The future of blockchain-based internet solutions
Blockchain is defined as a decentralized and distributed database in the open source model in a peer-to-peer internet network without central computers and without a centralized data storage space, used to record individual transactions, payments or journal entries encoded using cryptographic algorithms.
In current applications, blockchain is usually a decentralized and dispersed register of financial transactions. It is also a decentralized transaction platform in a distributed network infrastructure. In this formula, blockchain is currently implemented into financial institutions.
Some banks are already trying to use blockchain in their operations. if they did not do it, other economic entities, including fintechs, implementing blockchain could become more competitive in this respect. However, cryptocurrencies and a secure record of transactions are not the only blockchain applications. Various potential blockchain applications are being considered in the future.
Perhaps these new, different applications already exist in specific companies, corporations, public institutions or research centers in individual countries. In view of the above, the current question is: In what applications, besides cryptocurrency, blockchain in your company, organization, country, etc.?
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I see a clear vision depicting the presence of blockchain in future decentralized producer/consumer AND/OR producer/broker markets for common products.
Block chains are used in India by the banks. They had set up bank chains to implement and do blockchain based transactions. Next insurance companies are also setting up similar to the bank ones and awaiting for Insurance regulators. Govt of India is also working with apollo hospitals and oracle technologies to use in health care sector.
Dubai is using blockchains for land registrations and documents. Also using in infrastructure too.
Blockchains can be implemented across sectors. It requires huge initial investment at the time ROI will increase by cutting the duplication costs. It helps markets to be transparent.
I see potential to use blockchain to trace and secure documents such as ID documents, contracts and certificates such as birth certificates. The EU observatory: https://ec.europa.eu/digital-single-market/en/eu-blockchain-observatory-and-forum could be of interest.
Hi, in Canada we are looking at how DLTs can play a role in talent management by using DLTs to track educational credentials during recruiting and HR staffing processes. We are also using a Blockchain to support the sharing of public disclosure data related to the distribution of public funds in the sciences domain.
I believe that logistics is one of the most logical use cases for permissioned blockchains. It allows for a shared view on important documents as well as tracking and tracing. The number of participants is limited and no complicated consensus mechanism is needed. IBM and Maersk are undertaking an interesting project in that area.
Dear Dariusz . In Russia our top bank - Sberbank is going to use blockchain for making transactions, but is is only plans
In Brazil, we are working in a project to store clinical data using blockchain.
I predict that in 2020 corporate finance via blockchain technology will gain in importance.
Dear Horst Treiblmaier,
I fully agree with your opinion on the issues of the development of online payments, settlements of financial transfers, electronic internet banking and mobile use of Blockchain technology, discussed during this discussion, will continue to develop. These applications include improving the risk management of the company's IT systems with Internet access.
Greetings,
Dariusz Prokopowicz
Dear Dariusz Prokopowicz ,
yes, improved risk management will be a very promising use case. Furthermore, we should keep our eyes open for Decentralized Finance (DeFi). This sector will definitely continue to grow.
Best,
Horst
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