#Blockchain Archives - Page 2 of 2

Blockchain for KYC – A Solution to Eradicating Inefficiencies

Posted on 16/07/202008/06/2021 by Anteelo Master

KYC processes are the backbones of a financial institution’s anti-money laundering efforts. Find out how businesses are revolutionising the long, tiresome process.

Know Your Customer or KYC processes are the backbones of a financial institution’s anti-money laundering efforts. According to current estimates, the amount of KYC spending rose to up to $1.2 Billion in 2020 on a global level.

With a whopping amount as this being spent on making KYC processes better, it is easy to assume that the process would be unhackable and issues-free. But inspite of the importance of the process, KYC continues to operate inefficiently. Clenched by labor-intensive and time-consuming tasks, the high scope of effort duplication, and the risk of error, it is estimated that 80% of KYC efforts go on gathering information and processing while only 20% of efforts are assessing and monitoring focused.

While the current KYC process is failing to serve its purpose on the financial institution front, the tiresome, long, and repetitive process is creating an annoying experience for customers.

A hopeful respite to the situation comes from the fact that several financial institutions and service providers are trying to solve the issues by the way of incorporating new-gen technologies like cognitive technologies and AI.

In this article, we are going to delve into a technology that we believe carries the key to eliminating efficiencies and duplication in KYC processes – Blockchain.

In order to truly understand the changes that Blockchain can bring to the counterproductive KYC process, it is important to understand the problem areas of the present system. The problems will help us understand how blockchain technology for KYC is becoming a necessity.

The Lags in Centralized KYC Systems

Every bank or financial service provider comes with its individual set of specifications with no standardization. This often results in users performing the KYC process with every bank and provider they use. Moreover, a tight siloed system like this limits FIs from tracking consumers’ expenses on other platforms – leading to every institution having their specific set of incomplete data.

This centralization of data in silos combines to cause an inefficient KYC process. One that creates issues like:

Misidentification of fraudulent data
The inability of tracking customers
Customers entering fake data
Delayed processing time

The result of these challenges is spending numbers that we mentioned earlier and a constant rise in money laundering instances.

As a way of changing the situation, the KYC process is gradually being shifted to Blockchain. Let’s deep dive into the process of using Blockchain for KYC verification and the benefits that the movement offers to the fintech sector.

The Blockchain KYC Process

The process of using Blockchain for KYC happens through multiple stages in a Distributed Ledger Technology.

Let us give you a high-level understanding of the steps of how can Blockchain help KYC.

Step 1: The user builds a profile on the KYC DLT system

Financial Institution (FI) deploys a Blockchain-based KYC platform which the user completes as a one-time setup using their identity documents. Once uploaded, the data become accessible to the FI1 for verification purpose.

There are multiple options when it comes to storing the users’ data:

A centralized, encrypted server
On F1s private server
DLT platform.

Step 2: User performs transactions with FI1

When the user performs a transaction with FI1, they give them the right to access the users’ profile. The FI1 then verifies the KYC data and saves a copy of the data on their server. Next, they upload a ‘Hash function’ on the DLT platform.

Finally, FI1 transfers KYC digital copies to the user’s profile embedded with a Hash Function which matches the Hash Function uploaded on the DLT platform.

Now, if the KYC data is altered, the Hash Function of the KYC data won’t match the one posted on the DLT platform alerting the other financial institutions on the blockchain of such change.

Step 3: User performs a transaction with FI2

When FI2 asks the user to perform KYC, the user grants access to their user profile to FI2. FI1 then reviews the KYC data (and its Hash Function) with the Hash function uploaded by FI1. If the two matches, FI2 would know that the KYC is the same as the one received by FI1.

In case the Hash Functions don’t match, FI2 would have to manually validate KYC documents.

But what happens when the user obtains a new passport or driver’s license and their original document in DLT user profile changes?

In such cases, financial institutes leverage smart contracts for automatically updating their systems when the user provides new documents. Here too, the user submits the new document to F1 who then broadcasts the change across the blockchain (through the new Hash Function) which then becomes accessible to other FI participants.

The benefit of a Blockchain solution for KYC can be seen in:

Data Quality: all data alterations are tracked and monitored in real-time
Lowered turnaround time: through KYC Blockchain software solutions, FIs get direct access to the data which saves data gathering & processing time
Reduced manual labor: KYC on Blockchain eliminates paperwork from the process.

The benefits of KYC Blockchain implementation cannot be limited to these points. There are a number of sector benefits that the process of KYC using Blockchain offers.

