Blockchain Technology: Flashback / Flashforward

Blockchain Technology: Flashback / Flashforward

We have been covering a lot of aspects of Blockchain Technology via multiple blogs on our site. But with the rapidly changing technology, we realized that a lookback was required to update ourselves of the rapid development that is happening with Blockchain Technology.

A two-part blog, we aim to cover all sectors previously mentioned.

1. Education:

We spoke of a Sony and IBM collaboration, which launched a new platform for education named Sony Global Education. Following in the same light are many new startups such as BitDegree.org and Knowledge.io. They offer students, a chance to learn courses that cater exactly to their future professional aspirations. In return they offer students a chance to earn tokens based on merit and which shall help them for their future. These courses shall also put their degrees onto the Blockchain which can be used by them for interviews or as references for future need.

Another development is that after MIT (Massachusetts Institute of Technology) India too has decided to give its students digital degrees from its most reputed institute, The Indian Institutes of Technology (IIT) Mumbai branch. We hope these endeavors make for a stronger future of the current students.

2. Digital identity:

The blog on Digital Identity started with covering a random sector that was using Blockchain Technology. By the end of the blog, the empathy for those who have left behind their homes, their lands and identity, could be made out clearly. Following the same sentiment, many more organizations have started merging these 2 together. The good people behind Valid are offering their services for peer to peer data sharing which includes proof of identities and personal information such as medical certificates and immunization records. All these things shall help them generate employment and secure a financially strong future. We hope that with time more such groups emerge with ways how proving your identity digitally can become as convenient as real life.

3. Travel:

AirBnB revolutionized the travel sector forever. It set a path for all future startups to do something different with which the customer, the traveler feels like a king. The Winding Tree is probably the number one in this division. It has recently announced that they are promoting ‘Aruba’ as a completely Blockchain Technology enabled tourist destination. There are many others too like AGT Tours that have just launched it’s token or the Bee Token. (They were recently in news because of the hack in their email database because of which many lost up to $ 1 Million) This sector is probably the most hands-on sector. A single loophole in the Blockchain may lead the entire trip to fail or cause major issues if the identity of the customer is not ensured. To all those in this market we say, take your time, but do it right.

4. Banking:

Probably the most controversial of all sectors to join on the Blockchain Technology bandwagon is the centralized Banks. They have an issue with cryptocurrencies and how slowly with the people’s knowledge increasing, more and more people are investing in them rather than use facilities that banks offer like bonds or fixed deposits. Irrespective, there are many new private sector banks that are implementing a part of this technology in their everyday operations. In recent news, many banks in the USA and UK have banned the use of their issued credit cards for the purchasing of cryptocurrency on the online portals.

On the other end of the spectrum is Woori Bank, (based in South Korea) that is implementing Ripple’s Blockchain Technology for itself. This is just the first step, we are sure there may be many more banks that shall join them.

5. IOT:

There are many who believe that Blockchain Technology was the missing link that Internet of Things was waiting for. While there are new developments every day in both these fields, the market is still dominated by IBM’s Watson. There are many others that are trying make their mark felt in this field, most prominent of them is Chain of Things. They aim to offer their customers identity. Interoperability and security in all things IOT with the help of Blockchain Technology. They are also focused on ‘proof of solar power generation’ via a data-logging device onto a Blockchain. Let’s hope this aids in generating reliable renewable energy data for the IOT devices. Keep an eye out for this one folk.

6. Smart Contracts:

The Ethereum platform has been the biggest boon for those who want to create a smart contract for any type of reason. Similarly, many new tokens have risen in the market that are focused on catering only to Smart Contracts. The most popular of them is ICON. they offer a wide range of options to those who seek a platform that shall enable them to create a tamper proof smart contract protocol. The shooting star on the horizon in recent times is Fusion. They have managed to achieve the impossible by raising $ 50 Million in 24 hours to create a token ecosystem. Wow! Fusion is a public blockchain solution. Its founder Dejun Qian said, “Fusion is an independent public chain that has multiple token smart contracts, which are distributed and can visit off-chain data sources and can run automatically by calling a list mechanism.” Fusion seems to be ‘IT’ place for Smart Contracts.

7. Storage:

What happens when 2 rivals meet? Cloud storage is the prime example of centralization. Blockchain on the other hand is all about decentralization. For the two to meet has been made possible by Storj and Sia. They aim to decentralize the entire cycle of centralized cloud storage system. While there seem to be no new apps in this field, Tron on the other hand has shaken the balance scale on to its side. As a centerless storage network, Tron is basically an entertainment content storing platform. It offers the users Content-enabling with which they can choose an ecosystem that suits them the best.

8. Food:

This sector took home the Turkey. Or was it the Burger. No wait. I know this, it’s the entire food industry. From big names such as Walmart, Amazon and even Whole Foods, that are implementing Blockchain Technology in the logistical aspects of this industry, it comes as no surprise that Romana Food changed its name to ‘Romana Food Blockchain Corp’. This move further establishes that Blockchain Technology and the food industry is a match made in heaven. Another example of Blockchain Technologies far reaching impact is, The World Food Programme (WFP). They are using an Ethereum based platform to help the Syrian Refugees. We wish them all the very best.

9. World Peace:

Almost every other Miss Universe contestant dreams of playing a part in achieving world peace. These amazing women, have a uniform dream. This dream is now slowly becoming a reality with the help of Blockchain Technology. We won’t mention any names, but ahem *India* ahem is surely basking in the glory of all things Blockchain. They have implemented the technology in multiple aspects of their government. They believe that with the help of this technology and the multiple uses that it offers, one can achieve peace and harmony amongst the population of 1. 324 Billion citizens. Shine on you crazy diamond!

10. Real Estate:

We still remember while writing this blog, how we struggled to find just one another example to give apart from Ubiquity. Now, when we decided to mention real estate in this update blog on Blockchain Technology, we were spoilt for options. So many of the biggest names in the real estate market are implementing Blockchain. Harbour Blockchain Corp have managed to secure a $ 10 Million as venture capital for Fifth Wall Ventures. The cherry on the cake of this adaptation is that they comply with the USA’s housing regulation. We hope that with time, this field too shall grow and prosper and offer users the best of the very best.

In Conclusion:

So, completes the first part of this 2-part update on Blockchain Technology. We hope to cover as many sectors as we can. If there is any field that you wish we cover, do drop us a line in the comments sections below.

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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