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29 Oct 2018

How Blockchain technology is evolving in various industries

  How Blockchain technology is evolving in various industries

The Internet has changed how content is distributed in ways that were difficult to imagine 20 years ago. Similarly, blockchain technology is about to change the way in which humans and organisations conduct financial transactions. Blockchain is a distributed ledger technology, and it has the potential to reshape the way that world markets connect and interact with one another. At its core, blockchain technology is a new way to secure a transaction between two or more parties, anywhere in the world.

How blockchain will change future of digital media as per article by International News Media Association The most noticeable way in which blockchain technology will affect the media world is that online payment transactions will be made seamless. It is not easy to imagine how a piece of text can be transformed from print format in a newspaper to digital format on a Web site. Blockchain technology offers a seamless, global infrastructure for conducting payment transactions. In the same way as all users have a Web browser, everyone will now have a wallet directly integrated into their Web browsers. This will make payments, regardless of size, just one click away, whether the company is Amazon or Aftenposten or an independent blogger.

Blockchain has important implications for marketing and advertising. How Blockchain Can Help Marketers Build Better Relationships with Their Customers as per article by Harvard Business Review. By 2020, it is estimated that ad-blocking adoption will cost publishers $35 billion. Blockchain-enabled technology potentially allows marketers to recapture some of that revenue with a different type of model: marketers pay consumers directly for their attention—and cut out the Google-Facebook layer. With blockchain technology, companies can bypass today’s social media powerhouses by directly interacting with consumers and can share the reward of ad exposure directly with them.

Fraud verification via blockchain will also help verify the origin and methodology of marketers. Micropayments will also effectively destroy the current concept of mass phishing spam that dilutes the effectiveness of marketing for everyone.

The Agricultural Supply Chain Can Massively Benefit From Blockchain as per article by Forbes. What the researchers state is that the use of blockchain could feasibly result in much greater consumer trust and even lower costs, as agribusiness begins to adopt the technology.

  • Consumers would know exactly how a food product was grown/raised – what soil, fertilizers, etc. were used for plant products or how animals were raised, what they were fed, etc.
  • Consumers would know all of the stop points in the supply chain, who has handled the food products, what was done to food products and how those handlers were certified
  • Removal of at least some intermediaries could lower ultimate consumer food costs.
  • Greater trust in global food growers and suppliers would be established, because fraudulent certifications and labeling could be eliminated.

The agribusiness industry has a lot of work to do to build and maintain consumer trust. And consumers are getting smarter, doing their research and promising to only purchase food products whose histories they can verify. Using blockchain to provide the demanded transparency holds a lot of promise. Growers and processors would do well to get on board soon.

The four ways AI and blockchain might revolutionise finance as per article by Paysafe

  • Convenience, with security- For frictionless payments to be fully adopted, all questions about the security concerns they raise in the minds of consumers will have to sufficiently answered. To do this, leveraging biometrics, enhanced machine learning, and behavioural analysis need to be deployed in tandem to virtually eliminate fraud. Only then will consumers trust that although their payments are happening in the background without interaction they remain safe and secure.
  • Mass personalisation- AI has the potential to fill the gap; by facilitating customisation but on a mass scale, consumers will feel unique and valued by getting the same treatment from retail giants that they are accustomed to enjoying at local stores, and also receive relevant offers to them.
  • Automation, with control- The drive to automation is evident almost everywhere, but simple unrestricted automation will result in users losing control over any process. For this reason, a compromise needs to be found by which the benefits of automation are realised, but without the operator relinquishing all of its power to oversee the process through checks and balances. A blockchain powered ‘smart contract’ delivers this solution; automation enables data to be processed efficiently at speed, but rules are put in place to allow human checking if an anomaly is detected.
  • Quantum performance gain- Both AI and blockchain aim to deliver an improvement in service speed and quality, as well as a reduction in cost to the business to generate further value.

Blockchain Technology Moving into Healthcare as per article by Advanced Institute in Health Technology These questions were explored in a recent Blockchain Health summit in Washington, DC, that brought together technology and healthcare innovators. While blockchain technology itself is well understood, its potential healthcare applications reside mostly on the horizon. Most presenters at the summit agreed that the use of blockchain is in an early pilot phase for a handful of healthcare delivery organizations, with more mainstream implementation still five or more years away. “We’re still in the ‘crawling’ phase,” said Michael Marchant, systems integration manager UC Davis Medical Center, who presented on the current state of blockchain technology use in healthcare. “There are specific people who have used blockchain in healthcare to do specific things, but as a vendor solution that will be sold to a healthcare system, that is still years away until we see marketplace-ready technology. You may see more adoption earlier in identity management, which might be a good place for blockchain to start.

How Blockchain is Solving the Biggest Problems in Social Networking as per article by Hackernoon. Why Blockchain is the solution? Blockchain technology is the long-awaited cure to issues affecting the current breed of social networks. The following features are what make Blockchain technology so groundbreaking.

  • Transparency- Blockchain distributed nature eliminates the control of platforms by a single entity. And since every transaction on the Blockchain-based platform is tracked and audited by several servers and developers, it becomes impossible for anyone to tamper with the data.
  • Control over data- By eliminating intermediaries, users on decentralized social networks will own and control their data. Blockchain technology ensures that whatever you post on the social network can be traced anywhere it goes and never be duplicated. And the best part is that if you delete it, it is deleted in the whole system and no unauthorized third parties can access and benefit from it.
  • Relevant content- Once control of your social network platforms is in your hands, you get to dictate the type of content you would like to see. Therefore you don’t get unwanted advertisements on your platforms that only benefit the advertisers and not you.
  • Earning from social media activity- Blockchain-based platforms enable you and your viewers, listeners, readers, depending on the content you create, to build a direct relationship that is monetarily beneficial to you.

Most pilots are utilizing the technology for device registration, authentication, and consent management, Marchant said. For example, blockchain technology can be used to register medical devices on a hospital network to make sure they’re appropriate, and it may add additional layers of security compared with current methods.

Five Ways Blockchain Could Change The World as per article by Forbes.

  • Sending Money Abroad Will Be Quicker- Blockchain solutions like Ripple’s xCurrent dramatically reduce the time and cost of sending money abroad.
  • Buying A house Will Be Easier And Faster- With blockchain, there is a single, transparent version of the truth, and one party can’t make changes without agreement from everyone else. It’s effectively tamper-proof, which cuts down on paperwork and reduces the risk of fraud.
  • It’ll Be Easier To Treat Health Problems- Blockchain could make it easier to treat health problems by radically improving the accuracy and availability of your medical history.
  • You’ll Be Able To Verify That What You Buy Is Genuine- Blockchain ensures that when you buy something, it’s the real deal
  • You’ll Be Able To Earn More Money From Things You Don’t Use- Since blockchain is decentralized, there are no intermediaries and no need for sharing platforms. You can rent out your home ,car or any other connected smart object with no tech giants setting the rules and nibbling away at your profits.

New uses for blockchain are brainstormed every day, and it’s still too early to tell which ones will hold the most promise once they are actually put into practice. Undoubtedly, blockchain developers are still far away from unlocking all of blockchain’s true potential, but the timeline is speeding up. Large corporations are investing in blockchain research, and the next few years should lead to interesting discoveries in the field. Blockchain technology will create vast opportunities for those willing to invest in new technology and present challenges for those slow to react. What is your view on blockchain? Will it be helpful in various industries?

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