Blockchain Applications In the Industries
Before the begin if you need to learn more as a fundamentals of blockchain you will check it out my below article;
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 ;
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.
Recommended Video
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.
References ;
*1 Blockchain For Dummies, IBM Edition
*2 Getting Started with Enterprise Blockchain IBM
Utilized Resources When I Research ;
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.
