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This is Pt. 2 of a series on Blockchain – What it is and how it works
Pt. 1 is Here.
6. Develop prototypes
Once you see it’s doable, you should start trying it out in all of your priority areas. You can bring technology into business.
You have to invest in it. Develop prototypes in each of these areas.
Find out which problems will prevent them from working properly. After removing the obstacles, you can implement the technology on a larger scale.
7. Choose the best
Having seen the prototypes and how it works, it is necessary to select the ones that best suit the staircase.
You should make these models work enterprise-wide. A change will be difficult.
You have to be careful to involve all stakeholders. You have to put everyone on the same page to get the best ROI (return on investment).
- Blockchain is still a new technology and therefore you have to be very careful when using it with a business solution.
- You need to get tech savvy along with your team to explore where you can use technology.
- Build a great proposal to present to the C-suite. Get their approval with the help of blockchain experts.
- Form a core group consisting of people from different departments.
- The core groups must contain technical and business experts in the company.
- Identify an area where you can test it with minimal risk.
- Draw up a schedule for getting the job done. Calculate the costs.
- You need to implement and test in that area. Test the system.
- Once it is a success in one area, develop prototypes for all priority areas.
- Choose prototypes suitable for enterprise scaling.
- Engage all stakeholders for full expansion. It will ensure the best ROI.
8. Blockchain applications
Financial services
Conventional methods of conducting business transactions are very slow. There are agencies we have to depend on to complete the formalities. Now, many financial services use blockchain technologies for financial transactions.
Using this technology improves trust and transparency. Mobile app developers can use blockchain in banking and other financial applications.
It will make the app safer and more secure.
Resource management:
- Cross-border transactions did not need intermediaries as the blockchain ledger reduces the risk by encrypting the records.
- The lack of intermediaries has reduced the possibility of error or fraud.
Insurance claims:
- Blockchain technology prevents fraudulent claims. The process is simplified.
- Risk-free management and transparency.
Cross-border payments:
- International payments were slow, error-prone and open to money laundering.
- Blockchain provides easy, fast and secure cross-border money transfer.
Smart property
Ownership registration details can be stored in blockchain ledgers. You can only grant access to selected parts.
The system can provide smart keys to those who need access. These keys are stored and exchanged via the blockchain.
Traditional money loan:
- The blockchain is very useful in hard money lending cases using the property as collateral.
- The borrower can provide a smart property as collateral and take money to close the deal in a perfectly transparent way.
- It is not necessary to have intermediaries in this transaction.
Smart appliances:
- There is more use of smart appliances now with the spread of the IoT. It generates a lot of data that companies store in the cloud.
- The blockchain can be used to store IoT data which will make it secure.
Supply chain sensors:
- Another use of the IoT is to keep track of the things you carry.
- Businesses can store information about where goods are located in the blockchain, making them more secure.
Smart contracts
Intermediate agents handled the contracts and made sure all parties adhered to the terms. If provisions are brightened by incorporating them into blockchain, third party mediation is not required.
The agreement takes effect automatically when the conditions are met.
Health care:
- People can store their medical records on the blockchain allowing access keys to only selected people.
- Insurers can automatically obtain surgery receipts as proof of work done.
- Leading mobile application development companies in India can use blockchain to build various secure decentralized apps for the healthcare sector.
Music industry:
- This industry is rife with copyright and royalty issues. Many times, property rights are questioned.
- Blockchain can store all records transparently and securely. There is no way to manipulate the documents.
- During the expiration of the contract, the system will make payments on the fulfillment of the conditions.
Government applications
Safe vote:
- The fraud of votes is possible in electronic format. It already happened.
- Governments had to conduct a review in case of disputes.
- Giving your vote to the blockchain will ensure a transparent system. People can know if their votes have been counted or not.
Government information:
- There is a lot of information with the government that is useful for the public.
- The information is released only once a year and does not reach the people concerned.
- Inserting it into the blockchain can make it accessible to everyone without fear of manipulation by anyone.
Community:
- The government can enter information related to companies, NGOs, foundations, government agencies, etc. On blockchain.
- Private and public agencies can see information and exchange ideas with each other without damaging the data.
Fulfill your responsibilities:
- The electorate can elect representatives to maintain certain conditions.
- Elected representatives will receive payment only when conditions are met.
Protect your identity
It is a truth that our identity is quite open. Many companies use this information for their marketing purposes. These practices are sometimes very irritating. Receive calls and emails from people you don’t know.
There is a way to secure your identity using blockchain.
Digital passport:
- Blockchains can help create digital passports. It was first built in Github in 2014.
- You can post a photo with your public and private stamp on it.
- Enter your details on the blockchain and you have an identity that no one can use without your permission.
Certificates:
- Birth, marriage and death certificates are essential for various purposes. They give us many privileges.
- You can store it on the blockchain without fear of losing it.
An identity:
- Blockchain will allow you to create an identity that no one can copy or modify.
- You can use that form of identification for various purposes, including use as a password.
- With this system, no one can steal your passwords as there is no central storage location for this information.
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