Real-World Examples of Blockchain Technology Applications
Different fields have different ways of using blockchain technology to improve people’s lives and make them easier and safer. According to Forbes Magazine, there are various real-world examples that offer amazing promise, in the fields of finance, health care, government, media, and various other innovative sectors.
Examples from the cybersecurity sector include:
The GuardTime Company was started in 2007, with the goal of eliminating the need for trusted authorities within Estonian government networks. Headquartered in Lausanne, Switzerland, the company has offices in Estonia, the United States, the
Netherlands, the United Kingdom, and Singapore. Currently, GuardTime has more than 40 patents, granted since 2007, devoted to building technologies and applications in cryptography and computer science. Among the various technologies and applications, this company’s use of the keyless signature blockchain technology to store Estonian citizens' health records is very significant [20,38,39].
Headquartered in the United States, Remme is a company that provides blockchain- based public key infrastructure (PKI), which resolves various problems with cyberattacks and focuses on preventing the hacking of central systems. This company is also working on a decentralization authentication system, aimed to resolve the problems of logins and passwords with SSL certificates. The company plans to store SSL certificates on blockchain [21.40].
Examples from the health care sector include:
Gem is one a software company in California, which is working in blockchain technology. Their focus is on health care solutions, and hence they are partnered with Philips, to securely store, access, and share health care data, with full HIPAA compliance. Their blockchain-based architecture provides full efficiency, transparency, and cost-reduction to managing health care data. They are working with the U.S. Centers for Disease Control, looking at ways to manage health and disaster responses through data collection and analysis.
MedRec is a technology project supported by a grant from the Robert Wood Johnson Foundation and with additional support from the MIT Media Lab. This project was first implemented and designed in August 2016. and another version is currently being developed. The blockchain technology used in this project stores patient data and maintains authorization data .
Based in Brighton, Massachusetts, SimplyVital Health was founded in 2017. They have developed an open source Health Nexus protocol with blockchain infrastructure, which provides tools to increase data access and decrease the cost of health care globally. This company is a fork of Ethereum and has features such as a distributed database for storage, secured key pair system, and a new validation and governance period .
Blockchain has been utilized extensively by financial service providers. Examples from the financial services sector include:
Abra is a cryptocurrency wallet based on blockchain technology. There are about 30 cryptocurrencies and 50 fiat currencies in Abra. which allows people to start investing easily, using bank transfers, credit/debit transactions, or cryptocurrencies. It is easy to use and a safe way to manage cryptocurrencies in a single place .
Bank Hapoalim, in Israel, is trying to utilize blockchain technology with the help of Microsoft, to manage digital bank guarantees. This would make various bank processes, such as signing up guarantors, simpler and quicker and would also eliminate people’s need to be physically present in the bank. This technology will also enable banks to provide documents to its clients in digital format, securely.
Barclays is a world-renowned bank headquartered in London. The bank uses block- chain technology initiatives for various financial activities, such as identification, verification, and various transactional activities. Since the bank needs to be very careful with the identities of its staff and customers, blockchain could be a very important technology, moving forward .
Maersk is another company using blockchain technology in the field of financial services. It utilizes the keyless signature blockchain technology developed by GuardTime, to work with shipping data. Its partners include EY, Willis Towers Watson. Microsoft, and various insurance companies. Maersk hopes to make shipping insurance more efficient and to facilitate the shipping supply chain with real-time data sharing .
Aeternity is another innovative blockchain technology focused on creating smart contracts to allow the execution of credible transactions. Third or intermediate parties are not required, which provides businesses and individuals with very private contracts and makes sure they are well secured. Aeternity also plans to make low-cost transactions by leveraging private state channels between the parties involved in the contracts. .
A blockchain technology. Augur is based on prediction market protocol and claims to be operated and owned by the people using this. It allows users to create block- chain-based predictions for various trading markets and financial institutions .