Benefits of Blockchain in KYC/AML Process

The use cases of the decentralized technology in KYC technology is not just a Blockchain in Fintech offering. There are a number of sectors that are partnering with a Blockchain development company to explore the application.

Distributed data collection

The introduction of blockchain in KYC brings data on a decentralized network which can be accessed by parties after permission has been given to them. Moreover, the system offers efficient data security since the data can only be accessed after permission has been given by the users, thus eliminating instances of unauthorized access.

Better operational efficiency

The abilities like an unhackable digital process and sharing user information on a permissioned network can massively lower the effort and time needed in the early stages of KYC. This, in turn, expedites the customer onboarding time and lowers the regulatory and compliance expenses.

Validation of information accuracy

KYC Blockchain systems enable transparency and immutability that, in turn, allows financial institutions to validate the trustworthiness of data present in the DLT platform. The decentralized KYC process acts as a streamlined way for gaining secure and swift access to up-to-date user data. This lowers the labor-intensive efforts that an institution puts behind gathering information.

Real-time updated user data

Every time a KYC transaction is performed at a financial institution, the information is shared within a distributed ledger. This Blockchain technology KYC systems enable other participating institutions to access real-time updated information with a guarantee that every time there’s a new addition in the documents or there are any modifications, they’ll be notified.

Is Blockchain Development Solutions the Answer to KYC Issues?

Gathering information and processing it takes up a great amount of cost, time, and effort in the KYC process leaving very few resources available for monitoring and assessing user behavior for anomalies. By offering speedy access to up-to-date data, blockchain KYC solutions can lower the time needed for the laborious tasks, which, in turn, can be employed to find solutions to more complex KYC challenges.

However, blockchain cannot solve all the issues faced by KYC. After the data is acquired, financial institutions still have to validate the information. For this, AI and cognitive processing-like technologies have to be employed for greater efficiencies.

In its present state, blockchain when used in combination with other technologies can showcase high potential to help institutions lower the cost and time linked with the KYC process.

If you want to explore this side of Blockchain development services or are seeking to validate your decentralized KYC-based idea, get in touch with us – one of the leading blockchain development companies in USA.

Blockchain vs. Traditional Database: Make a Startup’s Choice

Posted on 21/06/202007/06/2021 by Anteelo Master

Blockchain Technology has witnessed phenomenal growth in the last few years and appears to stay on track in gaining enterprise adoption. But while it has covered an appreciable curve of general acceptance, it continues to baffle people conceptually.

Striking similarities between Blockchain and databases makes people wonder “is Blockchain just a database?” Yes, Blockchain is a database that comes with several distinguishable traits. These traits are what lead to the debate of Blockchains versus traditional databases.

Therefore, in this post, we would systematically approach the definitions, similarities, and differences between the two to enable a better understanding of the subject for entrepreneurs and startups looking to explore blockchain.

Table Of Content

What is a Traditional Database?
What is Blockchain?
Defining Blockchain & Traditional Database
Management of Traditional & Blockchain Database
Reasons to Use a Traditional Database
Reasons to Use Blockchain Technology
Closing Thoughts

What is a Traditional Database?

Data structures are defined as a storage format for efficient management of data. A traditional database is nothing but a data structure, that helps in storing and working with data. Each organization, from a startup to a Government entity, uses databases depending upon the scale and size of their operations. The aspect that makes databases utilitarian, is they allow users to fetch the data. In technical terms, this is referred to as requesting or querying data that is achieved by Structured Query Language, SQL.

The first-ever architecture of databases was based on a hierarchical style that made it possible to collect and store data. But that was just about it. As technology caught on with time, dragging the tide of businesses with it, data became complex. Likewise, analysts wanted databases to interoperate so they could draw better business conclusions. Thus, the database design shifted to a relational model. Today, all you need for an end-to-end data optimizing process is a Database Management System (DBMS).

Databases are no rocket science, in that they are simple tables. Tables are fields (columns) that contain the details regarding the nature of data. Rows are called records.

What is Blockchain?

Blockchain is a decentral database that acts as a storage for chunks of bundled information called blocks. The reason the blocks are referred to as chains is that each block carries the hashed data of the block added to the ledger before it. This goes back to Genesis, the first-ever block that was mined for bitcoin. A hash is a code that encrypts the transactions in a given block. This code is, essentially, a pointer, a name of sorts, that uniquely identifies a block.

The bitcoin protocol makes it mandatory for every new block to contain the hash of the previous block plus the hash of the block that contains information for newly processed transactions.

