Here we offer information related to the latest trends in the Blockchain Technology Industry along with news on the latest developments in the industry. Our articles impart knowledge on the multiple use cases of Blockchain Technology, AI, IT, Virtual World, and Big Data.
People are usually appalled with technological developments, so they resist any such kind of change, without considering how the new technology will improve their future. One such emerging technology that is exciting and about to bring innovation is blockchain. Most of us denote “blockchain” technology with crypto-currency and finance but the technology has already extended its reach far beyond these domains.
Though blockchain is an integral part of the cryptocurrency world, its concept has been adopted in many other industries. Blockchain is a digital decentralized ledger used to record transactions in an immutable way. It is thought to impact the way transactions are being saved and businesses are being done across the globe. Blockchain technology can be used in multiple ways that are completely unrelated to Bitcoin or other types of cryptocurrencies.
The most popular application of blockchain technology is none other than financial industry. Banks and financial institutions store money for their customers, handle the transfers and securely record the transactions. To offer these seamless services, the financial institutions charge heft amount. On top of service charges, customers have to pay additional taxes and fees for making transactions.
It is not wrong to say that blockchain wallet can solve significant problems faced by the banking sector, which are powered by blockchain technology that can significantly cut out the need of middle man from financial transactions. Furthermore, you need low processing fee to complete the transactions as compared to centralized ones.
The healthcare industry has been in need of a decentralized system when it comes to sharing and storing medical data and patients’ records. The potential for data theft, record error and lost records has already created mistrust between consumers and healthcare providers. All these problems can be resolved with blockchain technology.
Blockchain technology can help healthcare sector regain this trust by storing medical records accurately and safely transferred to all the doctors, the patient wants to see. It is an excellent platform to save record and help in authorization and authentication of records. Moreover, medical experts can keep their research data safe and secure on this network.
Another potential application of blockchain technology is in supply chain management. The supply chain industry has been facing a number of issues in regards to product cost, production or manufacturing cost and having an efficient process of supplying products to retailers and customers. And its value is estimated in hundreds of billion dollars worldwide and is set to grow as demand and orders increase.
Blockchain technology can help entrepreneurs and vendors for order acceptance and processing. For instance, overproduction can waste precious resources and space – eventually becoming a waste item. Smart contracts can be used for order processing to make sure everything is done specifically. Blockchain technology would eliminate the worry of overestimating demand and resource usage and therefore has the potential to transform the industry.
Whenever a new technology pops out, rumours abruptly resonate with them, the same as in the case of blockchain technology. Even after ten years of its birth, some pronounce it as synonymous with Bitcoin. While others are unknown to it pondering over what is blockchain technology.
While going through technology and financial sites, you probably stumbled upon two types of stories. Those who declare blockchain an evil technology that will eventually fill the world with narcotics, immunition deals, black-money transfer, and wasting natural resources and electricity. The others advocate blockchain a revolutionizing technology that will transform accounts, supply chain, healthcare, polling system, e-commerce, and real-estate.
But, this article is solely focusing on how blockchain is reshaping the e-commerce companies. So here are some of the startling implications of blockchain technology in the e-commerce marketplace that will let you surprised. Even, Walmart, Unilever, Subway, and other consumer and food management chains are bringing blockchain into their system.
Who knows about you, but I feel a huge lack of transparency in the e-commerce industry. It is a filthy world of fake reviews, cheap material, low quality, and rotten shipment. By applying blockchain will create a decentralized e-commerce environment where every wrongdoing will be gauged instantly. Blockchain stores data in blocks that take subtle effort to be created and went through a cumbersome verification process before creation. So, no one will upload fake reviews, neither the merchant or the platform will be able to play with data and transactions.
Blockchain keeps precise track of every single transaction or event that occurred on the network. It is eventually helpful for your business and branding. By utilizing the data, firms can create ideal personalized efforts, which are incredibly beneficial for marketing. Whenever a particular customer reaches a specific limit of purchases, a company/brand will enable specific discounts, offers, or hampers for him. A personalized offer will boost customer loyalty bringing higher revenue for the company.
The technology makes it simpler to manage the shipment of cargo, cuts off the cost, and deals with inventory management. Moreover, it also allows us to track the source or origin of the product. By using RFID tags, one can easily trace the information about the item he is interested in by giving complete information from its inception to its current status.
Summing up, blockchain technology can effectively deal with the existing problems of the e-commerce industry by offering a more reliable platform. Want to learn more or have to develop a blockchain-enabled system for your firm? Click here to connect with our blockchain consultants.
In the previous blog, we discussed how much important it is for a lot of departments to use blockchain to manage records. It was also discussed how different countries are using blockchain in different areas or sectors. While some are using it to manage criminal records, others believe it to be a suitable option when issuing arrest warrants and some countries are using blockchain expert solutions to solve land disputes in the country.
Blockchain has helped transformation in many sectors and still continuing. Thanks to Mastercard, businesses can now use blockchain to transfer funds. Financial institutions are using blockchain to conduct businesses and which are not yet using are looking into the possibilities. All these are law firm clients and so expect their lawyers to be familiar about what laws does blockchain follows. Lawyers in various roles will ultimately determine how laws are enforced for this new technology. The use of blockchain technology saves time currently spent on the more general aspects of the development of daily contracts and transactions. Barristers will also be able to invest time in the more difficult and in-depth issues of legal practice.
As in most industries, the legal community develops consortia to standardize blockchain technology and investigate its legal implications and opportunities. The Accord project aims to standardize smart contracts by establishing best practices that meet legal standards. The organization sets technological rules in the form of templates, models, and data schemas.
The Global Legal Blockchain Consortium is working to organize and align the legal industry with blockchain technology. The consortium is committed to improving the security, privacy, efficiency, and interoperability of the legal technology ecosystem according to its website. In all, it will adopt and promote a policy aimed at this end.
The Enterprise EthereumAlliance formed the working group for the legal industry. Its goals are to educate the legal industry on the benefits of blockchain technology and Ethereum-based technology. Integra Ledger is a blockchain for the law, which primary purpose is to become a global utility that, according to its website, provides “blockchain-based identities for legal information.”
Blockchain technology is the most transformative technology since the advent of the Internet. The transformation will affect most aspects of day-to-day business life, including smart contracts, corporate filing, criminal cases, dispute resolution, document documentation, industry associations, intellectual property rights, land registers, and title deeds, law firms, and public service records. Lawyers work in all these areas. It is equally essential for clients and lawyers to learn as much as possible about technology. Investigating new legal applications in the blockchain is also the responsibility of a lawyer to use the technology to arouse the best interest of the client.