The end of 2021 saw a record $3 trillion in cryptocurrency market capitalization. Bitcoin and Ethereum, two of the most popular cryptocurrencies, rely on the decentralized ledger known as blockchain technology. The widespread use of blockchain and the associated tools and products will have far-reaching effects on the way businesses function.
In addition, But blockchain technology is more than just a way to send money around anonymously. Healthcare, insurance, voting, welfare benefits, gambling, and artists’ royalties are just some of the many non-financial uses for the technology. 2 The global economy is getting ready for the blockchain revolution. As technology is already having widespread effects on business and society. Eight of the world’s ten largest companies are developing a wide range of products. After That incorporates blockchain technology, so the term “revolution” may be overstated.
1. How blockchain technology can disrupt financial services
IBM’s Blockchain World Wire –
Financial institutions were able to clear and settle international payments. Almost instantly through this blockchain-enabled conduit that implemented the Stellar protocol. World Wire’s API was integrated into bank payment systems. And the conversion of the digital assets to currency was handled by World Wire. IBM stopped maintaining the network after the COVID-19 pandemic and released the code as open-source. Hoping that other programmers would build upon their work.
Paystack –
Paystack constructs payment infrastructures and connects payment processors to accelerate and simplify online financial transactions. The payment processing company Paystack was acquired by the financial services company Stripe for $200 million in October of 2020. After powering half of all online payments in Nigeria, the service launched in May 2021 in South Africa. Therefore, It also became the first Nigerian gateway to accept Apple Pay in September. This made it possible for 380 million Apple customers in 60 countries to make purchases.
Ripple and Pyypl –
For instance, Since 2014, Ripple, a software company based in San Francisco, has been using blockchain technology to facilitate instantaneous global payments. They have recently established a relationship with the Dubai-based tech firm Pyypl. Which has developed a blockchain-based platform to provide access to alternative mobile financial services. This should help businesses with liquidity issues by reducing the need for the kind of pre-funding required for traditional cross-border payments.
Bloom –
This company is using blockchain technology to improve credit scoring. The process by developing a protocol to oversee matters of identity, risk, and creditworthiness.
UCT now offers an online short course titled Blockchain and Digital Currency. The Future of Money for those interested in learning more about cryptocurrencies. This six-week course teaches participants the fundamentals of blockchain technology and cryptocurrency.
2. Adopting blockchain technology in business
Blockchain technology could have far-reaching effects on the business world. With increased profits, decreased expenses. Optimized use of time serves as the primary motivator for widespread adoption. The following are some instances of blockchain technology being used by large corporations:
ConsenSys Quorum –
Quorum is an enterprise-grade service that was initially developed by JP Morgan. To aid businesses in expanding and managing enterprise-wide blockchain networks.
LVMH –
Blockchain is being used by luxury goods firms for both tracking purposes and to combat counterfeiting. In a partnership with Prada and Cartier, it has registered over 10 million products on its platform.
3. Application of blockchain in the legal field
Smart contracts and the validation of ownership documents like title deeds are two legal applications of blockchain technology. Evidence presented in the court could benefit from the use of blockchain technology if it could be verified as genuine and kept safe from tampering.
To put it simply, smart contracts are electronic agreements that uphold the protections and responsibilities of a traditional contract. Therefore, When certain predetermined conditions are met, the contract’s terms are carried out as written in code. In other words, without the need for human intervention or a third party to enforce them. Therefore The blockchain is then updated, and only those who have access can view the new information.
To varying degrees, smart contracts are now recognized as legal in some states of the United States. Above all, In states like Arizona and California, for example, couples can use blockchain technology to issue marriage licenses and create legally binding contracts. 18
4. The use of blockchain in real estate
Extensive paperwork, high costs, and expert assistance are the norm in real estate deals. Tokenization, in which digital real estate tokens stand in for physical assets, has the potential to streamline the real estate transaction process on the blockchain.
To facilitate the exchange between the buyer and the seller without the involvement of a third party.
Prove ownership beyond a reasonable doubt using a decentralized digital ledger.
Tokens, like bitcoin, can be split into smaller parts, which makes it easier to invest in real estate on a small scale.
Increase safety and openness in the market by having all trades verified by third parties.19
Harbor allows for the tokenization of private securities, REITs, land titles, and land registry records, and Deedcoin connects real estate agents with homebuyers and reduces commission to 1 percent through the use of blockchain technology.
5. Improving logistics and supply chain through blockchain
Similarly, Innovation has always posed a threat to supply chains because they are the links between production and distribution. For instance, Modern supply chains can span months and span continents, with countless parties involved and countless invoices and payments to process. In conclusion, if you are looking for blockchain development services then I’ll highly recommend to you hire Pixelette Technologies which is a top-rated blockchain development company in the United Kingdom
This complexity makes blockchain an alluring way to revolutionize the logistics and supply chain industries. As products move along the supply chain, each step can be recorded securely and permanently, providing an auditable trail from the point of origin to the point of sale. 21
6. Healthcare innovations through blockchain technology
Because of its decentralized and secure nature, blockchain technology is ideally suited for enhancing healthcare. In addition, patient records can be kept in an immutable, distribute, and auditable database. After that, where they will be protected from unauthorized access while still being easily accessible to patients and healthcare providers.
Other major uses of blockchain technology in the healthcare sector include:
- Safeguarding patient information
- Treatment data administration
- Genomic data management at the point of care
- Computerized Medical Record Information Administration
- Some cutting-edge uses of blockchain technology in this area include the following:
In order to facilitate communication between medical professionals. For instance, MedicalChain provides a blockchain-based solution for the development of a patient-centric electronic health record. Above all, The data is stored in a way that is both secure and easily accessible for audit purposes.
Guardtime is a company that assists healthcare facilities and government agencies in integrating. Blockchain technology into their cybersecurity infrastructure to protect sensitive patient information.
To simplify the process of negotiating and managing rebates and contracts, Curisium utilizes cutting-edge digital contracts and a blockchain platform.
However, Robome is a platform that records patient data from telemedicine sessions, chatbots, and Above all, devices onto the blockchain so that it can be securely shared among medical professionals. Project MediLedger: Chronicled initiated the MediLedger Project in 2019 with the intention of better tracking pharmaceuticals.
