The truth is that the current startups/projects applications using blockchain technology are enormous. This is the reason we have seen many sectors of life changed – health, finance, and even the food industry.
“Blockchain could free up a huge chunk of spending in the global media and content distribution industry; the current level of spending is estimated to grow from $1.7 trillion in 2016 to over $2 trillion in 2019.” This is the voice of DECENT project, reporting.
Perhaps, you are not a Blockchain believer, or you just heard of the Blockchain in 2018, one fact is that some of these projects started way back in 2013, and the most important of all? The world needs a change!
We all want the best out of life, the simple staggering factor is that we just don’t just know what it takes to leave our status quo. Or do you imagine if the Facebook data was built on the Blockchain, the customer’s loss of confidence would have been experienced? I don’t think so.
While top entrepreneurs were questioning the data breach, and others deleting their accounts/pages, 60% of the users knew nothing about it talk less about protecting themselves.
The recent GDPR process is great, but, what if we had built the security structure/awareness on the Blockchain? I think it would have been great great.
About the GDPR, forget it, some people still think that the process might be political. What a vexation!
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THE CORE QUESTION YOU MIGHT ASK
There is no doubt that the Blockchain in FinTech can minimize auditing complexities for ledgers across all financial institutions.
Well, I won’t be surprised if you ask why Blockchain Technology and the difference these projects will make.
The fact is such a question can be likened to asking why we need the FBI when we have Secret Service Agent/Spies.
This is the truth. If the world was a better place than now, then the theory of Blockchain wouldn’t have made any sense. But here lies a vacuum bad people are using to take advantage of the vulnerable ones – people that do not know best measures on how to protect themselves.
Would it interest you to know that there are some sets of people that have access to thousands of credit cards details that are not theirs? You may want to ask me how. The truth is that like you, I do not know how.
The question now will be, where do they get all those credit card details? And again, what can we say about that?
Personally, I don’t know how they go about it but I know that being in your house and all of a sudden you are getting alerts of withdrawals/transactions you never made is the last thing we want. Weird I guess?
A more pain point is that these sets of people do not just have these credit card numbers, they have the residential addresses, and other personal data that gives them a 100% passage to attacking you, and the ultimate goal using your credit cards to make purchases online, all free of charge.
When this happens, who do we blame often? We tend to blame our local banks or the financial sector for being fraudster’s, whereas the foundation of the problem is far from it.
Let’s see a compromise just 2 days ago.
But the good news? This and more are some the questions the Blockchain wants to address.
Anyways, I am not sure of your stance. So, before we go on, the first question is, do you really understand what the Blockchain Technology has to offer? I mean, if anyone asks you, can you really explain the concepts of the blockchain technology and how the dynamics of the Distributed Ledger works?
If yes, then, you are good to move on. But if no, may I suggest that you see how Blockchain Technology can change you.
THE BLOCKCHAIN TECHNOLOGY VS THE DISTRIBUTED LEDGER?
Why does it seem like everyone is using the Blockchain Technology to describe the Distributed Ledger?
The truth is that because everybody uses Blockchain to describe Distributed Ledger Technology doesn’t mean that it needs to be used to describe any or all DLT projects. Many projects don’t even use Blockchain Technology but implement different consensus protocols.
Distributed Ledger Technology seems more expensive but don’t forget, it cuts so many other costs like hardware, licensing, maintenance, redundancy, security, risk management, support, etc.
As we know, Blockchain Technology related projects will create opportunities especially for the 3rd world countries without ‘trustful’ financial institutes but also for the debt slaves in the first world countries.
“The technology will help the world to become more equal and that is something money can’t buy” – Peter Bakker
For sure, even though the Blockchain Technology has been overused. Why? Many people just chose to use it because it sounds advanced, some, to raise personality standard, and the final sets, to show that they are of the Blockchain Class.
But the truth?
A study showed that some people use it even when they don’t know what it means or the cost accrued to it.
Now, you may want to ask, with all the Blockchain hype, are there massive adoptions?
First, analysis carried out showed that a lot of people have showed up for the Blockchain party. The search statistics of the blockchain industry increased with a significant figure.
Secondly, many enthusiasts went deep to buying some blockchain projects to hold.
