Advantages of Blockchain

block chain

To the question What are the advantages of the blockchain technology, Valiance Solutions, Building Intelligent Enterprises with AI, ML, Deep Learning, answered on Quora:

Cryptocurrency, once strictly the domain of techies, has set ablaze internet due to the skyrocketing values of the likes of Bitcoin and Ethereum, two of the most popular virtual currencies.

At the core of these crypto or digital currencies is the blockchain technology, which dates back to 2008. In general, blockchain is defined as a distributed system which records and stores transaction records. Blockchain more specifically is defined as “a shared, immutable record of peer-to-peer transactions built from linked transaction blocks and stored in a digital ledger.” Undoubtedly, it is considered as a major disruptor of the global business process.

Here we’re highlighting 10 industries which should brace themselves for the impending disruption and where impact of blockchain will be felt in coming years:

Voting

Even today a limitation to elections is that they require the voter to be physically present at the polling booth to cast their vote, which can often make things awkward in terms of finding the time to travel and mode of travel– and makes little sense in our mobile, connected society.

Read how Follow My Vote promises an ‘online voting solution for the modern age’ via blockchain technology.

Healthcare

Here are some incredibly exciting ways blockchains can enhance healthcare operations.

Medical Data Management 

Improving data security by keeping patient records private from hackers, with better access for healthcare professionals and patients alike.

Drug Development and Supply Chain Integrity 

Facilitating new drug development by making patient results more widely accessible, reducing the counterfeit drug implications.

Claims and Billing Management 

minimizing medicare frauds and admin costs by eliminating the need for intermediaries with automated activities and more efficient processing.

Medical Research 

Centralizing the results of clinical trials and patient outcomes to make medical innovation quicker.

Photography

85% of the images used online are used without a valid license from the copyright owner.

With that in mind, Kodak revealed its new digital currency, KODAKCoin, which is backed by a blockchain ledger and image rights platform called KODAKOne. Kodak hopes that the new virtual currency will help protect digital image rights for photographers, allowing them to securely register their work.

Internet of Things (IoT)

IoT being the biggest connection revolves around security issues. Blockchain, and the combination of cryptographic processes behind it, offers an intriguing alternative. Because blockchain is built for decentralized control, a security scheme based on it should be more scalable than a traditional one.

Cloud storage

Storing data in the cloud has become an increasingly popular and convenient practice but it still has potential problems – like downtime and losing access to your data temporarily, or more seriously, the cloud service being hacked.

Public records

An important function of government is to maintain trusted information about individuals, organizations, assets, and activities. Much of this information still exists only in paper form, or in siloed databases, and managing and using these data can be complicated, even for advanced governments.

Banking

Financial institutions continue to face challenges with identity theft, cost efficiency of transactions, and just general security.

Read how IBM-backed Hyperledger Fabric project, the Utility Settlement Coin, and R3’s blockchain consortium are enabling banks to process payments more quickly and more accurately while reducing transaction processing costs and the requirement for exceptions.

Car leasing

Leasing a car invokes many sytsems across a chain of processes – including verifying the driver’s financial status, driving eligibility, available vehicle inventory and available car features.

Music rights

Music piracy through illegally downloaded, copied and shared content eats into the artist’s royalties and music labels revenue.

Worker credentials

With the help of blockchain technology, it’s possible for you to find the right people for your business by verifying their credentials. If you want to make sure someone really does have the right stuff for your company, the blockchain can help.

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