

Artificial Intelligence

Virtual Reality (VR)

Virtual Reality is the future prospect of internet with which users have already started feeling in virtual environment by using computer hardware and software. VR has been primarily associated with gaming and this industry is using this trend comprehensively in web development process. The visual displays used in virtual reality enables the users to immerse in the virtual world and stop the sensory impressions coming from the real world. More websites are exploring Grand Canyon without getting out of your chair.

Google and Mozilla are making efforts to integrate API into website. With the increasing technology standards, more and more apps are expected to emerge based on VR technologies ranging from news coverage to virtual real estate tours. The Oculus Rift and Vive is about to bring new and interesting possibilities to the world of gaming.

Virtual reality

Internet of Things (IoT)

As per the research, the IoT web development market is forecasted to grow by 31.72% (CAGR) till 2023. The internet of things (IoT) is a movement where non-internet-connected objects are given network connectivity in order to send and receive data. This enables the devices e.g.: entire house to collect data via sensors and share it with applications on remote computers. This data can be used to perk up products and marketing strategies, monitor for performance or malfunctions or track the status.

Most of these devices and apps can also work via smart phones to control features or view data. Using apps on our smart phones, we can remotely turn on heating equipments; switch on the light bulbs etc. before getting into home. Because of this, web developers are likely to develop the applications that use, analyze and display the device in order to communicate with the IoT devices.

Internet of Things IoT

Static Website Generators

Static websites are captivating over from dynamic websites for providing online content. Bloggers are seeking for new web development trend that ensures low costs and enhanced speed, performance and security. Static Website Generator is significantly becoming the part of web developer’s toolkit.  This creates websites from the plain text, usually stored in files and not in databases. This reduces website loading time, offers better security and make deployment of content and template much easier.

Some of the popular website generators are Jekyll, Middleman, Roots and Hugo. Many developers are considering this as a significant driver to watch out in the coming months. The main downside is that they do not have room for user content or real-time content like comments, which have become a must in today’s world. But, with APIs and Content Delivery Networks flattering more on the web and making use of templates as well as content easy; many developers are confident that this area is one of the latest web development trends to watch in 2017.

Static Website generator

The Design

This is yet another trend that has come forth. One key area is Material Design – this outlines how an app should perform and look on wireless device. When it comes to web development, it provides guidance on patterns, components and usability. It has become a leading visual philosophy that will come in handy for developers in the coming year particularly when layered interfaces are involved.

People look for engaging and compelling ways to get the information quickly. This will likely draw a rise in the use of videos and other storytelling visuals. Bolder and larger typography are likely to become more prevalent. Apparently usability of design will have an enormous impact on how people view and interact with various interfaces.

Web Design

The web being a fascinating place, nothing stands tranquil for too long as information constantly modifies.  Whether it’s through figure, shade decision or usefulness, the future is a year of hybrids, where realism and technology collapse to make a steady browsing experience. Let’s modernize your website with the latest web development and design trends as per the coming trends. Trust us, you will find what you are searching for. The coming future will definitely bring some of the fascinating developments in web technologies. Let’s look forward to see what it holds in and has stored for us!

“Let your new look attract more customer, let us bring new life to your site”

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