17 Blockchain Disruptive Use Cases – everis NEXT

blockchain use cases

How far away are we from witnessing the disruptive, transformative effects of blockchain technology in our daily lives?

Bitcoin, heralded by many as the thickest breakthrough since the arrival of the internet, has proved to be something of a moving target since its launch back in 2009. But Bitcoin is just one of many applications of the blockchain technology. Blockchain technology has led its way through financial services; however, many other industries are kicking off to benefit from it. Truth is that its broad range of applications across numerous fields has been enlargening in the past year, disrupting traditional industries such as energy markets, healthcare and even public sectors.

Giants such as Apple, Airbnb and Uber will have to face the influence of decentralized technologies and we may even witness how current disruptors will be disrupted sometime soon (1-2 years).

What is Blockchain?

Blockchain is a meta technology on the internet that works as a decentralized database thanks to a peer to peer network of computers and people which share a distributed ledger.

It consists of data structure blocks—which hold exclusively data in initial blockchain implementations, and both data and programs in some of the more latest implementations—with each block holding batches of individual transactions and the results of any blockchain executables. Each block contains a timestamp and information linking it to a previous block. [1]

A transaction represents a unit of value somebody has and that is willing to exchange for something (physical or not) with somebody else. This unit of value will go from holder A to possessor B by broadcasting to the network that the amount on your account goes down and the amount on the other person goes up. How do knots in the network keep track of account balances? Ownership of funds is verified through links to previous transactions, which are called inputs.

The semitransparent and decentralized nature of the blockchain network enables the development of a non-refutable, and unbreakable record of data, which is the fundamental feature that most companies are exploring and applying to their core businesses. In other words, substantial decrease of intermediaries, fraud and access to real-time information without manipulations. Also, there would be a decrease in bureaucracy cargo improving the time invested in these processes. As a consequence, this has big implications for business and the corporation. [Two]

Every day, many industries are finding fresh ways to use the blockchain technology. As a consequence, fresh startups around it are being created too. Find below a list of some interesting use cases across numerous industries being disrupted by the blockchain technology and awesome startups scouted from everisNEXT.com within each use case:

Peer-to-peer economy facilitated by blockchain has been among the examples for the technology’s disruptive and innovative potential. However, using Bitcoin to send money around the world is slightly different than using Bitcoin as a currency. Peer-to-peer payments and lending belong to the very first case. By eliminating the intermediaries, the blockchain can enable cheaper cross-border remittances and therefore enhance the spending power of recipients.

Interesting startups in this field:

  • Abra: Abra has built the very first global, peer-to-peer, digital cash, money transfer App using Blockchain technology for secure money transfers and payments while protecting the value of deposits in local currency.
  • BTC Jam: it provides a peer-to-peer lending service where people from around the world connect to borrow and lend using bitcoin. It is permitted to users in countries that lack a local credit score system to receive loans, based on an in-house credit-scoring algorithm.
  • Bitbond: a global peer-to-peer lending platform for Bitcoins. Borrow Bitcoins or earn interest on your Bitcoins on our international marketplace.
  • Circle: a peer-to-peer payments technology company utilizing Bitcoin and traditional fiat currencies.
  • Plutus: a true peer to peer exchange network on the blockchain. PlutusDEX runs as a Dapp on the Ethereum blockchain.

As blockchains and sidechains proliferate, there are several significant implications for the Internet of Things and the development of Clever Systems. For one, blockchain technology could provide a way to track the unique history of individual devices, by recording a ledger of data exchanges inbetween it and other devices, web services, and human users. Examples include electronic couriers to securely transfer sensitive information, escrow services to transfer ownership rights, or even auto-installation services to verify and thrust updates to the software governing other Digital-to-analog converters (DACs). [Trio]

Interesting startups in this field:

  • Chimera-inc: Chimera connects the Internet of Things to real-time analytics performed on the edge knot. It is a hub that links the home network to the cloud and electrical devices around it.
  • Filament: Filament is building a decentralized IoT stack to ensure that devices can securely communicate and transact value without any siloed infrastructure. Filament builds sensors (called “Taps”) that are used by companies such as Amazon and SpaceX.

