Blockchain and cryptocurrency were twinned, and the common men are still in the thirst of exploring the concepts clearly. Blockchain was understood as the underlying technology of cryptocurrency to record the transactions. But, the blockchain has traveled a long way since its inception in the industries than serving the purpose of recording crypto transactions. Many enterprises move forward to blockchain software development services to build their customised process solutions.
In this blog post, let's look at 5 sectors at which blockchain disrupts the processes ergonomically!
Every person has a set of identity proofs like voter ID, driving license, educational certifications, and many more documents that need to be protected from spammers. However, with the digital evolution, we all have the practice of having a scanned copy of our identity documents for easy access in our devices or mails. These documents are prone to hacks as they are maintained in central servers and single device. Blockchain digital identity management can help users access their documents with public and private keys in a decentralized network. The owners can authorize people to view documents for authenticity and then revoke the access once done. These features of blockchain identity solutions help to safeguard the documents from counterfeit attacks and unauthorized utilities.
Cryptocurrencies and blockchain technology are shaking things in every industry and the way it’s being operated. The major impact of blockchain and cryptocurrencies is seen in the fintech industry at a fast pace. Right from KYC verification to year-end reconciliation processes can be seamlessly surpassed with appropriate blockchain solutions with transparency and legitimacy.
Blockchain changes the way the banking, insurance sectors with decentralized data management, consensus governance, smart contracts, immutable and traceable records. Incorporating blockchain solutions in the fintech processes makes it more reliable for the entire community wheel. Many new-age investors are showing interest in purchasing white-label P2P crypto lending software and launching their platform to run a hassle-free business.
P2P lending is nothing but a way to allowing customers and novice entrepreneurs to access capital through the internet. It is similar to, taking a loan out from the bank, here the bank will be one of your peers.
P2P lending really helped a lot of small entrepreneurs who are looking to borrow money and to open up their new business. In this article, let's get to know what P2P lending is and how P2P lending works.
Peer to Peer lending is a platform that connects a borrower who is seeking a personal loan from an investor. The investor can earn higher returns from their investment than conventional banking systems in P2P lending channels.
Blockchain was invented as the underlying technology behind cryptocurrencies. But, as of now, it's booming and has become ubiquitous in every industrial process. As the leading brands have already delved into build blockchain technology solutions for their operations, the enterprises are now showering interests to build customized solutions for their processes.
Blockchain consulting services can guide you through the entire process of implementing a blockchain framework in your business operations. Right from raising funds for the project to marketing, the professional team can take you seamlessly through the process of evolution. You may consider hiring a blockchain development company to build solutions rather than recruiting individual blockchain experts, designers, and marketers.
It is notified that blockchain will be going to transform each operation and process across many government sectors and industries only they have adopted to it. But, this kind of adoption requires time, effort, and money. In addition to the blockchain technology, it will enhance more peoples to learn more skills, each kind of traditional business will need to entirely reconsider these processes to get the maximum benefits from using this technology.
The below-mentioned trends of blockchain technology in 2020 are as follows:
1. Blockchain as a Service (Baas)
One of the most eminent technologies of blockchain trends in 2020 is Baas. It is a newly trended blockchain technology that is currently integrated with several startups as well as enterprises. Baas is nothing but a cloud-based service that allows users to build their digital products by incorporating with the blockchain technology. The digital products might be Dapps, Smart Contracts, or any other services that can work without setting up and requirements of the complete blockchain-based networks. Some of the companies developing blockchain networks that provide Baas services are Amazon, IBM, and Microsoft, consequently shaping the future of blockchain applications.
2. Federated Blockchain Networks
Blockchain networks are classified into, private, public, federated, or hybrid. The term "Federated (or) Hybrid" Blockchain can be referred to as one of the lastest blockchain trends in the tech-based industry. It was an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. In this blockchain type, multiple authorities can control the pre-selected nodes of blockchain, instead of only one organization. Now, the selected various nodes will validate the block so that the transactions can be processed further. In the year 2020, there will be a change in the usage of federated (or) hybrid blockchain as it provides private blockchain networks.
When it comes to bitcoin, generally it has highly volatile. To avoid this stable coin enters the market strongly with the stable value associated with each coin. As of now, stable coins are in the initial stage and it is to be predicted that in the year 2020 stable coins will achieve their all-time high value.
