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!

Tech Pack: Simplify Your Fashion and Apparel Production

Tech Pack

As fast-fashion has become a specific norm in the industry, it is difficult to get your products to the market quickly– quicker than the competition. However, in the global fashion market, getting all the things done on time is mere nightmare. Everyday professionals have to deal with time and commitments to get the tasks done; however some retailers can manage complex tech pack process through the spreadsheet alone (once a garment is designed, it’s specification are stored in several spreadsheets, design documents by creating a large folder of the one garment which is then emailed to the supplier) which leads to the risk of human error. From technical designers – product developers – production manager to the suppliers where no one is in the loop ends up with simple design flaws becoming a big problems on both the technical and fiscal end.

The problematic questions that are likely to be raised are:-

  • What sort of documentation should be crafted?
  • How to communicate with all suppliers?
  • What would you give to the pattern maker?
  • What is returned to you? How much time it will take?

The trials and tribulations are plenty!!! Finding the right factory and communicating properly with them to make the right product is not something that you can just wing.

Factors that prevent efficient operations in tech pack without system

  • Lack of centralized data: Manual processes are prone to human error and data is not centralized or standardized. Hence document proof is difficult to achieve
  • Version Control: Completed design passes through various milestones before the master piece is created. Managing this in spread-sheet complicates the entire process.
  • Compliance issues: Garment designs comprises of different colors, sizes and dimensional characteristics, which means that the margin for error is especially high – particularly if all these issues are accounted separately, instead of in one single place.
  • Encumbered collaboration: When external departments and team members (e.g. manufacturers or suppliers) can’t effectively collaborate within a central system to share ideas and insight, creativity and innovation are impeded.

Hence, there comes the need of streamlined system with high integration of multiple business processes and accessibility of information at any given time.

So, how streamlined system can help you to develop smart tech pack?

It simplifies collaboration and communication between product professionals, enabling them to effectively manage data throughout the product development. It helps developers, designers and manufacturers to stay on same page following the same schedule and interacting in real time. For instance: Fashion professional wants to create sheath-velvet dress; with this solution, everyone involved from design to manufacturing remains in the loop without necessary being on the same location and can easily access the tech pack of sheath-velvet dress to determine who is doing what, which is the next phase of the project etc.

What does it bring to the table?

A lot actually. As it enables the team to work on the same page; it makes planning easier, stay updated with the recent version of the product and find out if the product is dropped from line. More time is saved as there is no need of paper work and manual work or e-mailing every supplier from time to time.

Basically tech pack consists of

  • Drawing
  • Measurement
  • Description of fabric
  • Trim Design
  • Grading
  • Prints
  • Label
  • BOM

With tech pack on your screen, you can check out what the product’s agenda is and what modifications are to be made to the product. The ability to manage multiple aspects greatly reduces errors and you can review your product in less time compared to the traditional product management. So, with the streamlined system everyone associated with the product can stay in the loop and works as de-facto between manufacturer and client

The benefits can be categorized as

#1 Shorter time to market: On having centralized control over the data, it is likely that product development can be completed more quickly. Product designer and the team associated with it can work faster and data transfer is also hassle-free. Faster development and shorter time to market are always quintessential to remain competitive.

#2 Increase productivity: Implementing autonomous system nullifies time-consuming activities like duplicity of data across different system, multiple times checking of data for any irregularities, search for missing data etc. Product design team who already have integrated this system are less likely to come across processing errors and the reworks due to outdated information.

#3 Enhances product quality: As managing and controlling all the information is easy; it likely affects the overall product quality. By using the system, product managers, suppliers and associated team are able to implement all the processes which help to maintain product quality and that result into customer satisfaction. This is important, if the team is spread across different demographics to ensure that quality is not compromised.

#4 Connects design with data: Suppliers can upload new design concepts directly into the system and can quickly bring those concepts to the life by using the advanced tools. By connecting creative design ideas to the system, you can increase accuracy and reduce waste.

#5 Enriches user-experience: If you have an automated system, you will able to work smarter and faster than ever before with simple drag and drop functionalities. This would even require less training and speeds up adoption.

Helpful tips to look for…..

  • Don’t make your information messy; spread the details so that everything is easy to read. Cluttered things won’t able to keep your instructions simple, clear and direct.
  • Add images to make it clear and detailed.
  • There are the chances that trim designers may not read the tech pack so it is recommended if you can provide sample of the garment so that they can know how the final product should look.
  • When you design a tech pack make sure there is no typo error, incorrect measurements or fabric type which results into delays or other problems.
  • Create a PDF of your tech pack so that it helps to protect and prevent others from editing it
  • Think of creating PLM system which helps to manage entire life cycle of the product from inception, through engineering design and manufacture to service and disposal.

The bottom line…

Keeping consistent tech pack from the scratch to the development process will save your time and many head-aches in the long run. The system for tech pack that we craft is crystal clear and planned by industry experts. We assure you that your production runs will be smooth and cost-effective. We do all the heavy-lifting so that you can focus on your brand.

So, looking to develop management software for your tech pack with us? Let’s connect!

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