Editor's Note: This article comes fromBlockchain Camp (ID: blockchain_camp)Editor's Note: This article comes from
Blockchain Camp (ID: blockchain_camp)
Blockchain Camp (ID: blockchain_camp)
, Author: Golubev·Od·UA, Translator: Huohuojiang, reproduced by Odaily with authorization.
To achieve this goal, you need to take it step by step. Experts at Gartner believe that blockchain is currently on the verge of a phase of "out of fantasy". At this stage, its technical drawbacks are fully exposed, and most of the media are critical.
Financial Services
So, are there really good products based on blockchain? If so, in what areas?
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Financial Services
First of all, financial services are a good choice. After all, many traditional intermediaries suffer from low transparency and high commissions. Currently, many large banks are already researching and testing decentralized solutions. So what are the options available in the market now?
In addition, there is a lot of discussion about blockchain bonds, mortgage loans and bank guarantees. Almost all big banks, including Islamic banks, are trying this approach.
Hyperledger Fabric and Corda blockchain technology are also often applied to other use cases, but we need to continue to follow up and observe the prospects before we can draw a final conclusion.
Bank of America, Goldman Sachs, Citibank, Morgan Stanley, JPMorgan Chase and Bank of China, Commonwealth Bank of Australia all achieved good results in 2019. Also, in the banking industry, people often refer to cross-border financial transactions, and there are even intentions to get rid of SWIFT.
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Copyright Protection
Likewise, Emernotar is a similar solution based on Emercoin, using the SHA-512 algorithm. According to the developers, businesses and lawyers can use the Emernotar service to sign contracts, use the online service to collect user consent, and creative industry representatives can use it to confirm copyright.
The democracynotary.org platform, built on Emercoin technology, is designed to protect critical election-related information. Although the blockchain cannot yet guarantee the anonymity of the vote during the election process, it can at least guarantee the authenticity of the vote.
The effectiveness of this platform was recently tested in a Macedonian referendum on whether to ratify a treaty with Greece calling for the change of Macedonia's name to "North Macedonia". The platform notarizes public reports on the referendum process, thereby blocking the spread of false information.
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Blockchain use cases are extremely promising for real estate transaction registration. Last year, there were attempts to conduct such buy/sell transactions in jurisdictions using smart contracts on the ethereum blockchain. While legislatures everywhere don't understand what lawyers are doing, there have been and will be attempts.
For example, in the most famous example, a deal was made to sell 10 acres of land through a decentralized propy marketplace in California, the transaction was conducted entirely in bitcoin and registered using the blockchain. Since then, the EU has also completed its first blockchain real estate sale.
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Wholesale and Logistics
In late autumn 2018, oil majors BP and Shell, major banks and corporations launched the Vakt blockchain platform, which aims to optimize commodity trading processes — including converting paper documents into smart contracts.
Last fall also launched the IBM Food Trust Blockchain Platform — a platform based on Hyperledger Fabric technology designed to regulate food industry supply chains. Well-known companies such as Carrefour, Nestle, Dole Food, Tyson Foods, Kroger, Unilever, Walmart, etc. platform members. IBM blockchain services range from $100 to $10,000 per month, which explains why these industry giants are willing to invest in this area.
Transportation industry
The decentralized Shelf.Network auction protocol was launched in autumn 2017. Car dealers can conduct car sales and leasing transactions through the platform.
A year later, the auction network received investment from Japanese IT giant Broadleaf. At the same time, Broadleaf has also obtained a license to supply Shelf.Network technology to build a trading network for the sale of vehicles and parts for Southeast Asian countries (including Japan, Myanmar, Thailand, Indonesia, Vietnam, Laos, Australia, India and Singapore).
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According to a survey of large companies conducted by the IBM Institute for Business Value, blockchain will play a key role in the automotive industry by 2021, while blockchain will also be used in aviation. For example, S7 Airlines and Alfa Bank (Russia) have realized real-time payment of aircraft fuel costs by applying smart contracts on the Hyperledger blockchain platform.
All walks of life in the industry believe that DLT technology can simplify and speed up the mutual settlement process, eliminate various financial risks, and realize process automation. As in the field of wholesale logistics, this technology also has important application significance in the field of transportation.
Public Sector
Blockchain technology is also gradually infiltrating the public sector, where it is widely used in document authentication processes. For example, the Proofstack service is able to archive files with the owner's personal signature, date and time stamp, and then write the archive hash to the blockchain. The user can also choose the country which affects the timestamp type, and the storage location (computer, cloud) required to generate the archive. People can identify when and by whom a file was archived by creating an archive. At the same time, the application of blockchain in the judicial system is also becoming more and more popular. For example, ServeManager and Integra have implemented blockchain technology into their services to track the delivery of subpoenas.
In China, government-backed blockchain solutions continue to grow rapidly. Its judicial blockchain system "Tianping Chain" collected about 1 million pieces of online evidence data just three months after its release. All materials submitted on the platform are certified by DLT, with a total of 190,000 documents. The platform electronic evidence system was jointly developed by the Beijing Internet Court, the China Industrial Control System Emergency Response Team (CICS-CERT), the Research Center of the Ministry of Industry and Information Technology, Baidu Internet Group and the TrustDo blockchain startup. Based on the hyperchain infrastructure of the Internet giant Baidu, the platform optimizes the evidence collection and storage process, and ensures the authenticity of the data through the blockchain. In addition, the platform achieves the purpose of saving time and resources by reducing the cost of litigation related to the Internet.
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Insurance and Fintech
Currently, platform users are Willis Towers Watson, XL Catlin and MS Amlin. The developers are trying to expand Insurwave's capabilities to expand insurance into aviation and energy.
If the business goal is to strive for transparency of transactions and information entered into the DLT registry, it will create an excellent application scenario for blockchain; however, if the business goal is to maintain anonymity or "trace" financial transactions, there is no difference. An opportunity for blockchain to flex its muscles.
Energy and Telecommunications Industry
Singapore Power Group has launched a blockchain marketplace for renewable energy (REC) certificates. A company representative said the "in-house developed" platform was designed to improve the security, reliability and traceability of such certificate transactions.
The REC certificate is a certificate that proves the electricity released by the solar panel, and is sold by Cleantech Solar Asia and LYS Energy Solutions. Both City Developments Limited and DBS Bank, who intend to purchase certificates, are very interested in the platform. Katoen Natie Singapore has also joined the platform with plans to start up renewable electricity production capacity soon.
South Korea’s largest telecommunications company, KT Corporation, has also launched its own blockchain network, with distributed registration technology involved in user authentication and improving international roaming services. KT Corporation can use this to securely transmit customer data to partners. The network bandwidth can handle 100,000 transactions per second.
Time will tell if these moves gain mass market acceptance. Likewise, blockchain applications for electricity, data, user-identified accounts/records/transactions are commonplace.
Education industry
At the end of 2017, the Massachusetts Institute of Technology (MIT) used the Blockcerts wallet (which can issue a "verifiable, tamper-proof" authentication certificate) to issue digital graduation certificates to more than one hundred graduates through the Bitcoin blockchain.
The pilot project is backed by software company Learning Machine, which worked on Blockcerts along with Media Lab.
The purpose of this is to allow students to become the real owners of their files. Chris Jagers, chief executive of Learning Machine, said that even if the institution ceased to exist one day, people would be able to extract important official information stored in it.
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