Editor's Note: This article comes fromInterchain Pulse (ID: HiveEcon)Editor's Note: This article comes from
Interchain Pulse (ID: HiveEcon)
Interchain Pulse (ID: HiveEcon)
, Author: Forbes Technology Council Forbes Technology Council, Author: Yuan Shang, reproduced by Odaily with authorization.
The expert group of the Forbes Science and Technology Committee recently published an article introducing the application of blockchain. The experts of the group sorted out the use of 13 aspects of blockchain. It is worth noting that some uses have already begun to have use cases in China, and some uses were rarely mentioned by Chinese blockchain companies in the past.
Many consumers have probably heard of blockchain technology, especially when it comes to cryptocurrencies. However, they may not be aware of its full potential and impact across industries. With its potential to streamline processes and increase data security, blockchain has been quietly transforming many businesses since its inception.
To gain a deeper understanding, experts at the Forbes Technology Council share some of the uses for blockchain technology that has changed (or is about to change) these businesses. Here are the specifics:
1. Statistical transparency
With all of today's streaming platforms, it's hard for artists to make a living off their royalties, mostly because streaming platforms are opaque when it comes to broadcast statistics. Blockchain will simplify copyright management for artists as it can provide single-source proof of their artwork. This will make it easier to establish the ownership relationship of data and works, and then users can pay artists according to the number of usage and so on.
Shared by: Thomas Griffin, OptinMonster
2. Data collaboration and control
There is a natural tension between collaboration and data control. But blockchain can act like a bridge connecting the two. Enterprises need collaboration to succeed, but at the same time they hope that the data is controlled by themselves, and that the data of other enterprises is true.
By using blockchain as a system of record -- like a collaborative SQL database -- companies can do business without trusting partners or third parties without compromising mission-critical data.
Shared by: Chris Turica, MaintainX
3. Distributed finance
Distributed Finance (Defi) refers to the financial application ecosystem built on the blockchain network. These applications are growing rapidly, moving the custody of assets from banks to software. Despite their potential to enhance global economic activity, DeFi applications are vulnerable to hacking. Good security before and after deployment is critical to growth and mainstream adoption.
Shared by: Richard Ma, Quantstamp
4. Supply chain management
Blockchain and supply chain are like peanut butter and chocolate, and not just because they rhyme. The blockchain enables comprehensive audits of supply chains with predictable, pre-approved charges, providing accurate, authenticated and transparent transaction information. Elimination of intermediaries thus reduces costs. Moreover, based on the reliability of distributed ledgers, transactions are immutable and irreversible, and fraud is reduced.
Shared by: Chris Grundman, Myriad 360
5. Finance and Banking
The most revolutionary feature of blockchain is that it provides eternal transparency. Money and banking are opaque and there is chaos all over the system. This will all change with the transparency provided by the blockchain.
Shared by: Charles Silver, Permission.io
6. Data Privacy
Blockchain is changing the way businesses handle customer data, moving us to a fully distributed model where each consumer controls their own identity and data. Although, before blockchain is fully adopted, businesses are already taking steps to improve data privacy, such as obtaining user permission for data collection and consent management. But the blockchain will achieve the true attribution of data privacy.
Shared by: Sanjoy Malik, Urjanet
7. Data connection
Blockchain will impact the way businesses manage data. Companies need to realize that their data is transparent to all parties involved in the blockchain. This will make it possible for on-chain participants to see all costs, transactions and inventories between competitors, suppliers and customers, creating a fairer and more competitive market without the need for regulation and middleman costs.
Shared by: Wesley Crook, FP Complete
8. Cross-industry data integration
Data storage and data users from multiple fields have been difficult to connect and use in the past, but blockchain can combine large amounts of data. This enables businesses in different fields to collaborate more effectively as well. Manufacturers and shipping lines often use different or even incompatible systems. But through a single blockchain network, they can overcome differences and create a unified, fully transparent and secure data flow.
Shared by: Dennis Tupitka, Apriorit
9. User Authentication
Using blockchain or distributed ledgers for user authentication in digital channels will be a game-changing tool for businesses. A trusted, tamper-resistant distributed ledger and verified credentials, which in combination will enable people to have trusted, portable digital identities that they can use on any website, from their bank to their healthcare provider.
Shared by: Will LaSara, OneSpan
10. Human resources
Businesses are finding it difficult to find and retain talent, even through the Internet. Businesses also need to manually verify candidates' credentials and references. Blockchain removes trust inefficiencies with employers and employees. Candidates can securely update information while HR verifies credentials. So it's good for both parties. Employees can get paid faster and more securely.
Shared by: Arnie Gordon, Arlyn Scales
11. Change password
Passwords have long been the de facto standard for accessing software as a service application, but that's about to change soon. In the next few years, we will see the use of traditional passwords to manage credentials, permission access and choice preferences become obsolete, and the identity sovereignty information of blockchain technology will replace the current various passwords.
Shared by: Danny Keebel, Idaptive
12. E-commerce
E-commerce is poised to be dramatically changed by blockchain. E-commerce can be carried out in the same medium as the blockchain, which will bring many benefits, such as blockchain-based electronic payments. Many e-commerce companies have already deployed blockchain, and many mainstream global enterprises have not yet implemented it, but are considering implementing it.
Shared by: Pando, Xyrupt Technologies