But as any blockchain service providers would tell you, finding this new hash isn’t easy. Blockchain technology underpinning bitcoin adjusts hashing difficulty by calculating the total computing power of the network. The more miners there are, the harder it is to find a hash and vice versa. In return for validating blocks and helping run the Blockchain, miners are rewarded with bitcoin.

A. Defining Blockchain & Traditional Database

Defining the Traditional Database Architecture

Traditional databases are based on client-server architecture. Clients are end-users of the service that request access to a particular set of data. This request goes through a server that hosts the database. Open database connectivity is used to establish a communication line between clients and the database.

This line is further secured by the client software that is authenticated up ahead for access. In private databases, access is granted to only those who have valid login credentials and a password. An example could be confidential health records of a hospital. If a database is public and open for all, then a user account is not needed and the data can be accessed from a website. This, in turn, has played a huge role in Blockchain transforming the closed healthcare system.

Defining the Blockchain Architecture

Blockchain Technology has come off age and offers multiple architectural models such as permissioned, private, or hybrid blockchain.

Network nodes are the lifeline of Blockchain technology and they operate on a Peer-to-Peer, P2P, model. Each peer/node can correspond with a second node. There is no superiority or bias between 2 nodes in terms of responsibilities but yes, there could be a difference in total computing resources they possess. Peers of a network ensure the veracity of the Blockchain.

For the transactions to be manipulated either a 51% attack would need to happen (as mentioned above) or multiple peers would have to collude and accept blocks with falsified data. By architecture, Blockchain database technology protocols accept the longest-running, active chain. Therefore, its decentralized administration makes it safe and secure to be trusted and earns it extra points in the matchup of Blockchain vs distributed database.

B. Management of Traditional & Blockchain Database

Managing Traditional Database

Databases support CRUD operations i.e. you can create, read, update, and delete records. Database management is centralized and under the control of an administrator. This individual has the power to modify the database, potentially at will. Their key responsibility is to up the performance and lower database redundancy. As the database expands, so do the daily audits and the corresponding checklist of maintenance tasks.

To aid in this process, a primary administrator can divide his/her tasks and distribute work between multiple users, each assigned a minor task. This could be anything from data entry to modification.

Databases require backup storage as anything could go wrong. Data can be corrupt, servers could crash, and critical information could be lost. In such cases, the files are retrieved from backups. Backing up also allows archiving multiple versions of a database. As an example, consider an address change. Whereas you might contact relevant Government bodies to update “records” and issue you an ID reflecting the same, they will still save a copy of the last address, for record-keeping.

Managing Blockchain

Blockchain technology decouples administration and divides it amongst all the nodes of the network that ensure it runs with their computing power. Each of the nodes stores a copy of the complete Blockchain. In wanting to change the contents of a block, its hash would have to be changed. Since Blockchain technology automatically revises the difficulty level for hashing a block, a tremendous amount of computing power would be required to change the hash of all the blocks. The only situation where that would be possible is a 51% attack, wherein the rogue actor has more computing power than the majority of the network.

As a result, Blockchain technology is proven to be immutable. Since records can’t be changed, this adds transparency to the architecture. They are also remarkably fault-tolerant as even when a few nodes (computers) are down, the rest of the nodes will ensure a 24/7 uptime.

Since no authoritarian permissions are needed to transact on a Blockchain, this makes them permissionless. Therefore, you can use Blockchain as a database but with the extra convenience of these features.

Reasons to Use a Traditional Database

1. They are customizable

In the Blockchain vs database debate, the latter wins hands down in terms of customizable options. Since traditional databases are administered centrally, permissions, privileges, and set-up requirements can be optimized. The relational architecture and backup practices pave the way for a database to be relocated anywhere. Developers can add plugins to the database and improve the front end for customer-centricity.

2. They are Stable

Traditional databases can tolerate high volumes of transactions per second as permissions are centralized and the controls to update data are in the hands of a few. Client-server architecture reduces the dependency on nodes that are substituted by standalone server centers.

Database administrators revert to sharding and shrinking to optimize the speed of the network. In the event of a power outage, downtime, or any other technical glitch resulting in data loss, the backup acts as a default option to reset the last version.

3. They Deliver Speed

The traditional database design has undergone a lot of upgrades over the years to suit faster delivery times and high-end analytical operations. Big data analytics is a case in point.

