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Blockchain Resolves Issues of Trust and Data Security

Secure, Transparent, Immutable

Even the most secure centralized database, stored at the servers of a trusted organization, such as bank, can be hacked and the information will be lost or forged. To alter any data in the distributed ledger, you have to change every existing copy of the cryptographically protected blockchain, which is next to impossible.

Blockchain is transparent and immutable, which means that every transaction, validated by all network members, remains in the blockchain forever. Any changes in the chain are visible to all system members immediately and there is no way to delete or re-write any transactions in an attempt of fraud or forgery.

No Intermediaries or 3rd Party Control

Blockchain eliminates third-party involvement in favor of peer-to-peer (P2P) relations. “No intermediaries” means lower transaction fees, if any. The ledger decentralization excludes the possibility of a cascade network failure or single-handed database alteration.

Blockchain enables business-to-business markets to function without middlemen — banks and other financial organizations. The transactions become direct, quick and cost effective — there are no extra fees and the finalization time results in minutes, not days the standard clearing process takes.

Open Source

In the pioneer domain of blockchain the question of trust looms large. The community doesn’t want to trust the project team’s promises blindly, but to have access to the code and be able to check whether it works as expected. As a result, open source projects gain much more trust and investment than others.

Open source blockchain products are thoroughly tested by the community. Even though it’s impossible to opt out the professional QA support in favor of the community’s testing only, getting millions of co-developers and QA engineers performing debugging and code improvement for free seems like a bargain and a huge reason for going open source.

Blockchain Business Applications

The blockchain is a disruptive technology, but not a panacea. Without a profound understanding of how both the technology and the business industry work — blockchain is just a fancy buzzword. To integrate the blockchain into the business solution one need to conduct thorough business analysis and a team of blockchain-savvy solution architects, developers and QA engineers, who can visualize a complete blockchain-based solution, clearly understand the roadmap and are able to take it from start to finish.


  • Banking & Finance

    Banking & Finance

    Blockchain banking is the next step in the evolution of financial services, followed by the transparent and secure peer-to-peer transactions causing no extra fees. The whole banking system — major banks, financial institutions and regulators — is working on the adoption of the blockchain technology and the development of the regulatory frameworks, to leverage its major benefits, resonating with the industry’s needs:

    • Higher level of security is guaranteed by the blockchain’s decentralized structure and sophisticated encryption algorithms
    • Cryptocurrency is the first step to decentralized, transparent and cost-effective economy
    • Much quicker clearing process for the banking transactions — from 2-3 days now to immediate transactions finalization in blockchain
    • An immutable ledger enables a trustworthy credit record of the business units, interoperable for all the trusted financial institutions
    • Coding legal contracts into smart legal contracts automates the fulfillment of obligations and reduces the lawyer’s involvement


  • Healthcare

    Healthcare

    The healthcare industry is a complex system of separate institutions with their own record systems. This entails several major issues with patient data: interoperability, immutability and transmission security. The data is fragmented, easily corrupted and its security is compromised during the transfer. The healthcare industry imposes extremely high standards of patient data security, which makes the issues even more critical. The blockchain technology allows creating an immutable decentralized database for health data to help to cope with all the major problems:

    • The patient Electronic Health Records (EHR) are encrypted and stored securely in a tamper-proof blockchain, which guarantees its integrity and HIPAA-compliance
    • Blockchain is able to integrate health information from all sources under a single roof: medical testing results, patient-generated health data (PGHD) from the IoT devices, medical reports, guaranteeing higher accuracy of the diagnosis and treatment guidelines
    • Personal healthcare data is accessible only to authorized institutions (insurance company/hospital) on patient’s demand via rule-based Smart Contracts
    • Nationwide data interoperability between healthcare providers enables the precision medicine approach and allows to diagnose and treat patients more effectively, in terms of accuracy and cost
    • Smart Contracts automate administrative and financial communication between the patient, his insurance company and the medical service provider
    • Blockchain allows to track drugs and specific healthcare supplies across the supply chain to prevent counterfeiting


  • IOT & Energy Management

    IOT & Energy Management

    The global network of IOT devices is growing rapidly and very soon each vacuum cleaner would pay for its consumed energy. Blockchain enables to reduce the energy costs and introduce the new paradigm of the cost-effective and automated energy distribution and consumption — secure peer-to-peer transactions between the IOT network members.

