The Blockchain Opportunity
In a digital world, where databases are the infrastructure, blockchains are shared “plumbing” through which many data types can be stored, referenced and transferred as well as a mechanism by which that activity can be recorded.
Users can be differentiated, by task or permission levels. Some users can have the ability to read and write, whereas others may only have permission to read. The ability to assign a variety of permissions to network participants is particularly suited for use in commercial contexts, such as financial services.
Blockchain users benefit from a shared infrastructure while maintaining a level of security and privacy
Smart contracts can be used to deploy business logic on a blockchain. Smart contracts are programming code that is executed independently and has its work product or contract confirmed by multiple participants in a network. Smart contracts can represent agreements between parties or rules associated with a particular workflow. The range of possibilities for applying blockchain based smart contracts is huge.
Examples of other blockchain applications are numerous
Blockchain applications in cryptocurrency
Bitcoin’s utility as a currency is limited due to the regulatory environment. While bitcoin allows the sending of value instantaneously in a peer-to-peer fashion, anonymity is a problem. Identity in the physical world, means passports, driver’s licenses and birth certificates. This regulatory environment improves significantly when a reliable digital identity can be established. The world’s first cryptocurrency based on “Know Your Client” online identification standards, GreenCoinX, has been created using the Blockchain Evolution Inc blockchain.
Blockchain applications in banking
The blockchain concept of facilitating the exchange of money is now well-established. Indeed, this is the original use-case for digital currencies like Bitcoin. However, there are further opportunities for banks to use the blockchain technology to improve other services and compliance activities .
Blockchain applications in insurance
Insurers are intermediaries and there is great potential for insurers to use blockchain technology to streamline payments of premiums and claims. Blockchain technologies could support the significant digital transformation underway in the industry because much of this transformation relies on data.
Blockchain applications in the public sector
The public sector, despite being centralized, is fragmented in terms of its organizational structure and its ability to share data. Blockchains could be used to address inefficiencies in current systems and increase the effectiveness of public service delivery.
Blockchain applications in the media industry
Media industry challenges relating to the way in which digital content can be copied and freely distributed on the internet, and how artists are compensated when their materials are used or bought through legitimate channels, could be resolved by connecting authors, musicians and videographers directly with consumers.
Blockchain applications in energy trading
Blockchain technologies will not simply make the current energy markets more efficient. Boundaries between asset classes will blur as cash, energy products and other commodities, from industrial components to apples could all become digital assets trading inter operably. Blockchain will provide the platform