#5 Problems Blockchain Technology can Readily Solve
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The revolution of AI and robots is a proof that mankind has already taken a huge leap forward. We see Thomas Edison as an epitome of invention and innovation but the fact is that even he would go crazy if he would have visited the world today.
A decade ago, the “.com” boom shook the world in a way nobody could’ve imagined. Many were obnoxious thinking it would end up taking away all the jobs present out there. On the contrary, it ended up creating avenues that were unimaginable for the common man.
Changing the .com Course
Blockchain technology is one of the upcoming avenues that will change the course of how.com used to work. It is already causing many industries to opt for its platform and giving a major breakthrough. There are several other technologies that can be brought under the umbrella of blockchain and most importantly, for the industry mainly into tech and digital arena.
Deloitte, a company which is known as one of the four pillars in the taxation industry of the whole world, is moving fast to introduce blockchain into its platform because of its highly efficient use of data analytics.
In an interview with the English channel ‘The Street’, Deloitte’s CTO, Bill Briggs said, “Blockchain is going to bring about a major revolution in whichever field we could think of but most important of all it would bring about the change in the way we are visualizing things at present. Oculus industry like the VR and AR industry is going to revolutionize people’s lives as tablets and laptops did.”
Bill Briggs is not wrong. Blockchain technology is reaching to almost every leading industry. On one hand, there are companies that are creating a new blockchain trading platform which will disrupt the financial ecosystem and democratize the markets and on the other hand, some are ready to disrupt the retail industry. Things are shining and we all know that in years to come, cryptocurrencies will make their mark in every leading industry out there.
Here are some problems that blockchain technology is ready to solve. We have our eyes on the disruption and we believe you shouldn’t miss them as well.
Blockchain Technology in Supply Chain
Selling of pilferage and expired products has been one of the major issues in Supply chain of pharmaceutical or many other companies. With the help of blockchain, one can know from where the product has been procured from, who is the producer and how well the producer is maintaining his production area. Companies like Provenance and SKUchain are catering this problem with their blockchain technology.
Their solutions are to enable secure traceability of certifications and other salient information in supply chains by bringing smart contracts and digital passports into the play.
Blockchain Technology and Charity
Charity, which is considered to be the purest form of sacrifice and people do it for their satisfaction, is nowaday being used as the major source of corruption and inefficiency. Blockchain can solve all these issues by making transparent ledger balances in the organization which are susceptible to those systems. Users can track their donations in unimaginable ways. Companies like Bitgive are solving this issue of tracking the donations and providing a peer-to-peer access to the data in the system or the organization.
Blockchain Technology and VR Advertising
A few months ago, experiencing VR and AR in movies and games were the biggest amusement and people were enthusiastic to spend money on it. For content advertisers, buying placement in the VR and AR systems was hard, since the companies had to launch and keep relaunching the same stuff on different platforms. Through blockchain technology, GazeCoin is solving the problem of monetizing AR and VR Advertising. Gazecoin allows its users to experience world-class VR and AR videos with monetized ads. The whole idea behind this is to use Gaze control for the Interaction of the virtual world with the real world and monetizing the content through blockchain.
Blockchain Technology and Cloud Storage
A recent incident happened in India is the best example where over 3.2 million bank Debit card details were compromised which left all those account holders in pain, emotionally and financially. Human errors are the major reason amongst the existing central server database management systems. Blockchain’s main principle is based on the idea of decentralized data storage points which can be accessed by multiple people staying in the same block so altering any of the data in the block will be notified to others stating the point and the change in data.
All the data in blockchain platform is made encrypted and is robust in its own class. StorJ.io is one such company which is creating distributed and open-source cloud storage platform to ensure no data loss in the storage systems.
Blockchain Technology and Ride-hailingThe way we travel today is not how we used to a few years back. The pattern has shifted after the introduction of online ride sharing platforms. Pooling and ride sharing is a trend which is facing problems regarding the user details and the driver details. Many incidents sparked a world-wide outrage over the wrong misuse of the apps which do not cater to the compliances of the user. Arcadecity and La’zooz are two companies that are using blockchain technology to provide a peer-to-peer platform which can ensure the correct database entry of the ride provider and the user.