    Applications list:

    • Platform for the cost-effective peer-to-peer energy trading — IOT devices buy/sell electricity on the basis of the real-time price signals. Payments are made immediately, not in 60-80 days, as it happens today
    • The Dapp allows to redistribute the surplus green energy from the solar panels across the local neighborhood grid cost-effectively
    • Keeping track of the renewable-energy certificates, stored on the blockchain
    • Decentralized networks of the IoT devices. First steps are already done by the Tangle-based IOTA project


  • Logistics & Supply Chain Management

    Logistics & Supply Chain Management

    Combination of the blockchain, Smart Contracts and IOT sensors is another way to revolutionize the logistics process. Blockchain helps to improve supply chains transparency — to track the goods and materials throughout the whole manufacturing process.

    • Product traceability. Producer is able to provide the final customers, stakeholders and trade partners with the permanent and tamper-proof records of what materials were used during the manufacturing and their provenance, expiry dates etc.
    • Smart Contract-based automated supplier payments. Smart Contract is connected with the GPS oracle and automatically pays the supplier upon receiving a product
    • Cold chain monitoring. Perishable products are embedded with the sensors, monitoring their temperature, humidity and other storage conditions. Sensor data is stored on the public blockchain. Smart Contracts utilize this data to regulate the conditions in the warehouse, fix the expiration dates, apply penalties to the unfair storage owner etc.
       
       


  • Augmented & Virtual Reality

    Augmented & Virtual Reality

    Virtual worlds need their own legal currencies and a means to secure ownership of digital assets. Blockchain naturally answers both questions, transforming AR/VR world into a real-life economical system with unalienable property rights and legal regulations.

    • Cryptocurrencies enable peer-to-peer in-game purchases, including the support of the microtransactions
    • VR-experiences of live events — gigs, sports, festivals. Performers can control the pricing and access to their content
    • AR/VR-enabled peer-to-peer marketplace. Neither buyers nor sellers pay extra fees, because there are no agents or auctioneers


  • Real Estate & Smart Property

    Real Estate & Smart Property

    The information about commercial real estate is now stored in various governmental and private property registers. Often this means bureaucracy, unclear transactions history and high transaction fees. Implementation of the blockchain technology allows to:

    • Create Commercial Real Estate (CRE) global immutable registry
    • Keep clear transaction and credit history, recording who owned a place before and reducing the risks of fraud
    • Utilize Smart Contracts to replace the real estate market intermediaries — sales agents, inspectors, appraisers, title and escrow companies — which means lower or no transaction fees, usually as high as 10 percent in the real estate sector
    • Create Multisig addresses, helping automate the real estate rental procedure


  • Digital Content Distribution & Decentralized Notary

    Digital Content Distribution & Decentralized Notary

    Major issues in the digital industry today are ownership rights, piracy and royalty distribution. The blockchain and smart contracts solve this problem by creating and managing an accurate and secure decentralized database of the copyrighted digital content.

    • By means of smart contracts, the royalties transferred directly and transparently to the rights owners after their media content was used.
    • Ownership rights are shared between all authors and contributors once and fixed in the blockchain. The royalties are distributed accordingly.
    • The cost of digital content delivery is reduced drastically because there is no need to pay extra fees to a bunch of lawyers, agents, media agencies. Now when you buy a song at iTunes, you can rest assured that you support the artist, not the industry people.
    • No more counterfeits and copyright infringement. The first version of the product, published by the artist to the blockchain, is notarized as the only legal version.
    • Decentralized notary. Timestamp feature enables automated notarization without centralized notary services.


  • Digital Identity

    Digital Identity

    Weak password-based systems and insecure servers are the main risks of placing sensitive data online. The blockchain technology guarantees privacy protection and makes digital identity management both secure and efficient, which results in the reduced fraud and personal data manipulation.

    • Blockchain allows to unify each person’s social record (passport, birth certificate, citizenship documentation etc.) into a single digital identity and store it in a tamper-proof database accessible for all trusted entities.
    • The digital identity stored on the blockchain is controlled by the owner, the data is standardized and interoperable.
    • The embedded consensus-building mechanism and the absence of the centralized control body makes blockchain an ideal platform for the independent voting/taxing procedures. The validity of the election results cannot be faked due to the ledger transparency and immutability.

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