Industries Harness the Power of Blockchain.╚╝ How is the B2B sector next leveling?

╬ The value of blockchain technology is recognized for multiple business models. The music industry, supply chain, notary services, and identity verification services are all business models that are ripe for disruption through the use of blockchain, among many others like the payments sector, and many more.

■ Regarding financial institutions: Cryptocurrencies that operate on blockchain technology are used as a form of highly volatile, but potentially high return, investment. Distributed ledger technology (DLT) simplifies cross-border remittances and money transfers, while smart contracts offer further opportunities by offering the ability to perform a transaction without an intermediary, it’s you and me doing the transaction: everybody else is OUT, crazy.

The combination of private key cryptography and decentralized access makes the financial blockchain technology ideal for storing sensitive financial transaction information. Finance is perhaps the largest industry being disrupted by blockchain technology. I want you to know that DeFI is here, to stay!!

■ On the government’s side: Blockchain has been proposed as a governance and voting tool, due to the power of digital signatures that ensure security through unique, immutable voting. This means better democracy, more transparent, secure, fast, it has endless benefits.

■ If you think about the healthcare industry: Blockchain can help protect sensitive data while allowing immediate access to records for all network participants with no geographical limitations. Healthcare records management and supply chains of medical equipment are promising use cases for blockchain technology.

■ On the insurance sectors: Keeping secure user data and verifying claims with a digital signature can boost industry performance. There are also specialized crypto-based insurance companies that secure against trading and finance risks. Also, know this is a brief article, but there are hundreds of useful applications for this tech. As always, innovators and early adopters reap the benefits first, and abundantly.

■ Other sectors that are harnessing this tech is cloud computing: Blockchain technology and its consensus protocols, especially blockchains that have an AI consensus protocol like www.libonomy.com (which you can leverage for your company, and who are partners of us) - have found a niche in decentralized computing. Projects like MaidSafe and other decentralized file storage systems use the connectivity between distributed nodes to encrypt and save data on multiple hard drives.

■ On trading and exchanges: Ethereum (ETH), the network created by Vitalik Buterin, became one of the chief platforms to carry financial apps, payment processing mechanisms, and decentralized exchanges. It became the biggest hub for an industry known as decentralized finance (DeFi). This sector used token-based economics to create interest-bearing mechanisms while ensuring liquidity for traders. Though Cardano (ADA) is catching up to the titan.

And finally but not least important, the Internet of things (IoT) is an industry where tech startups have been addressing this technology for a few years now. Projects like IOTA, VeChain, SingularityNET (AGI), and others aim to track supply chain information using blockchain technology to ensure immutable reporting. The aim of building a blockchain network for the IoT led to innovations on novel data structures, where every wallet can serve as a node on the blockchain.

Want to know any specific applications for your company? Please feel to reach out to Cents Magazine to get your questions answered by an expert, specific to your situation & tailored to your needs.

Now you know better!

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