Where Does the Traditional Database Lags – Issues That Blockchain can Solve

1. Ethical Issues

The same centralization of power that provides for the above-mentioned advantages could also be the straw that breaks the camels’ back. Critics of the system suggest moral issues with handing over the data into the hands of a single administrator. There is an ongoing war to monetize data in every which way possible.

An open market for selling data to third-party vendors already thrives. The Cambridge Analytica scandal was an eye-washing experience that brings to light what a centralized database with a single administrator, Facebook, could do.

2. Contingencies

Considering the case of a single administrator on top of everyone else. What happens if this individual switches to another employer? Knowledge transfers take their jolly good time not to mention the confidentiality agreements. Resetting of passwords, and appointing new administrators is a task in itself. This recruitment is a huge pain in the neck for project stakeholders.

3. IT issues

Every organization needs a database of some kind or the other. The fact that a company stores information in a database doesn’t signify that the database is safe. The entire IT infrastructure needs to be standardized. A single loophole, given the sophistication of hackers, could sabotage enterprise operations. Security analysts must install and operate effective layers to secure traditional databases.

Reasons to Use Blockchain Technology

1. They are Fault Tolerant

When debating Blockchain vs database, the former wins comfortably in the department of system preservation. Blockchain technology is highly fault-tolerant. Its uptime is not reliant on a few server centers but hundreds and thousands of nodes that offer processing input to run the system.

In the scenario that a few nodes are turned off, the overall efficiency of the network would remain unchallenged.

2. They are Secure

Blockchain technology is one of the most secure infrastructural investments you can make today, especially when it comes to securing mobile apps using blockchain. Each node on the network is supposed to download a copy of the blockchain for validating new blocks. To change even a single block requires each node to update its copy which in turn requires a self-defeating amount of processing prowess for an adversarial power.

3. They Offer Transparency

Provided the Blockchain is public, you can view all the transactions that have ever been recorded on it by simply downloading a copy of the ledger. Unlike a bank, where all the transfers are hidden, Blockchain technology opens the door for critics to fact-check and follow the trail of money in dubious cases.

Blockchain: The Revolutionizing Mobile App Security

Posted on 18/03/202015/06/2021 by Tushar

Blockchain has become the definition of Security in the present digital world. With a number of industries and even governments applying the technology to add a whole new level of security and decentralization to their processes, the technology has penetrated itself into the world beyond IT and Finance.

A trend that is visible in the market growth forecasts of Blockchain technology.

With forecasts as these, Blockchain has become a technology that is worth looking out for.

The trend of making technology a part of the business cycle have now moved into the world of mobile applications as well. While still ruled by a handful of Blockchain based apps, the technology is an open playground for brands to experiment and emerge as a champion in. A move that is also bringing in a demand for the presently very limited group of excelled Blockchain App Development Companies.

Let us look at how you can implement Blockchain in your next mobile app for an added security level.

The start of your aspiration is knowing everything about the technology. In this article, we will look at what the disruptive technology is about, the elements that will come together to give numerous advantages to your mobile app. In the end, we will also look at ways to implement the technology in your app, to make yours the category’s most secure application.

So let us start by looking at how Blockchain works.

Blockchains are sets of interlinked transactions. Every party involved in the chain, sign their transactions with the help of strong keys, which ensure that every transaction has been authenticated.

Next, two hash are being introduced in the block, one that gives tamper protection to the block and the other that safeguards the data transaction that went before the one added. These hash help in recording the data of all the events that happened in a block, making it impossible for any of the involved party to tamper with the block without alerting the other parties.

A deeper dive in the Blockchain technology will open doors of new unheard concepts and algorithms that the world of Blockchain live in. The world which is too deep and complex for brands to get a grasp on, keeping them away from utilizing the technology to its utmost potential. So, without going too deep, I’ll now highlight the significant elements of Blockchain that are the technology’s foundation.

As a brand owner who is new to the complex world of blocks and chains, read these elements as the features that your application would be based on, to be called the next big new age, disruptive mobile application

1. Mining

Mining in Blockchain stands for extracting data from the various transactions and creating a block of them. With each new addition to the transaction, the miner keeps extracting the data and adding them to the block, thus making a chain of the transaction.

2. Hash

By now you must have gathered how Blockchain has been introduced in the technology world as the torchbearer of Digital Security. When we talk about securing a system or an application, the implying notion is to secure the data, file, document, or the contract that is or will be saved in the mobile app.

In Blockchain, when a document or file is stored, a hash is created. Hash is that feature of Blockchain that converts the data in a unique output of fixed length for every transaction. Specific to Hash, every block contains the previous block hash, which has the reference to the hash the next one will be built upon. The block also has the hash of current transaction which will then be connected to the next hash, when the new block gets added.