Existing electronic voting systems all suffer from a serious design flaw: They are proprietary, that is, centralized by design, meaning there is a single supplier that controls the code base [Four] , the database, and the system outputs and supplies the monitoring instruments at the same time. The lack of an open-source, independently verifiable output makes it difficult for such centralized systems to acquire the trustworthiness required by voters and election organizers. The blockchain works as a secure transaction database, to log votes and audit vote results in a trustworthy way.

Interesting startups in this field:

  • Go after my Vote: Go after My Vote aims to switch the way we vote, becoming the world’s very first secure open-source online voting software based on blockchain technology.

Numerous issues such as high transfer cost, limited money distribution methods, limited brand options, limited ways to deal with money, etc. hold enormous potential for innovation in financial services. The Currency exchange and remittance use case is perhaps the most advanced of the list since it has been implemented worldwide [Five] . Dozens of large financial institutions, including many of the world’s major banks, have already launched initiatives to explore blockchain’s potential.

Interesting startups in this field:

  • Coinbase: a Bitcoin exchange company that operates exchanges inbetween Bitcoin and fiat currencies in thirty two countries, and Bitcoin transactions and storage in one hundred ninety countries worldwide.
  • Ripple: Ripple’s distributed financial technology permits for banks around the world to directly transact with each other without the need for a central counterparty or correspondent.
  • BitPesa: a universal Bitcoin payment and trading platform for Africa.
  • Chain.com: Chain fucking partners with leading financial institutions to build blockchain networks. Chain solutions enable institutions to design, deploy, and operate blockchain networks that can power any type of asset in any market.
  • Stellar: a fresh payment protocol and currency, aims to bridge the gap inbetween cryptocurrencies and fiat by permitting effortless and instant exchanges inbetween currencies.

Clever transportation is about maximising already-existing infrastructure and resources rather than adding fresh ones. Better use of existing resources creates affordable transportation without the need for more roads or vehicles. Real-time ridesharing is the key, enabling people with private cars to share their journey with others traveling in the same direction. What blockchain adds on top of this is the possibility to put together users without any middlemen thanks to decentralized platforms.

Interesting startups in this field:

  • La’Zooz: A Decentralized Transportation Platform possessed by the community and utilising vehicles unused space to create a diversity of brainy transportation solutions. By using cryptocurrency technology La`Zooz works with a “Fair Share” rewarding mechanism for developers, users and backers.
  • Arcade City: the groundwork for a true decentralized ridesharing service — what some are now calling the ‘Uber killer’. It cuts out the corporate middlemen — and make government regulations obsolete — by transparently providing rider and driver with clear information about the other party to each transaction, including a strong reputation and ratings system where riders and drivers ‘level up’ after community-vetted good behavior on the platform.

Decentralized markets are about to kill e-commerce because it will be possible for any two people in the planet to trade with one another without depending on any institution [6] . For example, eBay/Amazon users and sellers won’t make much sense after this field is fully disrupted. On the other forearm, the possible scale of blockchain in this field will bring ecommerce to countries that still have not experienced what these traditional marketplaces have brought to industrialized nations.

Interesting startups in this field:

  • Open Bazaar: Decentralized marketplace for instantly trading goods and services with anyone using Bitcoin.
  • Slock.it: It disrupts the billions dollar disruptors by enabling anyone to rent, sell or share their property without middleman.

In order to express the authorship of any kind of document (paper, photos or audio/movie recording) something called proof of existence may be used. Time stamping data in an unalterable state while maintaining confidentiality is flawless for many fields, especially legal and artistic applications. This elementary method permits anyone to store a hash of any document into the Blockchain, thus proving it existed at the time when a particular block was mined. The author’s name or other identifier would be included into the document, making it clear that he knew about it back then. If nobody proves the possession/familiarity with that particular file/work dated before, the author should be able to claim his rights.

Interesting startups in this field:

  • Proofofexistence: Anonymously and securely store an online distributed proof of existence for any document.
  • Blocktech: an open-source standard in active development to permit users to publish and distribute original content themselves, from music to movies to feature films, 3d printable inventions, recipes, books and just about anything else.
  • Clipperz: A implement to protect and manage intellectual property on the blockchain. A place where you can share your works knowing that authorship and copyright are secured. And where selling a digital product is as effortless and secure as selling a physical one.
  • Stampery: Create an immutable record of existence, integrity and ownership of your documents, business processes and communications leveraging the Blockchain.
  • Bitproof: BitProof protects people’s creations from being stolen and provides the capability to create legal proofs of documents in less than a minute over the blockchain.
  • Blockai: a proof of ownership certificate in which can legally help prove you are the proprietor.

