Forbes: 13 emerging uses of blockchain technology

Author: Forbes Technology Council Technology Committee Forbes

Translation: Mutual Chain Pulse Yuan Shang


Many consumers may have heard of blockchain technology, especially in cryptocurrencies. However, they may not know its full potential and cross-industry impact. Blockchain has the potential to simplify processes and increase data security. Since its birth, this technology has been quietly changing many businesses.

In order to get a deeper understanding, experts from the Forbes Science and Technology Commission shared some uses of blockchain technology, and blockchain has changed (or is about to change) these businesses. The following is the specific situation:

1. Statistical Transparency

With all the streaming media platforms today, it is difficult for artists to make a living on their royalties, mainly because streaming media platforms are not transparent when playing statistics. The blockchain will simplify the copyright management of artists, because the blockchain can provide single-source evidence for their works of art. This will make it easier to establish ownership of data and works, and then users can pay artists according to the number of uses and so on.

Shared by: Thomas Griffin, OptinMonster

2. Data collaboration and control

There is a natural contradiction between collaboration and data control. But the blockchain can connect the two like a bridge. Enterprises need to collaborate to achieve success, but at the same time, they want the data to be controlled by themselves, and hope that the data of other companies is real.

By using blockchain as a record system-just like a collaborating SQL database-companies can do business without trusting partners or third parties without destroying mission-critical data.

Shared by: Chris Tulica, MaintainX

3. Distributed Finance

Distributed Finance (Defi) refers to a financial application ecosystem built on a blockchain network. These applications are growing rapidly, shifting the custody of assets from banks to software. Despite its potential to enhance global economic activity, the Defi application is vulnerable to hacker attacks. Good security before and after deployment is critical to growth and mainstream adoption.

Shared by: Richard Ma, Quantstamp

4. Supply Chain Management

The blockchain and supply chain are like peanut butter and chocolate, not just because they rhyme. Through the blockchain, the supply chain can be forecasted, and pre-approved fees can be fully audited to provide accurate, certified, and transparent transaction information. Thus eliminating intermediaries can reduce costs. Moreover, based on the reliability of the distributed ledger, transactions cannot be changed or irrevocable, and frauds are reduced.

Shared by: Chris Glendman, Myriad 360

5. Finance and Banking

The most revolutionary feature of the blockchain is that it provides eternal transparency. The currency and banking industries are opaque, and there is chaos everywhere in the system. All this will change due to the transparency provided by the blockchain.

Shared by: Charles Silver,

6. Data privacy

Blockchain is changing the way companies process customer data, and we are turning to a fully distributed model in which each consumer controls his own identity and data. Although, before the blockchain is fully adopted, companies are already taking measures to improve data privacy, such as obtaining user permission for data collection and consent management. But the blockchain will achieve the true attribution of data privacy.

Shared by: Sankhoy Malik, Urjanet

7. Data connection

Blockchain will affect the way companies manage data. Companies need to realize that their data is transparent to all parties involved in the blockchain. This will make it possible for participants on the chain to see all costs, transactions and inventories between competitors, suppliers and customers, thereby creating a fairer and more competitive market without the need for regulation and intermediary costs.

Shared by: Wesley Crook, FP Complete

8. Cross-industry data integration

Data storage and data users from multiple fields have been difficult to connect and use in the past, but blockchains can merge large amounts of data. This allows companies in different fields to collaborate more effectively. Manufacturers and shipping companies often use different or even incompatible systems. But through a single blockchain network, they can overcome the differences and create a unified, completely transparent and secure data flow.

Shared by: Denis Tupitka, Apriorit

9. User authentication

Using blockchain or distributed ledgers for user authentication in Crypto channels will be a game-changing tool for enterprises. A credible, tamper-proof distributed ledger and verified credentials, which together will enable people to have a credible, portable Crypto identity that they can use on any website, from their bank to Their medical service provider.

Shared by: Will Lasala, OneSpan

10. Human Resources

Businesses find it difficult to find and retain talent, even through the Internet. Enterprises also need to manually verify the candidate’s certificate and recommendation letter. Blockchain eliminates inefficient trust with employers and employees. When the HR verifies the credentials, the candidate can safely update the information. Therefore, it will benefit both parties. Employees can get paid faster and more safely.

Shared by: Arnie Gordon, Arlyn Scales

11. Change password

Passwords have long been the de facto standard for accessing software as a service application, but this situation will soon change. In the next few years, we will see the use of traditional passwords in managing credentials, permission access and selection preferences is about to become obsolete, and the identity sovereignty information of blockchain technology will replace the current variety of passwords.

Shared by: Danny Kibel, Idaptive

12. E-commerce

E-commerce is preparing to be dramatically changed by blockchain. E-commerce can be conducted in the same medium as blockchain, which will bring many benefits, such as blockchain-based electronic payment. Many e-commerce companies have already laid out blockchains. Although many mainstream global companies have not yet implemented it, they are considering implementing it.

Shared by Pando, Xyrupt Technologies

13. Electronic health records

Blockchain will completely change the ownership and security of patients’ electronic health records and medication data. This will create greater possibilities for access between data repositories of different institutions, allowing greater integration and the use of cross-border data sharing to train advanced artificial intelligence algorithms-something that is impossible today.

Shared by: Jose Morey, Liberty BioSecurity

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