The authenticity of the block can be identified by verifying its hash.

3. Decentralized System

Every digital asset ranging from a contract and property related papers to even the chain of related events documents was earlier a part of mesh which had to be broken down into several pieces and middlemen to get access. But, with Blockchain, every information is now available online, in a decentralized system.

Now every activity whether it’s record-keeping or keeping it up to date is handled by the users themselves. Irrespective of whether you wish to change the address in your official document or you have to extract the property tax paper related to the first property you purchased ages ago, you will no more have to go through intermediaries.

4. Distributed Ledger

The Blockchain is an open ledger that contains all information related to digital transactions they are meant to handle. By keeping the information in the sequential format as blocks, the ledger allows real-time tracking as soon as a new block of information is added.

By involving a group of users in the ledger who all have access to view and add real-time information of every transaction, Blockchain enables transparent and tamper-proof management of the ledger. For securing the internal communication within your mobile app, Blockchain uses metadata for communication, which is scattered in the distributed ledger and is impossible to collect at any one central point, thus making it impossible to hack.

5. Keyless Security Infrastructure

To store all the data hash and run a hashtag verification algorithm for their verification, Blockchain makes use of the Keyless Security Infrastructure. This enables spotting of any data manipulation in real time as the original hash is always available on other blocks linked in the system/chain.

So, here were the five elements that lay down the basis of Blockchain Technology. While still on the technical side, it’s time that we look into things from your perspective – a perspective that we have detailed in our Entrepreneur’s Guide to Blockchain.

Let’s look at how Blockchain will take your Mobile App Security to the next level by using the features that the world swears upon.

Benefits of Adding Blockchain Technology in Your Next Mobile Application.

1. Protection of Data

By using cryptography to assign private keys to the users, your users will be able to store, view, and manage all the transaction specific data and information in one place.

2. Data Transparency and Validation

Taking data identity to the next level, Blockchain allows users to make their data available in a decentralized system which every one of the involved parties has real-time access to. Blockchain makes it impossible for any single party to tamper with the information in the block and go unwatched, thus maintaining the integrity of the data and making it transparent for all, thus eliminating the need of middlemen.

3. Protection of Infrastructure

By storing the DNS entry on the Blockchain, the mobile app owners can shift the risk of hack to Blockchain’s secured platform. The distributed, transparent DNS that the technology offers, make it impossible for even the government to get into without the permission of the involved parties.

4. The End of Passwords

Blockchain allows the authentication of users, their devices, and the transaction that they do, without the need of entering a password. Its network decentralization feature helps create consensus among the involved parties for the authentication of Blockchain-based SSL certificates.

Blockchain, while still a new entrant in the mobile app market will soon become mainstream at the back of these and various other advantages that the technology has been introduced to the IT world with.

For you, who have decided to cut ahead of the competition and introduce the feature that will soon become a part of a major number of mobile apps, here are some tips on how to successfully implement the revolutionary technology in your next mobile application.

Tips on How to Implement Blockchain Technology in Mobile App

The first step to successful Blockchain implementation in your mobile application is to identify the app features that would need players to act on it. Only by having players and an incentive plan to keep them to contribute is how you can ensure the authenticity of how fail-safe your Blockchain app is.

The next tip to successful Blockchain implementation is to know the exact transactions that Blockchain will be authenticating. Majorly, Blockchain mobile applications focus on one of the two activities: mediating the ownership of a shared resource value or record facets of multiparty events, such as quotes/bids or bills and payment specific.

When thinking of Blockchain as a service model, plan a strategy around the notion of community. You will be able to get the most of the technology’s value and security feature when you include a community of members who would be a part of your Blockchain based app.

Now that you know what Blockchain is and how you can design your app’s security plan around the disruptive technology, the next step is the groundwork. Contact our team of Blockchain Application Developers today, to get a walkthrough on not just the technology but also its various applications beyond assuring security.

Blockchain Beyond Cryptocurrencies: 22 Use Cases

Posted on 09/01/202012/06/2021 by Tushar

If you look back at the Evolution of Blockchain, you will find that the technology only came into the limelight because of its association with the groundbreaking element that Bitcoin is. Bitcoin and Blockchain were the two terms that were used synonymously by a number of people around the world till even some years back. But in the past few years, as the world got clearer with what the technology is about, the space between Blockchain and Cryptocurrency has extended and several best use cases for Blockchain have emerged sans cryptocurrencies.

