Contracts, financial transactions, and records regarding the same are some of the most fundamental aspects of economic, legal, and political ecosystems. Not only do such documents help us protect assets, but they also help define boundaries. They verify identities and events and help with the governing of organisations, nations, communities, and individuals. With the advent of time, the methods by which we maintain administrative control has changed. The newest change the system has undergone is the arrival of Blockchain technology. The technology which powers bitcoins and other crypto-currencies, has several other widespread uses around the world. Here’s a look at how the most tech-savvy people around the world use Blockchain to their advantage.
Blockchain- A Foundational Technology
Within Blockchain, digital code helps to embed contracts into shared databases, which help in protecting such data from deletion and revision. Thus, as per this system, every payment or transaction will have a digital signature which is then validated, stored, and shared.
Therefore, Blockchain can in several ways forever change the way we do business. However, this revolution will take several years, because Blockchain is not a disruptive technology, but rather a foundational one. One of the earliest such uses of technology of this kind dates back to the adoption of the TCP/IP for internet usage. Before TCP/IP, telecommunications depended on “circuit switching, “which required an exchange. TCP/IP turned the entire system around by digitizing data and splitting it into small packets.
It became a public standard for people with the surge in popularity of the World Wide Web during the mid-1990s. More and more companies switched to this system, and following close behind, new companies emerged relying on internet connectivity. Therefore, decades later, companies such as eBay and Napster changed the e-commerce and music industry respectively. Ultimately, it took TCP/IP over three decades to fully revolutionise every aspect of our lives, and Blockchain might do so in a decade.
Companies Embracing Blockchain
By the end of 2016, bitcoin transactions amounted to $92 billion, a rather meek percentage of the world’s $411 trillion global payments. However, crypto-currencies have been growing steadily since then, becoming important in the fields of instant payments and foreign currency trading.
Most of the initial Blockchain-based development took place in the financial services sector. For instance, Nasdaq partnered with Chain.com, to offer services related to the validation of financial transactions. Furthermore, heavyweights such as Bank of America, JPMorgan, the New York Stock Exchange, and Standard Chartered have all begun using Blockchain in their transaction processing. Also, the Bank of Canada is working on a digital currency called CAD-coin.
FedEx is one of the world’s largest logistics companies, handling cargo worth billions of dollars annually. It is also the first shipping giant to integrate Blockchain into its supply chain. The company uses Blockchain to track important cargo and better their supply chain logistics. Burger King Russia came out with a token named WhopperCoin to power its rewards program.
The Waves platform enables users to store, trade and even transfer these tokens online. KIK which hosts one of the world’s largest chat platforms uses the Kin cryptocurrency to make payments. IBM makes use of the Hyperledger Blockchain creator tool to create and maintain their own distributed ledger systems. They have partnered with Walmart and the United Bank of Switzerland in a bid to improve its logistics.
Governments using Blockchain
In 2018, the UK’s Food Standards Agency started using Blockchain to analyze and track meat distribution. This served as a tool to ensure compliance within the food sector. Similarly, the UK’s HM Land Registry uses Blockchain to improve the process related to the registration and selling of property. Meanwhile, the Department of Work and Pensions is building a system to help claimants manage their money.
Gibraltar has set up a stock-exchange based only on cryptocurrency named GSX in a bid to normalize the use of Blockchain. Georgia’s government makes use of Blockchain technology to monitor and improve their land registration projects. Switzerland has also been a vocal supporter of cryptocurrency, with Zug accepting such modes of payment for public services. Dubai meanwhile, is planning to become the world’s first completely compliant user of cryptocurrency and will switch to such a system by the end of this year.
How Entrepreneurs Are Leveraging Blockchain
Several of the world’s most successful entrepreneurs wear by Blockchain to accomplish various tasks. For instance, the HR industry notes how technology helps make the running of background checks easier than ever before. This helps to save countless hours’ resources which would otherwise be spent in gauging a candidate’s resume. Also, they serve as a great way to automate legal agreements, helping large companies handle their contracting with ease. By 2024, the Blockchain revolution will hit $60 billion thanks to the worldwide adoption of such systems.
Vik Pathak of Fura Gems leans on Blockchain technology to enable transparency within the gem industry. By installing a ledger, Fura will track their stones preventing the manufacture and trade of fraudulent synthetic stones. Similarly, All Public Art’s founder Graham Goddard has built a Blockchain-based authentication system to track artwork. Canadian mogul Stan Bharti, are relying on GEAR, which uses cryptocurrency to finance and enable clean energy production. Yubo Ruan, the founder of 8 Decimal has invested in over 40 such companies around the world. Similarly, Jag Singh led Vid. The camera runs a blockchain-based social media app to help people create videos and monetize their memories.