3 Insightful Examples of Blockchain in Practice
Mining the vast online in search of cryptocurrency is, in fact, not the only way to get rich through blockchains. By making it possible to share and access information instantaneously, the Internet has opened so many doors – both in terms of closing the information-gap as well as carrying out transactions without going through the bank or even the government.
It’s a beautiful shift in power and industries all over the world are making use of it, from retail to real estate. Here is a list of all the ways business have made use of the concept, so that you can wrap your head around it a bit quicker.
First of all: What is blockchain in any way?
Before we take a look at the various ways businesses have utilized this revolutionary technology, we first need to understand what it’s all about. Blockchain is based directly on the Internet but separate from the web. Think about it like this; two decades ago, we relied on newspapers and the big broadcasting channels to provide us with the news of the day. Journalists, as the information-providers, went through the big corporations to share information which again was controlled, of course, by their owners.
This means that both the nature of the information and the access to it was controlled by third parties. Now, when you want to make a quick bank transfer to your friend, you will still have to wait for the bank to first verify it before it updates on your friend’s account; just like with the news organizations, your money transactions are controlled by a third party.
Luckily, the Internet came along and changed everything – including your money transactions, as we will soon explain. Anyone can scramble together a news article now and share it on social media; launch their own podcast and even try to be directly in opposition to the mainstream news – which, by the way, still exists just like the banks are still hanging around today.
The power is, in other words, in the hands of the citizens who may share and access any kind of news and will no longer have to wait for the afternoon broadcast to stay up to date on current affairs.
With blockchain, the data of a money transfer, for example, is transferred once and for all to the recipient and is certified without relying on a third party. This opens up for so many opportunities which we hardly considered before – and it drastically reduces the costs of transactions.
So it’s really all about Bitcoin, right?
Although most people associate blockchain with the likes of Bitcoin, it is actually out to very good use in many industries all over the world. With this amount of enthusiasm for a technology that is still learning to crawl, it’s safe to assume that it’s only going to continue growing.
The best thing you can do is, in other words, to prepare for it now before the tidal wave hits. From private to public sector, blockchain is considered just as much an opportunity as it is a threat – and these businesses are already putting it to excellent use.
Blockchain in retail
Now that you have a vague idea of how it all works, it’s time to get started on how businesses are actually making use of the technology. At its core, blockchain wants to make data freely available and eliminate the middle-man.
Some retailers have already done this information about the products they purchased, such as Warranteer, an application that allows consumers to access this information and get service in the case of a product malfunction. It’s all about the accessibility of information and making warranties an online phenomenon as it ‘safely stores your eWarranties to the cloud’.
It certainly makes it a lot easier for consumers to find information about the products and it even keeps a record of your user manuals which, in all fairness, is quite original.
Blockpoint is another pioneer in retail blockchain technology that focuses on a simplified payment creation system. That way, you’ll be able to use all the up-and-coming eWallet technologies when you’re shopping and can complete transactions without waiting for approval from your bank. In addition to regular eWallets, Blockpoint allows you to use loyalty programs, gift cards, and a host of other functionalities.
Blockchain in real estate
The beauty of this concept is that every transaction becomes so much more efficient, transparent and, of course, a lot cheaper when there is no middle-man to keep happy. Real estate is also utilizing this and for good reason; with IHT initial coin offering, you’ll be able to make transactions on your assets instantly which again provides liquidity to the investors.
It integrates global real estate markets with the blockchain technology, thereby enabling real estate developers, financial institutions, and their users to be connected with each other – making the transaction of real estate a part of the digital credit society. It is a new way for people to own and share their assets easily and even ‘gain from the share economy boost.’
Blockchain in insurance
When you understand how retail businesses such as Warranteer makes us of blockchain, it’s easy enough to see how insurance companies may do the same. Accenture aims to boost efficiency and productivity within the insurance industry by building blockchain solutions for its clients.
Key insurance industry processes are, in other words, translated into blockchain procedures where all data is freely visible to everyone. This builds trust, naturally, and highlights the kind of transparency that blockchain is all about.
Industries are going to adapt to this revolutionary way of making transactions and sharing information, so it’s a good idea for any knowledge-hungry citizen to read up on the concept and stay up to date on all the changes. Everybody else is doing it, after all.