It may amaze you that in Germany alone, 1 of 3 people believe that investing in the Crypto-Blockchain technology is an investment made in heaven.
That is not all.
We have seen a lot of organizations invest heavily in the technology simply because they believe it is the hack/solution to their industries.
Of course, there is no truth in a lie. If I invest in the blockchain technology and I am seeing results with daunting efficiency, do I need a fortune teller to tell me that it was worthy I invested in it?
While there are a lot of doubters or seat-on-the-fence enthusiasts, according to CB Insights, it was estimated that corporations have pumped more than $1.2 billion into Blockchain since 2012.
That amount can be only be verified as being true mostly when you consider some Bitcoin exchange heists and innovations of Smart contracts and ICOs all over the community.
So far so good, I wouldn’t want to go deeper on this because we are not considering why you need to get involved in the Blockchain revolution. But just a tip, Malta passed her Blockchain Bill 2 days ago.
THE IMPACTS OF BLOCKCHAIN TECHNOLOGY SO FAR?
There are so many ways the Blockchain Technology have impacted our world.
While top projects include security options, transparency, formation, transactions verifications, equality balance, income earning strides and lots more, other sectors adopting the Blockchain include the Healthcare, Customer Loyalty, Advertising, and Finance, and lots more.
Let’s get started with the finance sector.
The FinTech (Finan
The Blockchain Technology or call it financial technology companies are looking to streamline payments processing with ultra-high efficiency.
They want to do this such that it will not only be within national borders. The big vision is to eliminate any form of transaction segregation (the usual slack and casualties with cross-border transactions).
With the Blockchain adopted in the financial sector, the complexities in auditing ledgers across all financial institutions will greatly be shut up. I mean, minimized.
Not just that. The historical data built into the system will allow for much greater insight into a transaction’s history and status of events.
The big catch?
Ultimately, any individual or business would be able to send money anywhere in the world.
Still on the FinTech startup, in a Drop shipping business, you can fully automate payment processes, something that is very difficult to do traditionally due to things like Credit Card charge backs and/or having to interact with 3rd party APIs that can change/break over time.
Pay close attention here. Do you know that with the blockchain in the healthcare sector, you can track raw materials as well as almost everything throughout the supply chain process? I guess, you don’t. Let’s go on.
Security Of Personal Info Vs Data Breaches
Not again. We all are vexed up with scams and identification problem we are facing today, so, instead of the known traditional method, why not use a Blockchain project such as the SelfKey project to beat identification challenges?
As we speak, SelfKey offer users, organizations, and individuals complete control of their identity through a Blockchain-based system that stores a user’s data and documents locally on their own devices.
IS THE BREAKTHROUGH ON BLOCKCHAIN TECHNOLOGY?
The world needs a change for the best, but they don’t JUST know how to go about it.
While the primary objective of GDPR is to give people control over their data, allowing them to choose who can use it, while also forcing companies to be transparent around how they are doing so, the fact is, how sustainable can this be, and how many industries have adopted it?
Without doubts, let’s say the GDPR process is great, but, what if we had built the security structure/awareness on the Blockchain? Probably a thousand questions to ask.
BLOCKCHAIN TECHNOLOGY STARTUPS/PROJECTS SINCE 2013
Let’s see some of the great Blockchain projects you may find relevant in our day.
ID/VERIFICATION BLOCKCHAIN PROJECTS
Elliptic, founded in October 2013 is building a Blockchain forensic tool to identify and track illicit Bitcoin activities.
The Elliptic project aims to identify complex patterns that connect together different entities in ways that might not be immediately obvious.
Elliptic’s dedicated team of cryptocurrency investigators provides expertise and training for you and your team across all aspects of cryptocurrencies, the dark web, and their roles in the evolving criminal threat.
With this technique, it is believed that a common act like money laundering will be minimized.
SelfKey is a Blockchain identity/verification project.
SelfKey aims to offer users, organizations, and individuals complete control of their identity through a blockchain-based system that stores a user’s data and documents locally on their own devices.
With this antics, it means, nobody can access your personal data without permission while also enabling individuals to instantly provide sensitive documentation for things like citizenship and residency information, company incorporation information, coin exchanges, and so forth.