And today, the non- cryptocurrencies Blockchain has not just established itself as a technology that Bitcoin is just a subset of, it has also marked itself as the solution of the two problems that all businesses, across industries, unanimously face – Security and Lack of Transparency.

In this article, we are going to look into the top use cases for blockchain in different industries, along with some brands that are transforming the question – what is blockchain technology to what are the use cases for blockchain technology in business and life.

Blockchain Technology Timeline

Blockchain Use Cases by Industry

Brands That Help Define the Use Cases For Blockchain Technology

FAQs About the Real World Blockchain Use Cases 2020-21

Let us briefly look back at how far the use cases for blockchain technology be tracked and the route it has charted for itself in the blockchain evolution timeline graph.

Blockchain Technology Timeline

As you can see in the Blockchain Technology Timeline above, the tangent on which Blockchain is walking is an answer in itself to all the naysayers who doubted its worth and called it a hype that would soon die.

The direction in which Blockchain is headed in and the direction it started from is a sign of how far and fast the benefits of the disruptive technology have been accepted and added in a number of processes across a range of different industries, something that we have detailed in our handbook curated especially for businesspersons, called Entrepreneur’s Guide to Blockchain.

Benefits that come attached with the use cases for Blockchain technology have not gone unseen by the industry leaders. The discussions that were earlier focused on Bitcoin and Cryptocurrency has now been fixated on to the Blockchain technology.

Here’s what the leading tech evangelists are saying about Blockchain –

Blockchain technology, along with its benefitting features is now playing the main character of successful industries’ growth stories – an event that is triggering the demand for Blockchain App Development Agency that would help businesses achieve greatness and profitability with the disruptive technology. There are several blockchain technology real use cases that show how the technology, even in the absence of cryptocurrency, holds the potential to change the world.

Here are the top use cases for Blockchain that have been recognized in a range of different industries –

Blockchain Use Cases Beyond Cryptocurrency

Here are the Best Uses for Blockchain that have been recognized in a range of different industries –

1. Banking

When it comes to the Banking sector, there can be a number of use cases of Blockchain technology in Banking beyond the exchange of digital currencies. Some of those prominent ones which involve blockchain and cryptocurrency to one extent or the other are:

Fraud Reduction – By bringing all the information on a distributed ledger with a timestamp and batches of specific transactions with a link to another block, the blockchain use cases in banking will make it impossible for the hackers to break into the system without the timestamp of the breach getting highlighted.
KYC – It is estimated that banks spend somewhere around $60 million up to $500 million per year in their ‘Know Your Customer’ project. These practices are followed to lower the money laundering instances and to keep terrorists out of the banking ecosystem. If the KYC process is brought on Blockchain, the verification time and associated cost will get lowered by manifold.

2. Cybersecurity

When it comes to cloud and the typical computer network usage in business, centralized servers are usually used to store the data. Now, when you save all your business data on a centralized system, you open yourself to risks like corruption, data loss, human error, and hacking.

But when you put your data on a distributed, decentralized system by employing Blockchain-as-a-Service model, the instances of hacks reduces by manifold.

3. Internet of Things

The mesh of connected devices, while connecting all the phases of a user’s life with each other, also brings it to a vulnerable position. When you operate in a connected ecosystem, the moment your one device gets hacked the chances of your connected devices to get attacked also increases by manifold.

Through Blockchain infused IoT adds the capability for you to exchange data on the platform instead of a third party. Also, since the devices are addressable with the benefits of the technology, businesses get access to the usage history of the connected devices, which comes in handy at the time of troubleshooting.

4. Unified Communications

Blockchain enables safer, faster, and a lot more reliable set of automated communications. While automated conversations are already a big part of a number of industries, the communication happening in an automated mode is mostly asynchronous – something that Blockchain can change.

With Blockchain, companies would be able to have more bi-directional and authorized communications.

Also, as the world is now moving towards chatbots, Blockchain would be the business solution for the time when bots interact with each other and the problem of transparency and time stamping comes up.

5. Government

The blockchain is a hot-topic in the government and political backdrop. There are several Blockchain government use cases that improve the government service quality, safeguards the citizen’s property rights, and cuts the red tape, all the while improving the transparency element in the system.

While governments all across the world – from Dubai to China and the US are exploring the Blockchain opportunity to better the nation’s lifestyle, the trend of adoption is mostly restricted to Ethereum.

