This document discusses blockchain technology, its benefits and challenges, and examples of its applications. Blockchain is a decentralized public platform that facilitates financial transactions without intermediaries using encryption. It provides trustless exchanges, transparency, process integrity and lower costs. Challenges include its newness, regulatory uncertainty, energy use, and integration concerns. Blockchain is also being applied beyond banking to industries like supply chains, healthcare, manufacturing and real estate. The document lists companies applying blockchain for non-financial innovation and concludes that blockchain could transform global banking through a traceable currency, reduce bank infrastructure costs, and be used to distribute social welfare.
2. What is Blocked Chain Technology?
Blocked Chain is a decentralized public platform primarily used for financial transactions eliminating 3rd party/intermediary agencies.
Blocked chain works on SHA256 cryptography to securely transfer data for every transactions.
3. Benefits and Challenges of Blocked Chain Technology
Trust Less Exchange Empowered users High Quality Data
Durability, Reliability
and Longevity
Process Integrity
Transparency and
Immutability
Ecosystem
Simplification
Lower Transaction Cost Faster Transaction
Nascent Technology
Uncertain Regularity Status
Large Energy Consumption
Control, Security and Privacy
Integration Concerns
Cultural adoption
Cost
Benefits Challenges
4. Banking Is Only The Start
Even when the intention of blocked chain technology was to resolve banking problems, application of block chain have diversified into big
industries.
Networking and IoT: IBM and Samsung collaboration
Banking
Supply Chain
Healthcare
Energy
Management
SportsReal Estate
Educational
Weather
Broadcasting
5. Trending topics in Block Chain Area
Largest pig supplier in
Singapore explores
Block Chain
Technology
Online sports betting
company planning to
implement block
technology
Toyota Explores block
chain technology
Walmart to use block
technology for drone
delivery
Chile’s stock
exchange to
partner with IBM
to implement
block Chain
Technology
Online sports
betting company
planning to
implement block
technology
Toyota Explores
block chain
technology
Wipro to develop
block technology
solution
partnering with
EEA
BankChain, India’s first Blockchain based banking platform has started to function. BankChain is the product which is built by the consortium of Banks including
State Bank of India, ICICI Bank and DCB Bank.
6. Ten companies using the blockchain for non-financial innovation
Ascribe
Status: Open for business
Industry: Art
UProov
Status: Open for Business
Industry: Legal, Media
Colu
Status: Open for business
Industry: Development
Warranteer
Status: Open for Business
Industry: Retail, Insurance
Everledger
Status: Open for Business
Industry: Insurance, Diamonds
Filament
Status: Taking customer applications
Industry: Large-scale IoT
Genecoin
Status: Alpha Stage
Industry: Medical, Genealogy
Provenance
Status: Open for Business
Industry: Retail
Wave
Status: Funded, still in Alpha
Industry: Import/Export
IBREA
Status: Has a large LinkedIn community
Industry: Real Estate
7. Conclusion
1. The future of finance could be dominated by blockchain technologies. A traceable global currency complete with an
efficient infrastructure will not only result in massive cost reduction for all market participants, it will change global
banking.
2. Blockchain technology could reduce the UBS's infrastructure costs in cross-border payments, securities trading and
regulatory compliance by as much as $20 billion a year by 2022.
3. The future of finance in many nations could be dominated by Bitcoin and cryptocurrencies.
4. Blockchain technology could be used to distribute social welfare in developing nations.
5. Elections are currently an expensive and arduous. Thanks to blockchain tech they will soon be instantaneous.
6. Rise in technology leads to demand in the skilled labour to develop and maintain the block Chain infrastructure.
