- How Blockchain is Disrupting the World | Blockchain’s Many Use-Cases
Blockchain use cases go far beyond cryptocurrency and its inexorably linked Bitcoin. Blockchain capabilities reach numerous niches including tackling supply chain management issues, medical data verification, insurance claims, personal security and more. When massive corporate conglomerates such as IBM, NVIDIA, Mastercard, and Amazon begin to invest hundreds of millions of dollars into research and application of this burgeoning technology, it’s safe to say blockchain has the capabilities to revolutionize the world as we know it.
At ProBit Exchange unique and innovative blockchain-powered networks come to life every day looking to remediate big problems — Ambrosus is no exception.
Supply Chain Management Optimization
ProBit Exchange’s first Exclusive of 2021 featured Ambrosus, a blockchain-powered IoT network looking to optimize supply chain visibility and quality assurance of some of the biggest supply chain networks in the world. The unique bonded ERC-20 AMB is just one of many innovations created to establish full transparency across the entire supply chain for improved logistics and efficiency.
Managers overseeing massive supply chain networks spanning across the globe may experience communications and transparency problems which ultimately lead to incurring one — big — headache. Additionally, with over 500,000 supply chain management firms in the US alone, data siloing and transparency are emerging issues echoed year after year.
Supply chain management is just one of the potential use cases of blockchain with many more currently being implemented and many yet to be discovered.
Smart Contracts are Just Like Regular Contracts? Right?
The defining difference between smart contracts and regular contracts is that predetermined rules are enforced on the blockchain and not via an intermediary. This streamlines contractual agreements while enforcing compliance from all parties involved.
Smart Advertising Transaction Token is a utility token available for trading on ProBit Exchange that enables advertisers to buy smart advertising servers on its Ethereum-based Dapp. All transactions between advertisers and publishers are governed by the SaTT smart contract which ensures speed, transparency, and security while remaining cost-efficient. Blockchain-based contracts have been growing in popularity with the government, healthcare providers, and advertisers, among other niches, and accelerated adoption in the coming years is expected.
Streamlining Cross Border Remittance
Remittance is a fund-transfer transaction where funds are moved from one account to another. In cross-border payments, SWIFT handles the movement of messages along the payment chain but doesn’t manage the actual debits and credits which are controlled by participating banks. Giving the shortcomings and complexity of this process, the distributed ledger concept has begun to resonate with the banking and financial sector.
Blockchain technology enables instantaneous direct transfers without fear of manipulation because there are no intermediaries or correspondent banks involved. Through eliminating bureaucratic red tape, banks can have a bilateral, visible, and immutable transfer of value, potentially saving upwards of $8-$12 billion.
The surge in decentralized remittance solutions has led to the rise of ventures such as TPXGold which seek to address the problems associated with both fiat money and cryptocurrencies through creation of their innovative smartphone App and secure infrastructure, offering an instant money transfer service.
Remediating Personal Security Concerns
Identity theft has seen an uptick in recent years due to IoT and increased online data storage. It can occur in many niches including credit card fraud, mobile telephone signups, and loans which accounted for over 500 thousand reports alone in the US in 2020.
Uniris is a blockchain project that has developed a secure and tamper-proof technology which enables users to store their confidential data across nodes using fingerprint data to completely bypass the need to store biometric data for access.
With blockchain ventures continuing to sprout up in the industry aimed at facilitating the storage of sensitive information like birth certificates or SIN numbers on a decentralized blockchain ledger, a massive drop in identity theft claims would likely follow.
Government Use Cases
One of the more surprising applications of blockchain is in government security and bureaucratic efficiency. Similarly to streamlining cross-border transactions in the banking realm, blockchain can cut through millions of hours of red tape each year, force accountability through smart contract utilization, and bolster transparency through recording all activity on a public ledger. Worldwide, governments dedicated nearly $12 trillion to public procurement equating to around 15% of national GDP. This process fuels public goods and services, roads, healthcare, among other essential functions, but unfortunately also tends to line the pockets of corrupt politicians.
CitiOS blockchain technology seeks to remedy such concerns and additionally helps countries and cities to achieve sustainable development targets established by the UN. Through IoT and sensing devices, CitiOs digitizes the services of a city and provides applications for data research and risk-control.
Blockchain Has Numerous Use-Cases with Many More to be Discovered
Blockchain today is similar to the internet in its early stages in the 1990s as we witnessed the development of the internet transform society and how we interact with information over the past two decades. A similar paradigm shift with Blockchain is highly likely as industry leaders have cautiously begun investing funds into potential blockchain applications and are slowly recognizing its many benefits and challenges.
With countless hungry startups like Ambrosus, seeking to innovate antiquated protocols in a myriad of industries, it’s only a matter of time before wide-spread use cases and business applications become realized and adopted on a massive scale.
- Date of publication:
- Wed, 01/13/2021 - 23:11
Click on the link - it will be copied to clipboard