Fresh energy initiatives such as home power generation and community solar power are packing in gaps of power supply across the world. Solar panels are connected to the Internet with technology provided by startups such as Filament (see IoT blockchain use case) permitting traditional electronic devices to be connected online. Anonymous certificates are created and can – in theory –subsequently be sold to anyone who wishes to subsidize solar energy. [7]

Interesting startups in this field:

  • LO3: contraptions and develop projects to support and accelerate proliferation of the distributed energy, utilities and computation sharing economy of the future.
  • Brooklyn Microgrid: a small-scale, community microgrid that will permit local residents to buy and sell the energy they produce from rooftop solar power installations, using the existing energy infrastructure and the blockchain.
  • Solar Switch: it gathers a network of services and applications meant to improve and increase the use of solar energy worldwide. They introduce SolarCoin – a revolutionary prize program which is coupled to the production of clean solar energy.

True identification should be readily available to those who need it, and a publicly distributed ledger can help. On the other mitt, enabling authenticity of a review through trustworthy endorsements for employee peer reviews is possible with blockchain. Identity is who you are and what others think of you (which is in many cases a more fair view than what you’ll say about yourself [8] ).

Interesting startups in this field:

  • ShoCard: stores your identity onto Bitcoin’s blockchain so that you can prove your identity whenever you need to.
  • UniquID: a decentralized, blockchain-based software for identity and access management of connected things.
  • Traity: It offers a way to build, protect and manage your reputation. Traity backs up your reputation on the Blockchain.
  • Onename: The global database for people, companies, websites and more. Decentralized, privacy-centric, and blockchain-secured.
  • The World Table: a decentralized reputation platform supported by an online community and an open-source project.

Current cloud storage services are centralized — thus users must place trust in a single storage provider. With the Blockchain, this can become decentralized. While some traditional industries such as Banking have already proved to benefit from decentralized data storage, some fields such as the health industry are about to practice a disruptive switch [9] . Consider all the sensitive information that is associated with health: identity, diseases, treatments, payment, etc. that could be privately secured and stored thanks to blockchain.

Interesting startups in this field:

  • Tierion: has built a platform for data storage and verification using the Bitcoin blockchain.
  • Peernova: builds immutable systems for large-scale, commercial applications.
  • NXT: a decentralized data storage system. Own your data.
  • Filecoin: a data storage network and electronic currency based on Bitcoin.

Disintermediation is a big threat to the industry particularly in the post-trade ecosystem. If a blockchain can replicate a settlement and custody infrastructure at lower costs then ownership could be transferred without the need for expensive intermediaries. As an example, if the blockchain held the registration details of each trade, there would no longer be a need to distinguish inbetween custodian, CSD (central securities depository) and registrar.

Interesting startups in this field:

  • IBT: (Former Fundrs.org) helps you safeguard your letter of credit contracts digitally based on blockchain technology. It solves the risk of non-delivery for buyers and the risk of non-payment for sellers online. But most importantly, at a fraction of the cost of a traditional service.

Wise Contracts are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust. An significant feature of a wise contract is the capability to reduce risk through non-discriminatory execution. The lack of a central counterparty agent can enable such contracts to service markets with greater efficiency [Ten] .

Interesting startups in this field:

  • Mirror: Mirror is a contracts platform and data provider that democratizes access to financial markets, developing a brainy contracts platform to enable P2P trading.
  • UbiMS: is developing the Inter-Supply-Chain-Net (ISCN). The ISCN is an IT portal powered by a blockchain that executes an order fulfillment utilizing a patented [3D] supply chain process system to distribute products from the manufacturer to the consumer in the most efficient way possible.
  • Blockstream: develops fresh ways to accelerate innovation in crypto currencies, open assets and brainy contracts.
  • Hedgy: develops your use case and produce brainy contract enabled distributed ledger systems.

Remarkably, a large percentage of Bitcoin transactions are gambling-based. The speed and anonymity Bitcoin offers has made the cryptocurrency ideal for people looking to wager securely and has given sports gamblers an alternative to traditional online books. Usually players have to go through a tedious process sending and receiving their money from gambling sites leaving a big area for improvement.