Here are some of the examples of how the different Governments are employing Ethereum Blockchain to better their nation –

Dubai is prepared to become a completely integrated Blockchain based city by 2020.
Estonia matured in a ‘digital republic’ ecosystem by shifting a number of its national system on Ethereum Blockchain.
Chile makes use of Ethereum to track down the finance and data from the energy grid with the aim to curb exploitation and corruption by making the data available for the citizens to see.
Canada is testing the platform for providing transparency to how the government use grants for easing the concerns that citizen’s show related to corruption and misappropriation.

6. Charities

The number one reason that usually keeps people away from making a donation is not knowing whether or not the donations that they are making are even being used for the right reasons. When Blockchain solutions are introduced to the system, the technology helps ensure that the money is being used exactly where it was supposed to.

In order to bring in some transparency in the system, a number of Bitcoin-based charities are coming into existence that ensures that allows the donors to view how their money is being used.

7. Healthcare

The onset of multiple blockchain use cases in healthcare is the example of how disruptive an industry could be when clubbed with revolutionary technology. And this is the reason why Blockchain has found a place in the 10 healthcare trends that would be dominant in 2020.

The fact that Blockchain comes with an immutable architecture makes it possible to store the EHR data in a way that is safeguarded from any or all instances of hacks and breaches. Also, several experienced blockchain app developers are using the technology to help with the creation of new medicine or a more personalized treatment regime.

8. Ride-Sharing Economy

Mixed with the ride-sharing architecture, Blockchain has the potential to make the industry pioneers like Uber make a run for their money. When you look at the Uber ecosystem you will find issues like the brand making a cut from driver’s income or it calling the shots on all the terms and conditions that are majorly partial towards the brand’s profits.

By introducing Blockchain in the ride-sharing economy like what Arcade City does, the control comes in the hand of riders and drivers. They get to make all the decisions without looking up to a ruling agency.

9. Supply Chain

By identifying the production processes and components and then storing the information on Blockchain, a business can monitor their supply chain process from the raw material stage to the end delivery stage.

For example, Walmart uses Blockchain to enable its employees to scan the goods in the store’s app and then track them from the harvesting stage to the time it reaches the store floor. On the other hand, Makers use technology to monitor the cargo ships.

10. Encrypted Messaging

Blockchain takes the end-to-end encryption to a new level by introducing decentralization to the mix. Brands like Crypviser are doing the task of creating of a Blockchain-based communication platform perfectly.

Through a platform of this sort, businesses get to offer their users a place where they can make the to and fro of encrypted messages that have minimal to zero scopes of getting hacked.

A platform like blockchain-based encrypted messaging solutions is especially helpful when incorporated within an Enterprise system.

11. Elimination of Counterfeit Products

The fact that Blockchain technology is immutable, it becomes a lot easier for businesses to find out and trace the chain of asset ownership. By storing the serial number on a Blockchain, all the involved parties are able to verify whether or not the product in question authentic.

De Beers, the world’s biggest diamond producer, has created an immutable digital record using Blockchain which they use to keep the record of registered diamond and lower the conflict diamond transactions.

12. Contracts

The self-executing programs are one of the best offerings of Blockchain to the business world. Smart contracts Blockchain is designed in a way that they check the contract rule, verify, and process the transaction all without the need for an intermediary involvement.

Smart Contracts Blockchain are used in a number of different scenarios and across a number of different industries that deal with the creation of contracts in their processes.

13. Pharmaceuticals

The World Health Organization has estimated that 1 out of 10 medical products that are circulating in the low or medium-income countries are not just sub-standardized but also falsified. To lower the instances of pharma fraud, Verifier – a smartphone app that uses the phone’s camera to conduct a spectral analysis on the drug and loads it on Blockchain for verification of the drug’s medical footprint. It is just one of the blockchain case study, there are a number of other businesses working to make the pharma industry decentralized.

14. Microloans

Through the inclusion of decentralized blockchain ledger getting microloans approved and credited in the accounts have become a real-time, secure practice.

Twigga is an example of how Microloans work with Blockchain technology. The B2B Logistics platform for food stalls in Africa had expanded its services into adding financial services in the suite for their customers, with the help of Blockchain.

While they use AI to find out the credit score on the basis of mobile data, they incorporated Blockchain to manage the complete lending process from the application of loans to getting offers and accepting the conditions of repayment.

15. Advertisement

Delivering timely and relevant ad is every advertiser’s aim. And the answer to how Blockchain will change the world of advertisers lies in using the technology to navigate the tracks of the different service providers and linking them all together – an event that ensures the right people are targeted at the right time.