ShoCard is an identity verification Blockchain technology which was founded in 2015. ShoCard allows users and enterprises to establish their identities with one another in a secure, verified way so that any transaction–whether it’s to login, share personal information, or complete a financial transaction–can be accomplished quickly, seamlessly and with peace of mind.
Based in Palo Alto, ShoCard uses Blockchain technology to verify identity. It aims to create a digital identity card that is as easy to use as a driver’s license but it’s so secure that a bank can rely on it.
The mode of operation is by using public and private keys, data hashing, multi-factor authentication.
Based in Brooklyn, uPort is a self-sovereign identity and data platform that enables users to register a globally unique identifier to the Ethereum blockchain.
uPort aims to give users control over their identity, private keys, user accounts, and private data.
CONTENT/MEDIA BLOCKCHAIN PROJECTS
Steemit is the next web for writers built on the Blockchain. Steemit is accessible to everything around the world.
Income earnings through writing. Just go there and pour out your passion for writing with your content fully protected from a central authority.
Hello, we are in the Blockchain world! This is what I mean.
Since this platform is built on the Blockchain, it means that nobody can edit or delete your contents already published.
DECENT is a Blockchain driven content distribution startup.
The antics of Decent?
They believe that writers lose over 30-75% of their profits when publishing with Amazon, and musicians lose around 30% when they sell a track on iTunes
DECENT with its open-source structure aims to provide a platform which will allow artists to efficiently distribute virtually any form of content while retaining a far greater chunk of the proceeds-money.
Theta is the Next generation video delivery blockchain cryptocurrency.
Theta aims to create a decentralized peer-to-peer network that can offer improved video delivery at lower costs – same thing YouTube offers.
LiveTree is a decentralized crowdfunding startup for TV and film contents.
The LiveTree Blockchain project aims to connect creators and distributors, and enable consumers to fund projects using tokens with the audiences backing up the projects.
Boon Tech is an artificial intelligence-powered freelance platform based on the Blockchain network. It is backed by IBM as a major business partner.
Backed by IBM, Boon Tech aims to use the IBM’s Watson AI algorithms and revolutionize the freelance economy on its micro-job platform, and also, eliminate cryptocurrency volatility.
Telegram as a social media tool has grown to be a super messaging platform with more than 120 million active users.
The company was able to raise Billions of dollars through investors wherefore its Initial Coin Offering (ICO) launch was suspended after due funding.
HEALTH CARE BLOCKCHAIN PROJECTS
The Nano Vision project is a valuable Blockchain project built to further encourage disease-prevention research and development.
The project aims to spur innovation by creating a solution for anyone, whether they are scientists, doctors or simply engaged civilians, such that they will have access to the data collected through research that has been recorded on Nano Vision’s platform.
This is a great project in the healthcare sector.
Ambrosus uses the Blockchain technology such that it can track raw materials as well as almost everything throughout the supply chain process.
TECH CARE BLOCKCHAIN PROJECTS
Cardano is a decentralized public blockchain and cryptocurrency project which is fully open source.
Cardano is on the mission of developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed.
When you talk about projects relevance based on the applications using blockchain technology, even though you close your eye, you can’t just roll out Ontology.
Ontology is a new high-performance public blockchain project & a distributed trust collaboration platform.
The Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchain for different applications.
Ontology aims to provide a new high-performance public blockchain that includes a series of complete distributed ledgers and smart contract systems.
Ontology will constantly provide common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. Based on specific scenario requirements, Ontology will continue to develop new common modules.
EOS is a crypto will empower communities to create the next era of disruptive organizations.
EOS aims to create platforms and tools that will enable the building of Blockchain supported and decentralized businesses, applications, and collectives.
A reasonable aim is closing the gap between the promise and the reality of blockchain technology.
Icon is a decentralized Blockchain dependent project wherefore hyper connecting the world is one of its mission.
Icon aims to build a formidable ecosystem of different blockchain in various industries such that the need for expensive intermediaries are no more; removed.
GUTS is a Dutch start-up. It works on the mode of operation such as registering ownership of SMART tickets on the Blockchain.
