Technology penetrated rapidly in fields of health & science, electronics, automobiles, industries & service sectors.
Then another phase started with the global financial crunch onward 2007. Giant groups & financial institutions started to become bankrupt. All bailouts efforts by government to mortgage sector went in vain. Lehman Brothers bankruptcy was the biggest setback in the world economy.
People started to lose their confidence at fiat currency at that time a new digital currency introduced Bitcoin. It was introduced by Satoshi Nakamoto through issuing a white paper named “Peer to peer electronic cash system” in 2008.
It gives an odd concept of instant online payments within country as well as across the border between two parties without a need to central authority. The mechanism came into effective because of “Blockchain Technology”. Blockchain technology revolutionized the world economy.
Blockchain technology has disrupted the business industry & revolutionized the world. It is a publicly distributed ledger database which is free from the control of central government or authority. The data & transactions are distributed across millions of millions of computers which is duly secured by the art of cryptography.
1. Blockchain & Health & care sector:
Blockshow Asia, a blockchain community comprising of blockchain companies, developers, investors held a show in November 2017 in Singapore. There were 1500 blockchain professionals & enthusiasts gathered to shape the blockchain technology for 2018.
In the meantime, it announced partnership with South Korean hospitals decentralized document authentication. Aston, Document distribution plate form recently signed a contract with nine (9) hospitals of Korea to extend the document protection services for patients.
Under the document arrangement system, approximately 6.5 million pages of documents authentication & distribution services will be delivered to 180,000 patients.
The blockchain technology in health & care sector will provide security solutions, reduce paper documentation & decentralized document authentication. This result in exponential growth in services.
2. Blockchain & Mobile App Industry:
According to the Gartner’s prediction over 268 billion mobile app downloads generate $77 billion revenue in 2017. But mobile app economy is inefficient as it usually controlled by centralized authorities.
Aptoide, Android App store that was created in 2009 & an alternate to Google play store. It claimed of over 200 million users that have downloaded over four billion apps. It revolutionized the mobile App industry with App coin (ICO token), with an intention to remove the multiple intermediaries between consumers & developers. The centralized plate forms initiate non-transparent policies. The centralized system follows with virus infected downloads, data leakage & non-accessible in-app purchases.
App Coins facilitates the gap between consumers & developers & move app store functions i.e. in-app purchases, advertising & app approval to blockchain.
AppCoins, provides solution to make advertising more efficient & transparent by replacing cost per installation with cost per attention method. According to it, developers would get their return by giving 2 minutes attention inside the app while user would earn AppCoins that would be utilized for in-app purchases.
This blockchain based business model for mobile app industry will generate more returns on investment for developers, reduce communication barrier with developers & users & make product more profitable.
Blockchain technology & Financial industry:
According to “The Economist” report that financial institutions particularly banks earned $1.7 billion as processing payment fee from clients. Massive cost swallow a sufficient portion of revenue & put the financial strain on consumers. Blockchain technology underlying distributed ledger technology is the solution to the problem. It reduces cost & execute fastest payments.
Santander plc recommended blockchain technology as a solution to heavy costly payments made by financial institutions. It issued a report of research paper based on Fintech Technology & suggested that by using distributed ledger technology, banks can save $15 to 20 by 2020, in cross border payment mechanism.
Furthermore, Satander plc also suggested that Blockchain technology is the most effective alternate to high cost cross border payment system – Automated Clearing Housing Systems (ACH), a mechanism to undertake to transfer amount from one destination to another by charging high fee.
Blockchain technology extended banking business by adding up a category of millennial, a digital born people who often being neglected due to low credit scoring by traditional financial institutions.
Celsius Network created decentralized lending plate form where members can lend to other members & members have liberty to borrow money from their peers with low interest rate.
Celsius network aims to promote transparent & fair peer to peer banking mechanism. It opposes unjustified lending & borrowing rules where lenders charge 28% mark-up rate to borrowers & 1% interest profit is paid to depositors.
Celsius advocates 15% interest rate is charged to borrowers while minimum 7% interest rate is paid to the depositors.
Distributed Ledger technology that has potential to keep maintain record of transactions & analyze data into algorithms to determine credit scores.
Using blockchain technology, the network executes smart contracts between lenders & borrowers that ranges from loan repayment schedule, interest rates & performance of the loan.
Celsius network also offers insurance cover to the lending amount & conduct smooth lending operations where lender is protected under insurance cover.
Blockchain & Tech Industry:
Big data storage of companies maintaining personal identity privacy is one of the biggest problem of ongoing time. The traditional storage system has failed to maintain security of data. This problem has been replaced by cloud storage applications run on blockchain technology.
Storj Lab offered a unique way of computing storage for multiple companies using computers of individuals around the globe. People can rent out their free space on computer. Similarly, Golem, blockchain based cloud storage company. It also introduced a concept of sharing of computer power & renting out free storage of computer hardware in a secure way that stop pilfering confidential data.
The concept birthed to turn unutilized resources of economy into monetary value.
Blockchain & Real Estate sector:
Rex MLS – Rex multiple listing services built on Ethereum blockchain network is a solution to the problems of buying & selling of residential & commercial space with paying high fees.
Rex connects the sellers; buyers & agents pays Rex token for contributing authentic data on its website. Rex website offers option for property search where buyers, investors & agents profile are displayed with their contact. Under My listing services, broker can sell its customized lease data or inspection reports to other broken by getting Rex token in return.
Thus, Blockchain technology is cost saving, expense reducing & time efficient technology that streamlined internal operations. Its distributed ledger technology mitigates risks, errors & processing delays. It answered the challenges face by traditional approaches. It disrupted the business industry & revolutionized the world economy