4. Social Media Meets Blockchain Technology
Approximately, there are around 2.77 billion social media users around the globe in 2019. Introducing blockchain in social media will be able to solve problems like privacy violations, data control, and content relevance. Therefore, merging the blockchain technology with social media is another trendsetting technology in 2020. By implementing this technology in social media, it can be ensured that all your social media data remains untraceable and also cannot be duplicated, even if you delete the data. Moreover, users can store the data more secure and also maintain their ownership. This technology makes users feel more safety and also they can control the data like what others want to see.
5. Blockchain With IoT
The Internet of Things (IoT) market will be looking for a renovation and also mainly be focussing on security as complex safety challenges nowadays. The amount of internet-connected devices has reached more than 26 million. The hacking of device and IoT networks have become common in 2020. It is up to the network operators who are all need to stop the intruders from doing their business. The current architecture with IoT is one of the main reasons for the weakness of IoT networks. With the billions of devices are connected to this network and more to be added causes cyber-attacks, which is extremely important to make your network more securable.
Blockchain technology gives hope to the IoT networks for many important reasons. The first thing is blockchain is a public network, everybody would participate in the network of nodes of the blockchain network can see the blocks and the transactions are stored and approved by them, users can still have private keys to control their transactions which occurs in the network. The second thing is that blockchain is decentralized so that there is no single authority that can approve the transactions to avoid SPOF weakness. Third and most important is, it secures the database only be extended and the previous networks in the records cannot be changed. Many IoT based companies and industries adopt blockchain technology for their business solutions.
6. Blockchain With AI
Integrating AI with blockchain technology will make development much better than before. This integration will show a level of improvement in blockchain technology with an adequate amount of applications. The IDC suggesting that the global spending on AI will reach $57.6 billion in 2020 and 51% of the businesses will be making the transactions to AI with blockchain integration. Moreover, AI helps to enhance the blockchain efficiency much better than humans, or even standard computing.
Additionally, blockchain can also make AI more coherent and understandable and also can able to trace and find why this decision is made in machine learning. Because Blockchain and its ledger can store all the data that go through a decision made under machine learning. Some of the examples of the applications of AI in Blockchain are Smart Computing Power, Data Protection, Trusting AI Decision Making, and Data Monetization.
The above-mentioned details show the top blockchain trends in 2020. Blockchain is going to be trendsetting technology in the upcoming days. It has many features like security, safety, and reliability. Blockchain technology keeps your business data more authorized and highly-confidential. Looking to integrate blockchain technology into your business, choose the foremost blockchain development company to transform your businesses more safely. Blockchain technology would be the emerging ones and eventually continue to grow since 2008.
Blockchain technology has started reaching high in the market and also have a huge impact on the manufacturing industry. In the current days, the world highly gains attention towards terms like cryptocurrency, bitcoin, ethereum token & blockchain technology. The reason is nothing that most of the peoples are getting more benefits from those technologies, especially blockchain.
When it comes to blockchain technology, it has evolved a lot in the market and has brought more benefits. In this article, I am going to cover blockchain technology, its evolution, and how blockchain technology helps in the manufacturing industry.
Lets we start a discussion with blockchain and how it has an impact on different industries.
What is Blockchain Technology?
Initially, Blockchain is just one of the technology which supports all cryptocurrencies such as bitcoin but the experts can see that it have a large scope in the future then just meets the needs of bitcoin. On further analysis, we found that it can bring enormous changes in the internet networks itself. Consistently, technology has evolved more and a type of blockchain has grown a lot. So, from today, blockchain is widely being used as a distributed ledger technology. This technology has created a chain of blockchain where each of the blocks contains information as well as the data stored together and verified. These blocks are further validated and attached to the string of transactions and information in the previous blocks.
In simple terms, let's compare it with google docs. As you know, multiple users can simultaneously use and can edit a single document on google docs. Likewise, even with blockchain technology, you have a distributed ledger. There is a difference here, unlike in google doc, you can't change the previous data. You can only add to the ledger. Some of the features of blockchain technology are blockchain keeps all data records which is referred to as a "ledger". All the data which is exchanged is a "transaction". Once the transaction is verified, it is added to the ledger as a "block". To verify the transactions, blockchain uses a distributed system. ie. a Peer-to-peer network (p2p network). Once the transaction gets completed, the data is verified and added to the blockchain, it can't be changed anymore.
