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March 09, 2017

Blockchain- Demystifying the Non-Financial applications

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Blockchain came into being solely as a transaction database, invented for the technological wonder child, Bitcoin. Back in 2008, Bitcoin was in news as the new-gen currency and was expected to steal the stage from physical currency. Despite the connection and Bitcoin’s climb down that stage, blockchains have retained the crown and continue to sit high on the tech-innovations pedestal.

"Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavours of decentralized technologies and blockchain." - Melanie Swan

Some benefits we can expect from the evolution of blockchain are-

Digital contracts- In some ways, blockchain seems to be more revolutionary for the legal industry than finance. Legal proceedings and contracts involve huge stacks of documentation and multiple signatures. Incorporating blockchain in this process shall save time, effort, overhead costs and even the environment by saving paper.

Asset registry- Currently, properties like real estate are hard to maintain record of. It is required that all property or land be registered but the mere size of these markets makes it hard and too expensive to maintain the records. Also, real estate fraud is something that is always a threat to the market. Blockchain will be useful in maintaining identity and ownership of encrypted databases.

Counterfeit prevention- Blockchain shall be extremely useful in tracking ownership and authenticity of valuables and help in identifying digital art, copyright material and intellectual property from being copied or faked. This will be because everything will need to have a history in blockchain and something that does not will easily be identified as a fake.

Identity theft- Blockchain can be used to protect identity and prevent identity theft through digital identities, digital passports, birth certificates, IDs, online account logins, etc. Since blockchain is not stored on a physical database, it is also going to remain protected from any hacking attempts, making identity documents and proofs even more protected.

Other application- Blockchain has found many major uses in tracking digital art, storing rights data for copyrights, tracking valuable merchandise and even to store data on dynamic transaction data.

One of the biggest computer technology firm of the world, IBM is an important developer of blockchain technology and has been constantly moving ahead to find new applications and turn it into the most important disruptive technology of this decade. The computer wizards at IBM, along with Crédit Mutuel Arkéa, the French leader in Banking and Insurance, have completed a project on incorporating blockchain that is expected to increase the ease and efficiency in verification of customer identity. This project enables the organization to check a customer’s identity as per the KYC (know your customer) norms. Although this application is for a financial institution, its effectiveness also lies in any other institution that requires identity verification. If you’re looking to build something new on Blockchain, Appiness Interactive is the way to go. Why wait? Talk to our experts.

Many challenge India’s ability to make technological advancements despite the fact that it is one of the world’s largest IT hubs and supplier of IT professionals. In the case of blockchain either, Appiness Interactive is India’s knight in shining armour and is set to bring Blockchain technology to the country. The award winning tech start-up works on building blockchain in areas like financial services, healthcare, Legal, education, supply chain and enterprises.

Blockchain technology is often compared to the internet in its use, strength and durability. Due to this comparability and the success of internet together with its flirty 30s in age, the tech world is highly enthusiastic and optimistic about the future and the success of the blockchain technology. The tech is highly transparent and incorruptible owing to the vastness and the absence of a controller or central database we already talked about. As technology advances and tech-freaks continuously play with codes and zeros and ones, newer avenues continue to open for this beautiful tech advancement that is definitely going to make any sort of transfers and transactions simpler and secure. If you're planning to implement a blockchain solution, it's always a good idea to seek the advice of Appiness, a reputable Blockchain Development Consulting firm.

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