The field of blockchain technology as of the beginning of 2022 has practically no boundaries, although the distributed ledger remains a kind of “dark horse” for many. But in any case, it would be a mistake to believe that blockchain financial technologies are the only area in which innovations have received a real start in life.
There are many more examples of the use of blockchain technologies embodied in specific products and services. Let us give the most characteristic examples.
The most demanded and actively developing sphere. Provides greater comfort and safety for customers with the same level of performance as traditional solutions. Analysts predict that at the moment of full legalization of cryptocurrencies, the sphere will experience explosive growth, which will call into question the very existence of classical financial solutions.
Algorand (Boston, Massachusetts, USA)
Financial services, cryptocurrencies, IT, and cyber security.
The main task of the company is to minimize the gap between traditional and decentralized financial solutions. The technological basis of the business is a set of first-level blockchain technologies. It provides an excellent level of scalability, security, almost 100% probability of completion of transactions, and excellent privacy. The work of blockchain technology allows the company to offer effective solutions in almost any business area - securities trading, supply chain organization, insurance services, and digital contracts.
According to Buidlbee, transferring traditional contracts online and working with them in real-time allowed to significantly increase the level of responsibility and significantly reduce inevitable risks. The "side" effect of smart contracts is financial, as Internet technologies contribute to cost savings. We also note a significant acceleration of all procedures and guaranteed compliance with all requirements of the current legislation.
BurstIQ (Denver, Colorado, USA)
Blockchain refers to technologies that provide an increased level of confidentiality. That is why the distributed registry is actively used in medicine. It may seem that privacy should be respected “by default”, which makes the use of blockchain technologies seem too risky. But BurstIQ was able to prove in practice that the financial sector of the market is not the only area where the distributed ledger will work. The company's smart contracts clearly define the circle of persons who have access to important confidential information.
Personal data security
Fraud, identity theft, loss of control over accounts - all this has become a part of real life. It's not just the financial sector that's being attacked, it's all of our data that's online. The use of blockchain technology will significantly increase the level of security and protect confidential data, while the decentralized status of the proposed solutions and the rejection of the server model of use will remove the restrictions associated with the presence of a single processing center.
Ligero (Rochester, New York, USA)
Data processing, fintech
Traditional data exchange protocols are actively criticized for their low security, but there is no real replacement for them yet. The solution promoted by Ligero is a comprehensive platform that can do a lot of "here and now" - confidential transactions, private smart contracts, secure auctions, secure financial information exchange channels, and decentralized exchanges. The creators say that the principles of machine learning are embedded in their system, and the financial performance of the company confirms the clear interest of investors.
Public and private healthcare systems are only “learning” to use a distributed ledger in their work. And if blockchain financial technologies have already "staken out" their "place under the sun", then medical developments have yet to prove their usefulness in this area. But it must be admitted that the wait for this is not far away.
WholeCare (Baltimore, Maryland, USA)
Healthcare, data processing
The WholeCare platform is a single information hub that combines patient care data, specialist appointment protocols, appointments, and test results. Unlike traditional databases, the new blockchain technology allows you to effectively restrict access to information, which is especially important in the field of medicine. The platform also allows you to redistribute the load on medical institutions, which reduces the time spent on receiving medical care with a limited amount of resources.
The use of blockchain technology makes it possible to eliminate the most problematic area - flimsy and insufficiently effective communications between all interested parties. If it is possible to organize supply chains in such a way as to minimize non-production costs and significantly increase the overall efficiency of the system, logistics will gain a second wind.
Block Array (Chattanooga, Tennessee, USA)
Logistics, supply chain
The company is known for issuing the first bill of lading based on blockchain technology. Such a document confirming the ownership of the shipped goods significantly increased the efficiency of transportation, reduced the risk of cargo loss, and simplified all business processes. The system already knows how to track cargo, manage payments and manage documents.