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The majority of business domains suffer from fraud, high transaction fees, red tape, lack of data security and transactions transparency. Looking for solutions, trailblazing companies of today recourse to the blockchain technology, because in pro hands it becomes an ultimate tool for storing and transferring the assets (data, money, energy) transparently, securely, quickly and cost-effectively.
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.
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
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.
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.
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:
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 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.
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.
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.
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:
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.
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.