Blockchain Application

Blockchain Application

Learn of the various blockchain applications through our services and create smarter, more efficient supply chains, reduce fraud, verify transactions more quickly.

Below are some of the blockchain applications that are transforming the society:

  • Asset Management (Trade Processing and Settlement): Traditional trade processes in asset management can be expensive and risky, especially when dealing in cross-border transactions. The parties involved in the process will keep records and this allows for errors. However, the blockchain ledger removes the chances of error by encrypting the records. Also, the ledger makes the process a whole lot simpler while removing the need to involve intermediaries in the process.
  • Insurance (Claims processing): This procedure can be frustrating. Insurance processors have to check through fraudulent claims, fragmented data sources, or abandoned policies for users while processing these forms manually. This allows for error. The blockchain provides a perfect system for risk-free management and transparency. It involves encryption to allow insurers capture the ownership of assets to be insured.
  • Payments (Cross-Border Payments): The international payments sector is one that is prone to errors, costly, and also open to money laundering. It actually takes days if not longer for money to be transferred around the world. With Blockchain being merged with payments app, it becomes possible and faster to make international payments 24 hours a day.
  • Unconventional money lenders/ hard money lending: The existence of smart contracts makes it possible to revolutionize the traditional lending system. The blockchain allows anyone to loan another person some money while taking the receiver’s smart property as collateral. It also removes the long process of manually handling the numerous documents involved.
  • Blockchain Internet-of-Things (IoT): A material object when connected to the internet becomes an Internet-of-Things. Connecting your devices to a computer network makes things like your printer automatically ordering for cartridges from Amazon when it runs low possible. This connection makes it possible to improve how we live and work. The government can even use the IoT to develop cleaner environments, more efficient energy use and so-called Smart Cities.
  • Smart Appliances: A smart appliance is a device that connects to the internet and alerts you when needed and gives you more control. For instance, a smart appliance can alert you when your cookies are ready or when your laundry has stopped. These alerts make sure your appliances are in good condition while reducing the cost spent on energy. Blockchain encryption also protects your ownership of the appliances and allows for easy transferability.
  • Blockchain Healthcare: Personal health records could be encoded and stored on the blockchain with a private key which would grant access only to specific individuals. The ledger too could be used for general health care management, such as supervising drugs, regulation compliance, testing results, and managing healthcare supplies.
  • Blockchain Music: Some of the problems being encountered in the music industry include ownership rights, royalty distribution, and transparency. The blockchain and smart contracts technology can reduce these problems by creating a comprehensive and accurate decentralised database of music rights.
  • Blockchain Identity: It is possible some online companies sell our identity details to advertisers who send ads. The blockchain blocks this by creating a protected data point where you encrypt only the information that you want relevant people to know at certain times. For instance, if you are going to a bar, the bartender only needs to know of your age.

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