GUTS aims at tackling the problems of price gouging by ticket touts and ticket fraud by making it impossible to re-sell tickets illegally or at a higher price.
Want to attain the upcoming Blockchain Summit in Las Vegas? You will see where to buy the Ticket (properly regulated).
MARKET/INFORMATION & PAYMENTS BLOCKCHAIN PROJECTS
IOST meaning “internet of Services” is a Blockchain project with the back-end purpose of serving as infrastructure for developers to create decentralized applications.
IOS main’s aim is to address scalability problems.
Built on top of a blockchain, IOST will allow businesses to cut out intermediaries, and also gives them peace of mind in terms of data safety as blockchain networks are super secure.
Golem is an Ethereum-based transaction system that enables users and applications (requestors) to rent out cycles of other users’ (providers) machines.
Golem aims at settling payments between providers, requestors and software developers.
Launched on January 16, 2018, Graft is an open-sourced payment gateway blockchain network built around the merchants’ systems and processes and designed for Point-of-Sale.
Graft offers a payment blockchain that is compatible with major existing payment technologies that allow merchants to accept both fiat and cryptocurrency payments, enjoy instant settlement, and have seamless access to their funds in their preferred currency.
Ripple is one of the most influential but underrated Blockchain projects (in terms of price growth). Built on the most advanced blockchain technology that is scalable, Ripple is secure and manages other different networks.
Aims to create a connection with banks, payment providers, digital asset exchanges and corporations through her RippleNet which provides one frictionless experience to send money globally.
ConnectJob is a Blockchain marketplace for on-demand services that connects both jobbers and those who need work directly based on geolocation through an Uber-like counter.
It aims to help users exchange value without having to rely on third-party intermediaries in a single click by using CJT (ConnectJob Tokens).
ShipChain is a big-time blockchain startup that has the ability to receive real-time information throughout the transport cycle.
It aids companies and individual buyers to track products across the entire supply chain as they move between all carriers.
CLOUD CARE BLOCKCHAIN PROJECTS
RecordsKeeper, founded in 2016, is a document story solution powered by high-end encryption & Blockchain technology.
The project aims to replace the cloud storage technologies like Dropbox, Google Drive and more by allowing you to create verifiable & immutable records of any type of data which are not possible in traditional technologies like MySQL and Oracle.
Filecoin is a San Francisco-based Blockchain project that is responsible for creating the Interplanetary File System (IPFS) in the cloud storage industry.
Aims to create a distributed data storage network in which participants can earn the company’s cryptocurrency called Filecoin.
The Filecoin can be used within the network or exchanged either for more conventional cryptocurrencies or fiat currencies through exchange platforms like Coinbase.
THE VERDICT ON BLOCKCHAIN TECH
The truth of the matter is that there are so many leading Blockchain companies and other Fintech industries out there.
However, the ones you may want to get involved revolves around the change and benefits you will get in return.
For an example, I just don’t like the market sector, but the mission of Ripple? I love it. That mission led me to buy some to hold – a long term project if you ask me.
As I was writing this post, I stumbled upon a great Blockchain project which aims to solve the problem of KYC – know your customer.
The project wants to cut the slack of having to fight with verification processes on most websites. With it, after your data is entered into the blockchain, it is automated to be verified for ease.
Now you can see that I would have clearly included this Blockchain project, but the list is endless as they are addressing the real human vulnerabilities.
The above was just an iceberg to prove the importance of the Blockchain Technology projects and startups you need to watch out.
Why am I saying so?
There are over 500s of these Blockchain projects, and with so many ICOs, you need to be careful of the industries you want to go for.
While I don’t fancy most ICOs for now until deep research, it may amaze you know that an average ICO investor profits 82% more on the project investment.
So, if you must consider any of them, consider DYOR, because it works like charm.
Great, you have seen what the Blockchain Technology projects offer in terms of the projects built on it plus the questions answered.
The question now is, do you think that the Blockchain Technology should be adopted in all sectors, and most especially the privacy and personal data industry?
Give yourself a pat on the back if you now understand this subject by commenting below.
(Let me know your thoughts below. Don’t worry, comments are 100% spam free!).
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Ref codes: Theinnovationenterprise.com