Blockchain technology is mainly known for cryptocurrencies, such as Bitcoin, Ethereum or Ripple. There are currently over one thousand six hundred cryptocurrencies in existence. Blockchain is what makes these virtual currencies possible. This emerging technology will greatly impact various industry sectors. Aside from payment remittance, it is well-suited for many applications.
Blockchain is a decentralized digital public ledger or database that uses cryptography to record transactions between parties regardless of location. The transaction must be approved by a chain of computers through consensus, verified and recorded anonymously. The blocks of records are linked and secured using cryptography. Transactions are completed without an intermediary or a middleman which saves on cost. This emerging techonology is efficient, immutable, secure, yet transparent, therefore it builds trust.
So what’s the big deal and how will Data443 benefit from this innovation? Data443 has capabilities in regards to data classification and data governance within the blockchain. Their website states that they plan on leveraging their capabilities with blockchain and will provide services where they have technical and competitive advantages. Keep in mind, Data443 is a validator in Ripple’s blockchain.
The various applications of blockchain has the potential to improve the way businesses and organizations conduct. In addition, blockchain creates financial avenues for impoverished people throughout the world, who cannot afford to pay for a bank account.
Below is a list of industries and organizations where blockchain can improve efficiency, some have already implemented and or are testing its protocols. Listed within the parenthesis are some companies or organizations currently using blockchain.
•Banking and Finance (Santander, Moneygram)
•Distributed Cloud Storage (Amazon AWS)
•Digital Identity (ID, Passport, birth certificate, etc- Microsoft)
•Government (Blockchain Tokenized Bonds California)
•Voter Fraud Prevention (Global Arena Holdings)
•Law (Smart Contracts, Intellectual Property, Notary)
•Education (Holberton school, San Francisco)
•Real Estate (Smart Contracts)
•Insurance
•Shipping (FedEx, UPS, Maersk)
• Airline Industry (British Airways)
•Retail (Starbucks, Overstock, Walmart)
• Music (VOISE, Potentiam)
•Entertainment (Disney’s Dragonchain)
•Photography (Kodak)
•Healthcare- Links Provider, Patient Data,
Payment, Smart Contracts)
•Manufacturing (Samsung)
•Gem Mining (Diamond)
•Global Trade
•FDA (Issued Solicitation of interest)
•Farming
•Livestock (Walmart & IBM: Meat and Poultry)
•Food Safety (Walmart & IBM)
•Social Media (Steemit.com)
What are Smart Contracts?
Smart Contracts help you exchange anything of value such as money, real estate property, shares of stocks, etc. without an intermediary or a middleman which saves on costs. These contracts are executed on the blockchain.
Now that you’re familiar with this technology, here’s more information worth learning about. There’s an organization called Hyperledger, which was started by The Linux Foundation. This is the largest open-source non-profit organization focusing on blockchain. Hyperledger is a founding member of The Blockchain Research Institute, which conducts study of the technology on business, society and government.
(Open-Source: a type of a computer software with collection of computer instructions which entails liscensing and copyright).
Hyperledger consists of over one hundred members worldwide including prominent companies such as: IBM, Walmart, JP Morgan, Baidu, Airbus and Cisco to name a few. Ripple is also a member.
While the blockchain technology is still in its early stages, the global impact is astonishing. This innovation is the new paradigm of the internet.
Stay tuned for the next article as I will get more in depth with Ripple (XRP).
Thanks for reading!
Misilla
*This is for information purpose only and not an investment advice. Please do your own research and consult with your financial advisor before investing.
https://www.hyperledger.org/members
https://www.blockchainresearchinstitute.org/
https://www.ibm.com/blockchain/what-is-blockchain.html
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