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- 1. BLOCKCHAIN APPLICATIONS AND REAL-WORLD USE CASES Name-konishka roy Section-a Roll number-40721113 Subject-digital transformation
- 2. BLOCKCHAIN IN MONEY TRANSFER Pioneered by Bitcoin, cryptocurrency transfer apps have exploded in popularity in the 2020s. Blockchain is especially popular in finance for the money and time it can save financial companies of all sizes. By eliminating bureaucratic red tape, making ledger systems real- time and reducing third-party fees, blockchain can save the largest banks lots of money. These companies use blockchain to efficiently transfer money.
- 3. EXAMPLES Chainalysis Location: New York, New York Chainalysis helps financial institutions and governments monitor the exchange of cryptocurrencies and investigate blockchain activity. The company’s tools aim to detect fraudulent trading, laundering and compliance violations as well as gauge NFT security risk, all to build trust in blockchain. Circle Location: Boston, Massachusetts Circle’s fintech platform oversees the exchange of traditional and cryptocurrency payments between users, as well as provides tools for businesses to build themselves on blockchain. The company’s merchant payment services utilize stablecoin technology to move money between digital currencies securely and quickly. Circle accepts crypto payments in currencies like Bitcoin, Etherium, USD Coin and Euro Coin.
- 4. BLOCKCHAIN SMART CONTRACTS Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all parties involved in a way not possible with traditional agreements. This saves businesses time and money, while also ensuring compliance from everyone involved. Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits. Below are a few examples of how companies are using blockchain to make contracts smarter.
- 5. EXAMPLES Chainlink Labs Chainlink Labs is a Web3 services platform. Its enterprise-grade oracle infrastructure helps users connect smart contracts to external sources like API services and data providers so clients can verify the outcome of real- world events that happen outside the blockchain. DFINITY Location: San Francisco, California With DFINITY’s Internet Computer, an open-source blockchain network, users can build decentralized applications and Web3 services directly on- chain. The Internet Computer offers scalable smart contracts and low- latency consensus, which supports Bitcoin network integration, decentralized social media apps plus NFT storage and community resources.
- 6. BLOCKCHAIN AND IOT The Internet of Things (IoT) is the next logical boom in blockchain applications. IoT has millions of applications and many safety concerns, and an increase in IoT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart thermostat. Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things “smart.” Below are a few companies using blockchain to make the Internet of Things safer and smarter.
- 7. EXAMPLES HYPR Location: New York, New York HYPR thwarts cybersecurity risks in IoT devices with its decentralized credential solutions. The company’s platform utilizes the FIDO Universal Authentication Framework, a native and decentralized firmware solution that can validate IoT devices. By taking passwords off a centralized server, and using biometric and password-free solutions, the company makes IoT devices more protected and data-compliant. Xage Security Location: Palo Alto, California Xage is the world’s first blockchain-enabled cybersecurity platform for IoT companies. The technology manages multiple devices at once with multi- factor authentication plus self-healing services in the case of breaches. Xage is primarily used by IoT companies in the transportation, energy and manufacturing industries, like Microsoft, Dell and the U.S. Air Force.
- 8. BLOCKCHAIN SECURITY According to AARP, Americans lost up to $8.8 billion due to investment scams and fraud in 2022. Fraud on this scale can occur via everything from forged documents to hacking into personal files. By keeping social security numbers, birth certificates, birth dates and other sensitive information on a decentralized blockchain ledger, the government could see a drastic drop in identity theft claims. Here are a few blockchain-based enterprises at the forefront of identity security.
- 9. EXAMPLES Civic Location: Palo Alto, California Civic is a blockchain-based identity technology for users and decentralized applications. For individuals, Civic allows the creation of Web3 profiles that act as a cross-chain access ID card and NFT wallet. For businesses, developers can customize access tokens and identity verification into their Web3 projects, choosing to account for credentials like government-issued IDs, location, age and bot detection. Evernym, Inc. Location: Salt Lake City, Utah Evernym, part of Avast, features its distributed ledger platform that lets individuals manage their identities all over the web. The company’s technologies verify user credentials and are built to be scalable and integrable to multiple types of back-end systems. Users can even store credentials on Evernym’s secure digital wallet, Connect.Me.
- 10. BLOCKCHAIN IN HEALTHCARE Blockchain in healthcare solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders and streamline business processes. An advanced system for collecting and sharing private information could be just what the doctor ordered to make sure that an already bloated sector can trim down exorbitant costs.
- 11. EXAMPLES MEDICALCHAIN Location: Fully Remote Medicalchain’s cooperative blockchain platform allows for an easier and more secure flow of information. With Medicalchain, doctors no longer have to wait on insurance information. The blockchain can automatically verify whether a patient has insurance and is covered. Additionally, drug and clinical trials can easily identify top candidates through a blockchain-based portal that safely shows patient medical records and identifies prime contenders for different trials. Nebula Genomics Location: San Francisco, California Nebula Genomics is on a mission to understand the human genome and to make personal genomics more affordable and accessible. The company’s whole- genome DNA sequencing tests are the only tests available that decode 100 percent of an individual’s DNA. All information gathered from an individual test is totally anonymous and kept private through a blockchain-based encryption, so a user’s data can never be identified or stolen.
- 12. BLOCKCHAIN LOGISTICS A major complaint in the shipping industry is the lack of communication and transparency due to the large number of logistics companies crowding the space. According to a joint study by Accenture and logistics giant DHL, there are more than 500,000 shipping companies in the U.S., causing data siloing and transparency issues. The report goes on to say blockchain can solve many of the problems plaguing logistics and supply chain management. The study argues that blockchain enables data transparency by revealing a single source of truth. By acknowledging data sources, blockchain can build greater trust within the industry. The technology can also make the logistics process leaner and more automated, potentially saving the industry billions of dollars a year. Blockchain is not only safe, but a cost-effective solution for the logistics industry. Here are some companies on the cutting-edge of
- 13. EXAMPLES Oracle Oracle’s Intelligent Track and Trace application for supply chain management is powered completely by blockchain. The software enables multi-tier visibility across supply chain systems, letting users detect issues in food processes, monitor product temperatures and track shipped equipment. Slync.io Location: Dallas, Texas Utilizing blockchain and AI technology, Slync.io’s Logistics Orchestration platform works to provide shipping accountability and insights. Document management, order automation and access to a collaborative business network are all available to streamline logistics operations.
- 14. BLOCKCHAIN AND NFTS Non-fungible tokens (NFTs) have been the hottest blockchain application since cryptocurrency. These digital items, like music, art, GIFs and videos, are sold on a blockchain, ensuring that a sole owner can claim full rights to it. Thanks to blockchain technology, consumers can now claim sole ownership over some of the most desirable digital assets out there. Below are a few examples of companies taking advantage of the NFT wave.
- 15. EXAMPLES OpenSea Location: New York, New York OpenSea hosts one of the largest NFT marketplaces in the world, where users can buy, sell and create amongst millions of NFTs. Visitors may browse NFT art, gaming or photography pieces and view real-time price offers and trending NFT collections. OpenSea is backed by companies like Coinbase and Trust Wallet, and sits at a trading volume of over $20 billion. Candy Location: New York, New York Candy operates an NFT ecosystem that allows fans and collectors to interact with top sports, art, music and cultural icons in the form of official licensed digital collectibles and maximize investment. The company works directly with athletes, artists and content owners to bring their NFT projects to life, highlighting entities like Major League Baseball, Netflix and WWE.