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BTA-Blockchain-Business-Foundations


Blockchain Use Cases 

Introduction:


Newcomers to blockchain are often quick to ask, "who is actually using blockchain technology and what value are they getting out of it?" In this chapter, we take a look at several blockchain use cases and implementations. 

Background Checks 


Being able to verify and validate someone’s transcripts, diplomas or education achievement claims. With a verification and immutable data on the blockchain, fraudulent achievements will be null and void. For instance, fake medical degrees is a real and urgent problem. A congressional committee over 25 years ago estimated there were about 5,000 fake doctors in the United States alone. That number is believed to have grown at a staggering pace since then due to the prevalence of the counterfeit degrees sold on the internet. People have and will continue to die at the hands of these counterfeit degrees. Blockchain presents a viable solution to this problem. 


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Personal Identification 


Birth certificates, passports, identification cards and other forms of personal identification can become counterfeit lost and altered. Blockchain provides a potential solution for some of these problems. 
  

Land Registries 


It is estimated that at least one out of every three land titles contain an error. Title companies in the United States pay out billions of dollars in claims every year due to these errors. Blockchain could provide an immutable record of ownership and move the storage of ownership history from a paper record filed with a government building to a distributed and immutable ledger. 

Financial Services – Securities Clearing 


The banking, accounting, economic circles are enamored with the opportunity blockchain possess, for good reason. Its ability to provide bank-like services and also offer currencies that meet so many of the requirements of what a currency should do. 
  

Global Supply Chain 


Global Supply Chain is a huge area where many feel blockchain will see one of the most immediate impacts. In fact, in 2018, Walmart announced that they will be requiring all produce suppliers to be utilizing a blockchain solution by the Q3 2019. They have stated that they intend to issue the same requirement amongst all produce suppliers by 2020. Supply chain will also have a large impact on automotive, so much so that companies like Mercedes are spending hundreds of millions of dollars to just explore possible solutions. The automotive industry believes that there will be a large financial gain from the implementation of blockchain when it comes to recalls and even counterfeit items. It is estimated that nearly 30% of the air bags in the United States are Counterfeit. Being able to bring this number down significantly stands to save so many industries billions of dollars. 

Healthcare 


Healthcare is one of the first places people who learn about blockchain gravitate to immediately. The potential that blockchain has for impact in healthcare is astounding. It stands to not only save millions, curb counterfeiting, empower patients, but most of all save lives. This will affect EMRs, insurance claims, genome research and so much more. 
  

Airlines 


Airlines are looking at blockchain as a way to replace and/or enhance registration, rebooking, vouchers, and loyalty programs. Airlines are also looking at blockchain as the way to track the maintenance and upkeep of incredibly complex devices. The number of critical components inside a modern jet airliner and the amount of traceability and auditability that goes into any work, repair and adjustment of those complex machines is incredible and you can probably now begin to see why airline companies are making such an investment into blockchain.  

Tokenized Economies 


“Tokens” or digitalized assets have opened up a fascinating new world that has never before existed. A way to allow people to own, trade, buy, sell, track and maintain incredibly small ownership pieces of real- world assets. This tokenized fractional asset ownership is enabling many new business models. 


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Payment Channels 


With complete and up to date micropayment and payment records, a business would foreseeably never have to stop and square up their books with any of their suppliers, venders, manufactures, lenders, etc. Instead all participants in a business network could know exactly where they stand at all times. This would give business leaders and decision makers greater clarity and insight into our business’. This could also simplify the maintenance upkeep and accounting process, allowing leaders to focus on activities with a high value add or return for time spent. 

Blockchain Adoption 


Blockchain is being considered by more than half of the world's fortune 500 companies according to a Juniper Market Research Survey. It is estimated that $2.3 billion were spent on blockchain by the end of 2018. What effect is this going to have? Blockchain is bringing us the internet of value. 

Blockchain opens up entirely new business models, due to the fact blockchain is able to transcend physical and geographical barriers and uses math and cryptography to enable transactions globally. The uniqueness of blockchain lies in its ability to retain person to person transactions globally. 

Blockchain today is often compared to the internet in the nineties. We are seeing the effects from blockchain that are similar to the effects the internet brought about in the nineties. We don’t fully understand this technology and therefore cannot fully utilize its applications. Because we have the internet, we are seeing a much faster spread of blockchain, and blockchain is one step closer to web 3.0.

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Web 3.0 

In order to understand Web 3.0, it is important to first understand what web 1.0 and 2.0 were. Web 1.0 is the first integration of the internet. This took place in the nineties and was led by the visionary, Sir Tim Berners-Lee. Berners-Lee had a vision of decentralizing content. He wanted people to be able to access content without the need of a third party. 
Web 2.0 is the current age of the internet and is considered the age of social media. Web 2.0 decentralized people. People now do not have to go through a third party to communicate with each other. 
Web 3.0 is the Internet of Value 




Blockchain Implementation 

Introduction: 

Bitcoin used blockchain to store financial transactions, but the data can be anything from a vote in an election to an entire book. This is important when considering practical use cases for blockchain. As we know, blockchain is a distributed, immutable, highly secure database and many industries could take advantage of the transparency that blockchain provides. For example, blockchain technology could change how voting works. Blockchain would allow for voters to be 100% certain their vote is being counted. A good use case will do one of two things: It will either allow for new possibilities that have never been possible before or improve certain aspects of an existing process. 

Blockchain is not always a better alternative to a database. 

Blockchain has a few drawbacks that need to be considered when attempting to implement it. Starting with how new blockchain is, to the stigma of its use originating in the Dark Web. The creation of blockchain is also a mystery that tends to put people on edge. ICO/ITO scams and the misperception that blockchain is just another name for cryptocurrency are also drawbacks that aren't technical but do impact the adoption of blockchain itself. 

More tangible challenges with blockchain today include the fact that blockchain technology is still changing and evolving, best practices and recommended patterns for implementation are still being formed. There are not very many trained resources and therefore, the cost of trained resources is high. Finally, scalability is a core concern when it comes to blockchain. Blockchain prioritizes security over speed. Therefore, solutions that require high transaction speeds are not good candidates for Blockchain. Different group consensus methods beyond Proof of Work are currently being proposed to overcome current scalability limitations. Today, most major public blockchain are able to process 10-20 transactions per second worldwide. 

Data Sovereignty is another factor to consider when comparing blockchain solutions versus traditional ones. In a centralized system, all data is owned by the system owner. In scenarios where one must demonstrate they own and control the data as well as demonstrate where it is and is not stored, blockchain may not be a good solution (although private blockchains can still be a viable option here). 

Transaction times are very high in blockchain, but solutions are being investigated. One such solution includes using off chain transactions to lower transaction times. 

Web 3.0 plans to decentralize finance. We saw this first with Bitcoin, but it is continuing to evolve and will soon make all assets decentralized. There are things we need to accomplish before reaching the goal of web 3.0 and the primary problem needing attention is transaction speed. Many solutions are being worked on and one of these solutions is off-chain protocol. Off-chain works by having multiple transactions verified and added to a chain separate from the main before being added to the main chain. 

One thing is for certain about web 3.0, it will not look anything like web 2.0 or web 1.0. All of the previous web components will still be critical pieces, but entirely new business models will open up with web 3.0. Individual consumers will be able to do things that were previously reserved for only the richest and most powerful organizations on earth. The effects this will have are going to be profound and transformative. 



BTA CERTIFIED | BLOCKCHAIN BUSINESS FOUNDATIONS | PART-5

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