After that, demand for blockchain has gradually increased a lot and also being noticed in other industries. In short, blockchain can create revolution almost in all the industry. But, the most likely ones that can have large benefits from it includes:
⦁ Banking and financial services
⦁ Real estate
⦁ Supplychain and logistics
Out of the above-mentioned industries, the manufacturing industry has become more inclined towards blockchain technology. Let us get into deeper that how blockchain technology can have an impact on the manufacturing industry.
Role of blockchain in the manufacturing industry:
When we talk about modern ways of manufacturing industry, the supplychain can work across many organizations, as well as many countries. This can make the system more difficult in the way of finding solutions for increasing efficiency and chasing individual events. Most of the time, the company information in the manufacturing industry flows through the supplychain. They have a uniform way of storing and exchanging data. When it comes to blockchain, it can make smarter as well as secured supplychain whereas you can track the journey of your products within the real-time visibility.
For example, if you are looking for material delivery, you can track the materials which you have ordered on the website and when it will arrive, who receive them and when they transport the material to the next stage and so on. Everything is recorded as blocks in the blockchain. So, you have seen minimalistic details of the supplychain process and there is no chance of any kind of manipulations.
There are many benefits that the manufacturing industry can get while using the blockchain technology. If you are the one among them who do experimentation with the blockchain, you must don't miss the opportunity to read the below mentioned five benefits are currently works in the real scenario.
1. Amplified inventory management
Blockchain offers a holistic and permanent data of every single transaction details that take place in your supply chain process. Moreover, it opens you to connect to each party in the value chain - be it suppliers, production sites, and distribution centers. The records which are store are easily accessible by those who are connected to the network. As everyone in the networks has a copy of the information, so there is no confusion happen in the supplychain process. This, in turn, becomes the intensify inventory management.
2. Upgraded data security
Information like Invoices and contract details that are exchange in any supplychain process is highly confidential. Sharing details by the way of traditional methods can be a risk and it can be easily hacked by anyone. Instead of using traditional methods, blockchain keeps the information more secure with the best cryptography techniques. So, if you are looking to build blockchain networks for your manufacturing industry then either choose freelance blockchain developers (or) blockchain development company for solutions in supplychain management to avoid cyber attacks.
3. Better traceability and transparency
Blockchain Technology in the supplychain can provide the data of all information related to your transaction. For instance, how the products are made, from where they start shipping and how will manage data and much more. However, if the data is permanent and it can be easily shared with your supply-chain network, it provides you a detailed tracing and tracking abilities.
4. Automatic Payment Process to Suppliers
Blockchain technology has s facility to transfer of the fund to any part of the world. You don't stick it to the traditional banking methods. Money transfers can be made directly between the payers and payee. The whole payment system through blockchain is secured. It can be done quickly. You don't want to wait for a day or even for an hour. Once all the digital secure transactions data becomes a part of blockchain agreements and if your networks agree with the terms and conditions, then the smart contract can begin the commercial process automatically.
5. Improve Customer Engagement
Blockchain is stronger than normal storage technology. Because you can analyze the data to create forecasts and predictions, which can further help you to solve the flaws in your supplychain management. Not only this, but your analytic tools can help to boost your customer satisfaction. You can use the blockchain database to find ways for developing your delivery timeline. Moreover, the customers can also have the ability to access the blockchain data to a certain extent. For Instance, one of the clothing brands provides customer access while showing them an approval form or a labor union sheet. Sharing data will create transparency, which ultimately results in loyalty and also creates ever long-lasting customer relationships.
Blockchain Technology can be a Game Changer for your manufacturing industry:
A lot of new technologies are enhancing the way of manufacturing industries used to work with their supplychain management and blockchain technology is one among them. As blockchain technology continues to grow, the supply chain industry is sure to look up the true forms of transparency, accountability, and efficiency. I am winding this blog that, the manufacturing industries will adopt the blockchain technologies sooner and they will be able to benefit from a better way of running their business.
Do You Know? Crypto Block Concept was first invented in 1991 by the two scientists – Stuart Haber and W.Scott Stornetta. The idea was based on the need for tamper-proof documents and ledgers. The idea may have been around for ages, but its actual implementation of blockchain – commonly called blockchain was introduced in the year 2008. After a year, Bitcoin has become the first cryptocurrency. Blockchain is not a new concept, but the idea continues to grow in terms of development and application.
