Sumit BeraMon, Jul 6, 2020 11:00 AM
Blockchain Adoption: How The Modern World Uses Technology
It required an entire decade for the economy and business to comprehend blockchain innovation, its qualities and shortcomings. Quite a long while prior, the main development choices for its down-to-earth application started to show up available.
As indicated by Joseph Lubin, the originator and CEO of the blockchain organization ConsenSys, the monetary emergency brought about by the Covid disease pandemic could be a watershed for blockchain innovation.
Joseph Lubin and Mike Novogratz, the CEO of Galaxy Digital cryptographic money bank, examined the advancement possibilities of the business and the effect of the pandemic on the cryptographic money business. The two business visionaries accept that the financial emergency is driving industry development.
Blockchain for Voting
Participation in online voting makes it possible not to visit polling stations, thereby not only to save time but also to minimize contacts during the pandemic.
Blockchain e-voting system undoubtedly fights against intruders and excludes the possibility of voting several times, since it stores unchangeable records of all votes and all identification data.
The blockchain e-voting results are transparent, cannot be changed, and can be accessed instantly. Blockchain for voting is not only more reliable, but also faster, eliminates the human factor, and allows you to instantly receive election results.
Blockchain in Logistics
Blockchain technology in logistics will greatly simplify business. Now, to send one typical sea cargo, it is required to have 240 copies of 36 original documents. Komgo, the consortium of traders, banks, and inspection firms, uses the DLT platform in order to get rid of this paper swamp, optimizing the process of cargo registration on the principle of “Know Your Customer”.
Parties can immediately receive confirmation that they have exact copies of the same data at their disposal, which speeds up the process and avoids legal disputes and conflicts.
The World Wide Fund for Nature (WWF) in Australia, Fiji and New Zealand has launched a pilot project in the Pacific Islands that will use blockchain technology to track tuna paths from “bait to plate”.
The project aims to stop illegal and unregulated fishing, as well as to stop human rights violations in the industry, including corruption schemes, illegal trade, and the use of slave labor in the fishery.
Lamborghini decided to digitize its collection postage stamps and issued the first blockchain-based stamp. This technology should guarantee the uniqueness and authenticity of each stamp.
In 2019 Austrian Post Office launched a line of blockchain authenticated stamps with 5 images of a unicorn. On those stamps, one could find credentials for the authentication on the Ethereum blockchain. In 2020, they kept on with last-year success and announced a new line with animal designs. As every crypto stamp has a private key, being also an Ethereum wallet, one can use them both a real stamp or as an alternative paper wallet with a nice visual style.
Recently, many medical blockchain projects have been created. One of them is My Clinic.
It’s a platform for instant communication with a personal doctor. It is based on a blockchain for exchanging client data, which allows patients to contact a new doctor without the need for a personal visit for an initial examination and transfer of medical documents. Consulting a doctor becomes easier when traveling, taking tests, and undergoing large-scale diagnostics.
The Future of Technology
Blockchain is likely to transform entire industries and, possibly, the entire economy through integration with other technologies.
The distributed nature of blockchain provides a valuable opportunity to conduct transactions cheaper and faster. Instead of “transferring” copies of documents between lawyers and banks and waiting for each stage of registration to be processed, blockchain gives all parties a complete overview of the procedure for the simultaneous implementation of several stages of the process.
For example, a consortium of law firms has teamed up with blockchain service providers Proxeus and IBM to reduce the time for setting up a commercial company from a few weeks to a few days. The first company to have made it Drakkensberg, was generally founded within two hours.
Thus, we see that blockchain technology has a wide range of implementations in the near future. And, perhaps, the one who starts it first will be ahead of competitors.