Also, it saves the advertisers from losing money when the hackers create fake web traffic and make fake bots visit the site in place of real humans by tracking the origin of the visitors and gauging if they are authentic.

16. Affiliate Marketing

The concept of Affiliate Marketing lies in businesses paying a set of the commission to the people who would promote their product on the social media platforms. The concept in itself is based entirely on trust. Trust that the people won’t remove the post after getting a commission or that they won’t use fake ids for promoting a website etc.

Smart contracts Blockchain functionality ensures that the money is transferred to the people only when they have done on ABC task.

Seeing these Blockchain use cases and how perfectly the technology is able to decentralize the various economies, a number of the world’s biggest brands, with the support of the Top Blockchain App Development Companies, have now started exploring the technology with the hopes to turn their business growth story alongside the growth in Blockchain future uses.

In Blockchain Use Cases Beyond Bitcoin, this is the section where we look at the brands that have decided to get involved with Blockchain. As you read further, you will find out that it is not just the B2C brands or ones which are heavily user data centric which uses the technology, but also agencies like NASA and Aerospace are interested in Blockchain technology.

Brands That Help Define the Use Cases For Blockchain Technology

1. Google

The tech giant is known to be the biggest investor and buyer of the startups working in Blockchain technology.

The Alphabet Inc section of Google is building its distributed digital ledger which third parties can make use of posting and verifying transactions. Google plans on offering this service for differentiating its cloud blockchain infrastructures from the competitors.

2. Apple

Apple filed a provisional patent in December which stated that the tech leader would be designing a Blockchain system for creation and verification of timestamps, which would help in fighting the hackers and certifying the digital signatures.

3. Porsche

The leading automobile maker has already introduced Blockchain in its cars. There are a number of benefits that the brand accepted going blockchain brought for it.

Some of them are –

Secure access to the vehicle
Fast data transfer and better security
Autonomous driving

4. Coca-Cola

The beverage leader, along with the US State Department is developing a Blockchain ledger which is designed to remove the state of forced labor from across the globe. Using the technology, they will develop a secure registry for the workers which would help with fighting the forced labor market, globally.

5. IBM

The company recently revealed its chip which they called the world’s smallest computer, that would help brands use Blockchain in verification of authenticity of the products in a supply chain.

IBM also uses Blockchain to deliver distributed ledger services to over 400 different clients around the world including government, banking, logistics, and healthcare.

6. JD.com

Alibaba competitor recently published a white paper where it described its Blockchain ambitions.

The brand shared its plan to build Blockchain protocols for authenticating goods to a better supply chain, protect big data, settle finance, and battle insurance fraud.

The Lags in Centralized KYC Systems

The Blockchain KYC Process

Step 1: The user builds a profile on the KYC DLT system

Step 2: User performs transactions with FI1

Step 3: User performs a transaction with FI2

Benefits of Blockchain in KYC/AML Process

Distributed data collection

Better operational efficiency

Validation of information accuracy

Real-time updated user data

Is Blockchain Development Solutions the Answer to KYC Issues?

What is a Traditional Database?

What is Blockchain?

A. Defining Blockchain & Traditional Database

Defining the Traditional Database Architecture

Defining the Blockchain Architecture

B. Management of Traditional & Blockchain Database

Managing Traditional Database

Managing Blockchain

Reasons to Use a Traditional Database

1. They are customizable

2. They are Stable

3. They Deliver Speed

Reasons to Use Blockchain Technology

1. They are Fault Tolerant

2. They are Secure

3. They Offer Transparency

1. Mining

2. Hash

3. Decentralized System

4. Distributed Ledger

5. Keyless Security Infrastructure

Benefits of Adding Blockchain Technology in Your Next Mobile Application.

1. Protection of Data

2. Data Transparency and Validation

3. Protection of Infrastructure

4. The End of Passwords

Tips on How to Implement Blockchain Technology in Mobile App

Blockchain Technology Timeline

Blockchain Use Cases Beyond Cryptocurrency

1. Banking

2. Cybersecurity

3. Internet of Things

4. Unified Communications

5. Government

6. Charities

7. Healthcare

8. Ride-Sharing Economy

9. Supply Chain

10. Encrypted Messaging

11. Elimination of Counterfeit Products

12. Contracts

13. Pharmaceuticals

14. Microloans

15. Advertisement

16. Affiliate Marketing

Brands That Help Define the Use Cases For Blockchain Technology

1. Google

2. Apple

3. Porsche

4. Coca-Cola

5. IBM

6. JD.com

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