In recent years, the market for blockchain technology has tremendous growth due to the usage of cryptocurrency transactions and it can destroy the other industries. The concept of blockchain is that it’s an open ledger that can store any kind of transaction data in a transparent and immutable way. Blockchain technology is a decentralized concept and it doesn’t need intermediaries during transactions. Ledger technology helps in many cases and also records bitcoin transactions.
The below-mentioned list is some of the interesting facts about the blockchain technology that everyone should know.
1. The Inventor of Blockchain and Bitcoin
Satoshi Nakamoto is the person who invented both bitcoin and blockchain technology. But nobody knows the identity of Satoshi Nakamoto. But, some of the people have imagined that a man of Japanese – American origin from Temple City, Los Angeles named Dorian Satoshi Nakamoto who is the father of Bitcoin. Many coincidences have happened at that time. For Example, a computer scientist – Hal Finney, who is the neighbor to Nakamoto was the first person to receive a bitcoin transaction. But Dorian Satoshi Nakamoto denied it at that time. So, we are yet to find the true identity of the bitcoin inventor.
2. Top 3 Crypto-friendly and Blockchain Countries
Switzerland, Gibraltar, and Malta are the three most recommended blockchain and crypto-friendly countries in the world. When it comes to the country Switzerland – they have the most stable economy in the world and also have been accepting of both blockchain and cryptocurrency. Gibraltar was the first-ever country to introduced and facilitate trading by the way of cryptocurrency for establishing a financial service commission. The main aim of this commission is to provide a license for ICO Operations. It also keeps on track of the organizations which deal with crypto. Malta is a famous place for blockchain and cryptocurrency. Malta is commonly called as the blockchain island and is considered as the hub for the blockchain development. It is considered as the birthplace for the blockchain and many crypto companies. It is the first choice who are ready to start your business and work in the blockchain sphere.
3. Countries Focusing on Official Crypto Development
Passing the phase of initial Pyrrhonism, governments all over the world are gradually realizing for having their crypto can be very useful. It doesn’t take much time to launch crypto against virtual currencies. They are safe, secured, and environment-friendly as well. It is cost-effective than minting currencies. Currently, there are over 15 countries including the world’s best economic countries like the USA, UK, Saudi Arabia, Japan, China, Korea, etc, are interested to launch their official cryptocurrency.
4. Boost for IoT Markets
Increased use of blockchain is expected to increase the adoption of IoT through vehicles, household devices, etc. As per the market reports, it will help the industry to reach $50 billion by 2020.
5. Increased Usage of Blockchain
Blockchain will be one of the trending technologies of this era. As per the market survey, 40 millions of people have started to know about this technology and many of the started implementing for the business purpose. The number will get high up to 80% in the next 10 years.
6. Growth of Blockchain Technology in the Global Market
Blockchain development is still in its formative years, but the advancement is progressing fast. Most of the companies have started to implement this technology to bring out the changes to transform legacy systems. As per the market survey and review, the market for blockchain will grow up to $60 million by 2024.
7. Blockchain can either be Public or Private
A public Blockchain like bitcoin doesn’t have any kind of restrictions, anyone who is in the network can be a part of it, and the result is that there will be a large no of transactions. In a public blockchain, the verification process takes a long time. When comes to the private blockchain, it is controlled by the single entity and the transactions will be easily carried out and faster.
8. Most Bank Industries Started Exploring Blockchains
Transactions carried out on blockchain technology is much faster when compared to the traditional methods, which would save many transactions fee especially for the international transactions. This is the main reason that many banks like American Express, ALFA banks have started incorporating blockchain to make their services efficiently.
9. Blockchain in Food Supply-Chain Industry
The major reason for incorporating blockchain technology in the food supply-chain industry to determine food contaminations. Many multinational companies like Nestle, Walmart have implemented blockchain into their industry to track bad food products.
From the above-mentioned facts, it is clear that blockchain technology will be the trending technology and it is expected to take over the entire world completely in the upcoming years. Looking to integrate blockchain technology in your industry? Choose the front-runner blockchain development company which can be easily able to get the best solutions for your major issues and enhance your business to an extent level.