5 Most Interesting Areas of Blockchain Application beyond Financial Services
Apr 04, 2018 Posted / 825 Views
The blockchain is what the 21st-century user thinks of when one mentions the word Bitcoin or cryptocurrency, even if the user is unaware of what it is. The blissful ignorance effect here is at play. While the user remains blissfully ignorant of what blockchain actually is, he or she has already put in millions (just for the name)!
Based on a March 2017 survey, 8 out of 10 banking institutions have started working on their unique Blockchain architecture. And it’s expected that around 15% of banking institutions across the world will become active users before the end of this year.
From a cruising altitude, a blockchain might not look that different from things you're familiar with, says Wikipedia. With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information.
There are many functions of a blockchain beyond the financial market. Let’s explore the best of them!
Data Handling with Blockchain
Data handling with blockchain is its very concept! The concept of the virtual ledger (Strong data) is what blockchain actually is. Blockchain technology could simplify the management of trusted information, making it easier for government agencies to access and use critical public-sector data while maintaining the security of this information. A blockchain is an encoded digital ledger that is stored on multiple computers in a public or private network.
It not only helps the company reduce their expenses, but also helps in managing records, conducting audits for them and building strategies.
Forecasting of the Market
Heard of Agur, the open source Ethereum based blockchain which helps in the market forecast? Augur and Gnosis are trading up around $77 and $267.82 respectively. BlitzPredict is a blockchain-based solution being developed to change the face of sportsbook predictions by using blockchain to provide function and liquidity.
Prediction market is open to many changes and runs the economy on its shoulder. The prediction market is important to the global economic landscape because humans have an insatiable appetite to know and decode the future. Prediction markets could exert influence across a wide range of industries
Owners and Authors using Blockchain
This is one very interesting feature of blockchain. The Ascribe platform is one such platform which helps the user to virtually manage their currency using blockchain. It helps to generate digital editions with an exclusive ID and also generates a certificate of authenticity which attributes to its legitimacy.
Examples of it are Blockai, Bitproof, Verisart, Stampery, Monegraph, Crypto-Copyright and some other companies model ownership and authorship into Blockchain technology.
Ethereum, considered to be one of its own kind of a blockchain runs on a network which aims at helping developers to build and publish next-generation distributed applications. Ethereum can be used in numerous ways. This is done by coding, decentralization, developing a network, crowdfunding etc.
Ranking and Reputation Network
The DLT popularly known as Digital Ledger Technology is something which has gained immense momentum. It not only establishes a good reputation but works towards solidifying it for banks by providing as much as zero error while record keeping.
John COrsella the CMO at The World Table states that “The Open Reputation architecture mandates that identities and reputes (reputation events – things like ratings) are indexed (and in some cases stored) using Blockchain technologies so they’re not forgeable and not “owned” by any single player.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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