What? When? Why?

Blockchain Introduction:

Blockchain is shorthand for a full suite of distributed ledger technologies that may be programmed to record and track something valuable from money dealings to anamnesis or maybe land titles. [1] To be sure about any products, whether they are original or duplicates, we need a system where records can be stored and anyone can verify facts; security is warranted in that approach; nobody will cheat the system by writing records as a result of everybody victimization the system would be looking at the system.

Recent Trends and Development:

Healthcare - Healthcare is using Blockchain for one of the main reasons trust that it is sharing in the medical community scientist, to the pharmaceutical industries is essential to leverage continuous progress and improve the quality of care. In the healthcare industry, it works in a decentralized manner that will wipe out the risk of the main controller and guarantee access control, integrity, and authenticity of preserved healthcare information. With the help of Blockchain, there is no intervention of the central authority as the information is distributed and stored across the whole participant in the network [2]. Some of the companies that are using this technology are MedRec, Gem, and SimplyVital Health. [3]

Agri-food Industry - Recently, In the agri-food industry, where the supply chain is a vital part of the industry, BC-based solutions facilitate trust and acceptability. BC solutions for the agri-food trade vary from managing food waste to price reduction. It has additionally self-addressed solutions for crop insurance, fair trade practices, and established direct contact between consumers and producers.

Real Estate - Real Estate companies such as Propy, Ubitquity, and Public Registry use a blockchain platform where everyone can buy, sell, and Track properties with full transparency and security. Propy is the leading US company which is dealing with the blockchain technology, it empowered the real estate buyers, sellers and brokers to do the transaction over an online platform and it also provides one tool for the agents named DocuSign which will reduce the risk of security in doing the deal. [5]

Retail Industry - Retail Industry companies such as Open Bazaar, Loyyal, NYIAX, and Paperchain are using this technology, which provides a platform to their users that will give zero restrictions to their buyers during the purchasing of the product or an item over a platform. This is the open Blockchain that allows anywhere in the world anyone can access the data and figures at any time. With the help of this system, if any updates are made in the system, it enables all users to see and will also allow retaining the original data, which cannot be deleted. [6]

Future Perspectives:

Bitcoin is just a beginning for Blockchain. In the future Blockchains can be used to manage the online data will enable us to launch companies that are entirely run by algorithms, making self-driving cars savers, helps us to protect our online activity and even track a billion of devices.

Federated blockchains - The future perspective of the blockchain technology is the use of federated Blockchain which will give a more customizable look Federated blockchains area unit the same as personal blockchains, but with a simple twist: instead of one organization controlling it, many authorities can control the Blockchain and pre-select nodes. The selected group of nodes then ensures that the block is validated for processing transactions. Some of the areas where federated Blockchain can be used include insurance claims, financial services, and supply chain management.

Blockchain as a service (BaaS) - Blockchain as a service (BaaS) While many startups and enterprises are working on their blockchain solution, it is not always feasible to create, maintain, and manage an individual blockchain solution. This is wherever Blockchain as a Service (BaaS) comes in. Blockchain as a Service (BaaS) is an Associate in Nursing which permits customers to leverage cloud-based solutions to make, host, and use their blockchain apps, good contracts, and activities on the Blockchain. It is a cloud-based technology that will manage all the necessary tasks and activities to keep the infrastructure agile and operational. We predict Baas will speed up the adoption of Blockchain across businesses. [7]

Hybrid blockchains - Hybrid blockchains are the type of Blockchain that uses both private and public blockchains, which can be used by various sectors. The government sector can use this technology and keep the data that is closed and entered into the general ledger. By the use of a private network, the speed of the transaction increases, and henceforth it will benefit the public network with integrity, security, and transparency.

Decision Making - The Blockchain technology can be used in the decision making of the business as it will improve the transparency in work by reducing corruption, miscommunication between the parties, and also improve equality.

Digital Identity - Digital Identity means Self Sovereign Identity. With the help of blockchain technology, the theft of identity can be solved. As all the identity will use biometric entry to open so no one else can enter anyone else or can steal anyone else identity with the help of this technology. It believes that these are the part of the future, and about 10% of the dedicated identity apps are expected to be Blockchain-based by 2023. [8]

Power & Electricity - The blockchain technology allows peer to peer transactions of electricity over a network of customers, who can trade the electricity with one another. We know the electric sector is highly regulated and there is a monopoly in delivering the electricity to the end-users. In the near future people could buy and sell the excess rooftop solar energy with one another over a blockchain network which is decentralized and security is guaranteed. [11]

Fact & Figures and Top Key players:

Nowadays, around 87% of the companies are adopting these technologies. IBM’s Blockchain for food traceability is another good example of federated Blockchain.IBM, SAP, Microsoft, Accenture, Wallmart, AWS, AgriDigital, WorldCover, Foodlogiq, Indigo Agriculture, Intel, Oracle, Bitfury, Cegeka, Guardtime, Earthport, Digital Asset Holdings, Chain Huawei, Recordkeeper , Auxesis Group, Alphapoint , Factom  ,BTL Group , Blockchain Foundry  ,Blockpoint, Blockcypher, Spinsys, Symbiont, Applied Blockchain, Bigchaindb, and Provenance are some of the leading market players of Blockchain technology. Nestle is one of the biggest companies joined with the IBM in 2017 and work with Carrefour which used blockchain technology to track the Mousline potato puree from Nestle factory to Retail giant’s store which increases the sales due to transparent tracking. [12]

Conclusion:

Hence, Blockchain is used to store information throughout the network of personal computers, making them not just localized but distributed. This means no central company or persons own a system, and here everyone can use it and run it. Blockchain technology has no intermediaries so considerable time, and money can be saved. Blockchain is not a single network; it can be as public access blockchain, private access blockchain, and hybrid blockchains.

Blockchain uses a form of digital cash that can be called as a Bitcoin is used for transactions which we can send to anyone even a stranger. Bitcoin uses a blockchain by tracking records of ownership over this digital cash so only one person can be the owner at a time and the cash can’t be spending twice. Blockchain Technology is using in healthcare, automotive, BFSI, transportation, etc.