Before the begin if you need to learn more as a fundamentals of blockchain you will check it out my below article;
Introduction to Blockchain
Emerging technologies bring new opportunities and change our lives by changing the way that we think and operate.
And ,if you would like to curious for learn about evolution types of Blockchain from 1.0 to 4.0 you will also check it out below article ;
Types of Blockchain and Evolution 1.0 to 4.0
The two most important concepts which were combined to create blockchain technology were asymmetrical cryptography and…
After the short announcement for better reading and learning experience, lets back to the our topic. :)
The key to automated, predictive, and prescriptive operations in the post–COVID-19 world lies in the interconnectivity of digital tools, physical infrastructure, and their underlying data streams.
On the other hand emerging technologies bringing new opportunities and changing our lives by changing the way that we think and operate.
In the new era, blockchain-enabled cryptocurrency applications will likely converting their prominence to blockchain business applications in the industries that can potentially increase efficiency and reduce costs.
In the below video, you will see and learn about , what is blockchain and use cases in the various different industries.
After sharing an optional supportive video, lets we back to our subject in the article.
Blockchain business applications stems from the recent advent of BaaS(Blockchain as a Service), which simplifies the creation of the complex, five-layer blockchain technology stack(Exhibit 3 from Mckinsey).
Blockchain technology, in particular, has emerged as a potential solution to the erosion of trust in traditional institutions and online intermediaries more generally, as it allegedly eliminates the need for trust between parties.
For example, blockchain enables securities to be settled in minutes instead of days.
It can also be used to help companies manage the flow of goods and related payments, or enable manufacturers to share production logs with original equipment manufacturers (OEMs) and regulators to reduce product recalls.*
However, blockchain is not to solve every problem right now and is not too efficient currently in all industries.
Questions To Ask To Know When To Use Blockchain
Key questions to ask when to know use blockchain
- Do you want to remove the brokers and intermediaries?
- Are you working with digital assets?
3. Are you able to create an authoritative and permanent record of digital assets?
4. Does your business require high-performance transactions?
5. Are you going to store non-transaction data in large quantities?
6. Do you need to rely on a trusted party?
7. Are you looking to manage value exchange or contractual relationships?
8. Do you need shared write access?
9. Is there trust between the contributors?
10. Do you want to have control functionality?
11. Do you need blockchain transactions to be public?
I believe this decade’s ’20s is about creating, building, and implementing blockchain solutions to the industries. This is the new industrial revolution of the world.
To further understand how a blockchain for business works, and to appreciate its potential for revolutionizing business networks, you need to understand the four key concepts of blockchain for business (see Figure 2–2).
Blockchain use case examples ;
Blockchain use case examples of various companies
You will see use case examples in the various industries above from various companies using blockchain tech.
When a technology reaches a certain point of maturity, the core set of requirements has been largely implemented and an important period of optimization begins.
A huge amount of innovation continues to be applied to blockchain, typically through the application of related research. Together these help to address concerns and challenges of blockchain adoption within business networks.*2
As a result collaborative businesses follow an overall business model that is generalized enough to fit broad categories of businesses.
*1 Blockchain For Dummies, IBM Edition
*2 Getting Started with Enterprise Blockchain IBM
Utilized Resources When I Research ;
How blockchain technologies impact your business model
Much of the attention surrounding blockchain today is focused on financial services, with very little discussion about…
The challenges and countermeasures of blockchain in finance and economics
, , , School of Economics and Management, Xidian University, Xi'an, China Search for more papers by this author…
T. Alladi, V. Chamola, R. M. Parizi and K. R. Choo, “Blockchain Applications for Industry 4.0 and Industrial IoT: A Review,” in IEEE Access, vol. 7, pp. 176935–176951, 2019, doi: 10.1109/ACCESS.2019.2956748.
The blockchain: State-of-the-art and research challenges
The blockchain revolutionizes the creation of both scalable information technology systems and diversified applications…
3 key areas of enterprise blockchain adoption in 2021 - Blockchain Pulse: IBM Blockchain Blog
This last year has been a watershed for new innovation - here are the 3 key areas of enterprise blockchain adoption in…
The impact of blockchain technology on business models - a taxonomy and archetypal patterns
Blockchain as a disruptive technology for business: A systematic review | Semantic Scholar
It is found that blockchain remains an early-stage domain of research in terms of theoretical grounding, methodological…
Impact of Blockchain Applications on Trust in Business
Blockchain applications are considered as "trustless" machines, because they reduce business's needs of trust in…
List of Top 50 Companies Using Blockchain Technology
With the popularity of blockchain, many companies have started using blockchain technology. And why wouldn't they…
Getting Started with Enterprise Blockchain
Blockchains have many uses beyond cryptocurrencies such as Bitcoin. These shared, distributed ledgers also enable…
Blockchain for Collaborative Businesses - Mobile Networks and Applications
Blockchain applications have continuously improved ever since its first debut on cryptocurrency. From then on, its uses…