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Blockchain technology is a very practical solution to the problem of storing, authenticating and protecting data. Think of a Blockchain as a decentralized, extremely secure database. Or, to get slightly more technical, it’s a distributed, peer-to-peer ledger of records. While nothing is ever totally ‘hack-proof’, Blockchain represents a huge leap forward compared to our current data security technology as, unlike a centralized database, there’s no one single point of failure.
The records in a Blockchain are called ‘blocks’ and every block is connected to the previous block (hence, ‘block’ and ‘chain’). The whole chain is self-managed, which means there’s no one person or organization in charge of the entire chain. If that sounds familiar, it might be because the virtual currency Bitcoin functions on Blockchain technology.
Financial services, insurance and healthcare are just some of the sectors where Blockchains are likely to be heavily adopted. In fact, 90 percent of major European and North American banks are exploring Blockchain solutions.
Banks are keen to take the opportunity to reduce transaction costs and the amount of paper that they process. Implementing blockchain would be a step to making banks increasingly profitable and valuable.
Electronic communication, technically speaking, is a kind of transaction. Well, if the email service is tied to a blockchain application, the IT staff may be able to solve the problem in a very elegant manner.The future may be less messy than the present.If that future is blockchains.
Blockchain can provide an accessible, trustworthy record of an item,whether a Rolex watch or a prescription medicine. The consumer can access a complete history of the product, from the moment it rolled off the production line, thereby providing certainty about its authenticity.
The academic record of the students which contains notes, diplomas and titles obtained, is protected. This information is available in the chain of blocks is out of danger in case the institution loses these files and delivery of certifications through the blockchain.
Automated billing based on flexible retail prices,Proof of origin of generation source,Enabling smaller generators to be part of demand response and P2P trading.
In wake of probable disruptions, firms that adjust their business models accordingly, stand to reap greater benefits such as increased transparency, reduced costs and greater time efficiencies.
The insurance industry will still have obstacles to overcome, but blockchain’s ability to provide complete accountability, transparency and superior security will help insurers save time and money, as well as improve customer satisfaction.
Complex levels of information sharing is vital to public health surveillance but it needs to be done securely. Blockchain could help parties such as clinics, laboratories and government health departments share information reliably so everyone can be confident of the information they are receiving.
On the back of increased fears around data security, manufacturers are starting to explore blockchain as an alternative way to record and exchange their data.
Media and entertainment offer an interesting use case because of two challenges the industry has struggled with as content has gone digital: the ability to protect as well as monetize intellectual property.
The retailers and their supply chain vendors could use a blockchain solution that provides a single source and uses smart contracts to allow the automation execution of orders and payments.
Blockchain technology is the next logical step in a movement away from costly, centralized management and into an entirely self-managed, autonomous tourism ecosystem.
We specialize in creating new solutions suited for specific enterprise needs with private and permissioned Blockchain networks. our service enables advisory in the field of incubation, implementation, integration and innovation.we can help implement and provide support in Blockchain solutions using all the platforms in the world of Blockchain.
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