Interesting startups in this field:

  • SatoshiDice: the leading Bitcoin gambling site in terms of amount wagered which uses the digital currency Bitcoin.
  • Augur: combines the magic of prediction markets with the power of a decentralized network to create a gorgeously accurate forecasting instrument – and the chance for real money trading profits.
  • Deckbound: creates an ecosystem of technology and services where players and content creators can build and share gaming assets across numerous games and systems in a secure, open environment.

With the dramatic increase in types of data and respective formats, the need to integrate and share data across systems has become vital. For most organizations, this involves gentle balancing of the processes that budge data inbetween systems. Blockchain plays and significant role in a holistic innovation and risk management strategy, including concepts of cyber liability, big data and telematics.

Interesting startups in this field:

  • Colu: Creating, storing and managing digital assets using blockchain technology, a record-keeping device for online identity and the Internet of Things.

Most investors in public securities never see their stock certificates so a plan to do away with this is in line where technology is moving in general. Unless you have a room wall papered with stock certificates you will not be missing anything [11] . The untested nature of the trading system is a concern that can be solved by blockchain technology.

Interesting startups in this field:

  • Symbiont: a provider of clever securities on the blockchain. The company aims to eliminate many of the inefficiencies and the opaqueness that have developed on Wall Street by utilizing the speed and security of cryptographic distributed ledgers known as blockchains to enable swifter markets that are more efficient, and exhibit lower costs with enlargened liquidity, transparency and security.
  • Secure Asset Exchange: permits issuers and investors to utilize secure decentralized infrastructure to its utter potential, by suggesting investors and issuers a suite of effortless to use web-based contraptions to interact with an exchange infrastructure that nobody controls and therefore everyone can trust.
  • Bitshares: provides a high-performance decentralized exchange, with all the features you would expect in a trading platform. It can treat the trading volume of the NASDAQ, while lodging orders the 2nd you submit them.

The afterlife of goods can be dramatically switched through the existence of a total lifecycle record and supply chain tracking, now possible thanks to blockchain technology. Albeit luxury objects such as gold, diamonds and witnesses are interesting examples, the disruptive use of this technology within identification and authentication lies in the health industry. According to Interpol, more than 200,000 people die worldwide annually from counterfeit anti-allergy drugs alone [12] . Blockchain helps anti-counterfeit in very meaningful ways.

Interesting startups in this field:

  • Everledger: Everledger provides an immutable ledger for diamond identification and transaction verification for various stakeholders, from insurance companies to claimants and law enforcement agencies. Everledger provides fresh methods of financing and insuring diamonds, as well as combatting fraud, by providing an application for various stakeholders in the diamond pipeline.
  • ChainLink: uses blockchain technology to verify and validate the authenticity and title of real world items.
  • Blockverify: a blockchain based anti- counterfeit solution in different industries.
  • Provenance: it enables every physical product to come with a seamless digital ‘passport’ empowering transparency and trust. Preventing the selling of stolen or fake goods and creating an auditable account for the journey behind all physical products.

Blockchains are enormous catalysts for switch that affect governance. It could improve transparency and check corruption in governments worldwide. In fact, Estonia has become notable for its e-government system, which was established in 1997. This is enabled by a chip-embedded ID card that gives the nation’s citizens access to over 1,000 e-government services, such as filing taxes and voting, almost instantly and via just one website. [13]

Interesting startups in this field:

  • Bitnation: a blockchain-based “Governance Two.0” initiative with a collaborative platform for DIY governance.
  • Stampery: an immutable record of existence, integrity and ownership of your documents, business processes and communications leveraging the Blockchain.
  • Shocard: a digital identity that protects consumer privacy and is as effortless to understand and use as demonstrating a driver’s license.

What is revolutionary about this technology is that the decentralized consensus violates the old paradigm of centralized consensus (when one central database used to rule transaction validity). Fresh flows of value can be created based on this consensus which sets fresh legal and regulatory frameworks.

By embedding trust rules inwards transactions and interactions, identity, ownership and representation can be ensured. Could this be the beginning to end corruption? Thanks to this technology, fresh decentralized markets are being created, which is just the peak of the iceberg and which is switching the way we trade. All these various shifts are creating a rich ecosystem environment for blockchain-based innovations in which many disruptive use cases have already found their way.

Will governments, financial and legal institutions embrace blockchain? What will happen to the ones who don’t?

Related video:

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *