Blockchain is one of the most most popular digital transformative technology. Despite its first use case in cryptocurrencies, nowadays, this innovative technology has become the main operating technology of many different applications. Here are the top 3 blockchain applications for 2021.
1. Identity management
Identities include any personal credentials and identification that a person physically carries. Typically, these include IDs, driving licenses, and other identification documents. Currently, many agents have opted for the digital form of information to reduce the bureaucracy work.
Using blockchain technology, identities are digitalized and kept secure on the ledger. When any organization either governmental or commercial issues a credential to individuals, they can use a decentralized identifier and store it on the blockchain. Once it is validated on the blockchain, anyone who wants to check the validity of the credentials can access the public ledger of the network.
This way, credentials or identities are verifiable at any time and any place. Therefore, companies can also manage their customer identity with blockchain. The process is by attaching a digital identifier to each customer ID or username within their network. Different customers may have varied privileges or access to services produced by the company. Using the digital identification method and blockchain technology, organizations and everyone on the network can know which credentials are valid.
2. Provenance tracking
Another blockchain application is tracking the source of any digital or even physical token. A very significant example is art where artists can stamp their artworks with their digital signature and publish them on the public ledger. Thus, everyone can trace the origin of this piece of art.
Supply chains have the same use cases where they can track goods over the logistics network. They attach a digital key to each product and validate it on the blockchain network. Along the supply chain, the ownership of the product transfers from one person to the other through a validation process that occurs on the blockchain network. So, it helps to avoid fraud and provides a transparent way for all stakeholders to track the products.
The products here refer to anything within the supply chain. They could be raw materials before producing the end product. Alternatively, they can be tools or equipment needed for the manufacturing or they can be the product itself in its journey before reaching the store.
3. Contract dispute
Many businesses are now shifting to smart contracts. These are digital contracts that don’t need parties to meet or sign anything on paper, just digital signatures. However, the legal binding of these contracts is questionable.
Disputing contracts is one of the blockchain applications as juries may be crowdsourced from the network. This enables a decentralized arbitration process that offers a more reliable and transparent contract dispute.
Also, the use cases are not only about appointing juries; when the contracts, ledgers, and transactions are validated over blockchain technology, it becomes easier to retrieve the data required to resolve disputes. Additionally, the possibility of forging data published and validated over a public network is nearly impossible.
4. BLOOCK and data recording.
In order to apply blockchain technology to any of the aforementioned use cases, your data, first, must be recorded on the blockchain. However, the entire procedure might be difficult and expensive as your company will need to hire a blockchain expert.
BLOOCK is your solution.
We look over the complex setup of blockchain, from integrating with distributed systems to dealing with smart contracts. Therefore, you will no longer have to worry about the intricate programming process to access Ethereum or follow the elaborate auditing processes to ensure the blockchain code is right.
Our simple SDKs and APIs will speed up your integration time while maintaining the integrity of your existing architecture. BLOOCK brings cutting-edge tools to you so you can define the commands you need in your own system. Recording data has never been so convenient! Through our management system, you will be able to keep track of the evolution of all the records done to the blockchain. This makes it easy for you to monitor all your transactions and have complete control.