Blockchain in Action — 16 Inspirational Examples
If you want to have a decentralized record of digital data accessible by all, then better fix your gaze towards blockchain technology. To break a single word into two, Blockchain has information in which the data (i.e., the block) is deposited inside a communal database (i.e., the chain).
This digital technology is primarily made to rave up banking security, as unsecured parties fail to hack it. However, Blockchain has various applications; you might have heard of them, so below are their names.
Bitcoin is known to be the most prominent application of Blockchain, which is also termed as a cryptocurrency because it is a virtual currency. Things get completely simplified here, as money transferring gets easier because of the absence of intermediaries like banks or administrators.
Similar to Bitcoin, Bitcoin Atom is also a part of it, used for transferring funds in a simplified way with no trading charges and no possibilities of hacks during exchanges.
With Blockchain, MediLedger, a pharmaceutical company, has a decentralized network that can record transactions and data to establish worth and improve security.
A popular name in the music world, Spotify, opted for the procurement of Mediachain Labs and took help from a blockchain development service provider to switch to blockchain technology. This helps them to associate with an artist who has licensed tracks and agreements.
This move has led to more transparent and clear ownership of records. This move also helped the small artist to get proper recognition, which they were denied before.
BitGive, which also implemented Blockchain technology, has its sole mission to benefit charities worldwide. It has a project that provides transparent data and financial information to donors.
Maersk and IDM combined to generate a new supportive Blockchain effort known as TradeLens, which is supported by blockchain software development companies and other leading brands.
TradeLens is exclusive for its customized smart-contract services that execute complicated shipping orders, which lowers the presence of mediators in the whole process.
The peer-to-peer payment technology of Circle, which is also termed Circle Pay, is primarily used for buying and selling bitcoins. Circle uses open, Blockchain-based protocols to build products.
Another example of Blockchain development can be found in Aeternity. It serves a great role in performing rapid transactions. The brand has adopted several new things like IoV, IoT, FinTech, Unbanked, Video gaming, Trust-free Exchanges, etc.
To stay in association and generate new connections, a platform named Matchpool utilizes cryptocurrencies. It provides bonuses on linking the associates of different communities such as Uber, Airbnb, or dating services.
Here the cryptocurrency comes in the form of Guppy tokens, which is better known as GUP. These are mainly used for making payments within the app.
Blockchain development services have led Siemens Digital Grid and its start-up financier, named next47, to work in collaboration with LO3 for a new project. The project is related to Blockchain technology, which lets local people generate and use and buy power through it.
BASF Corporation took help from a blockchain development company to scrutinize the value of livestock. The information can be used to see full transparency about the food they eat.
Loyyal, which is a cross-sector rewards and loyalty platform, reinvented how customers will get incentives.
It makes use of smart contracts and Blockchain technology to manage travel and hospitality. It also correctly looks over the incentives of all employees and their corresponding credit card rewards.
12. SimplyVital Health
With the added cost of aligning different technologies and issues due to sharing of data for security and privacy issues, the health sector hasn’t yet upgraded a lot from the past.
However, with the help of blockchain app development, SimplyVital Health has granted the authority to patients to share and access their healthcare information.
Guts which also works on blockchain technology, reduces the opportunity of ticket fraud and overcharging. Its algorithm maintains similar ticket prices and locks the prices by linking them to the mobile number.
14. De Beers
By tying up with 5 various other diamond manufacturers, De Beers has developed Tracr. It is a first-level Blockchain platform, which aids in securely tracking a diamond. The platform is designed to deliver untampered data whenever there is any suspicion revolving around it.
Ubiquity, also a part of the blockchain platform, provides records of property information with a clean record of ownership. The consumer can input their data and store it on a blockchain with its Patent Pending API and SaaS Platform.
16. AIA Insurance
The bancassurance network, i.e., AIA Insurance, has led its bank partners to share data in real-time, reducing the processing time. It perceives new starts to have insurance with the blockchain accelerator.
Thus, through this, we hope that it is clear to you that blockchain development is a vast system with a vast scope in every sector. So, align your brand with it to upgrade and earn better revenue.