Famous transformations in crypto
The NFT market has been in decline recently with trading volume suffering amid a huge bearish sentiment in the crypto industry. Yet Revuto may well change this with a totally unique spin on the idea of NFT utility. Play Now! Revuto is a Cardano blockchain-based subscription management app that aims to make the way we pay and manage subscriptions more efficient and advantageous for users.
Subscriptions are a multi-billion dollar industry, with millions of people around the world paying each month or annually for access to various services — gaming, streaming, fitness, digital news etc. The subscription economy has been revolutionary, providing people with an affordable way to access such services by paying a small, but regular fee.
Collaboration Impact Tokens are awarded to tourists choosing less popular attractions to reduce overcrowding in other destinations, and they are also granted to governments for managing tourist flow. HARA tokens incentivize the sharing and verification of agricultural data for use by farmers. Initial Coin Offerings ICOs , in which companies sell cryptocurrency-backed tokens in their companies in the same manner as a publicly traded company sells stock, are another example of blockchain-powered crowdfunding.
Companies like CoinList , which began as a collaboration between Protocol Labs and AngelList, are bringing digital assets to the mainstream by helping blockchain companies structure legal and compliant ICOs. As projects reach target funding, money is transferred to a secure escrow wallet that unlocks funds gradually. Backers can see how the money they invested is being spent and can provide input about the direction of the project, e. Crypto exchanges One way blockchain reduces conventional cybersecurity risk is by simply removing the need for human intermediaries — thus lessening the threat of hacking, corruption, or human error.
Ironically, some of the most successful blockchain companies are fairly centralized middlemen. Enigma is the developer of Catalyst, an off-chain decentralized exchange and investment platform that works without the need of a third party to act as a clearinghouse. Another high-profile decentralized exchange is Ethereum-based 0x. Centralized exchanges like Binance and Coinbase have made moves in the decentralized exchange space, launching Binance DEX in and acquiring the peer-to-peer trading P2P platform Paradex in , respectively.
While the application of blockchain tech would not completely remove these difficulties, it would make it easier to identify factual information, provide verifiable transaction data, and dismiss claims that are without merit. Accounting As the banking industry continues to adapt to cryptocurrencies and blockchain technology, accountants are beginning to follow suit.
Accountants work with a spread of documents — from tax forms to bank statements to spreadsheets — containing extensive personal or organizational information. Layering in blockchain technology could make it easier to keep track of this sensitive data as it is processed by accounting firms. Data tracking enabled by blockchain technology may also help to automate certain accounting services using AI, which could reduce human error and instances of fraud.
This centralized system can be hostile to consumers. Further, concentrating this sensitive information within 3 institutions creates a lot of vulnerability. The September Equifax hack exposed the credit information of nearly M Americans. Alternative lending using blockchain technology offers a cheaper, more efficient, and more secure way of making personal loans available to a broader pool of consumers.
With a cryptographically secure, decentralized registry of historical payments, consumers could apply for loans based on a global credit score. A number of companies are working in this space. Dharma Labs , for example, is a protocol for tokenized debt. It aims to provide developers with the tools and standards necessary for building online debt marketplaces.
Meanwhile, Bloom wants to bring credit scoring to blockchain and is building a protocol for managing identity, risk, and credit scoring using blockchain technology. Another alternative to traditional loans is P2P lending.
Individuals and businesses can loan to and borrow from each other without having to deal with the rigid requirements of banks. These loans typically take place on fintech platforms. While such activities facilitate lending, they also turn fintech firms into the middleman. DeFi lending enables true P2P financing — lenders and borrowers transact directly with each other at their own risk using cryptocurrency. In DeFi lending, borrowers must put up collateral by depositing, via a smart contract, an amount in currency that is at least equivalent to the amount they want to borrow.
To protect against value fluctuations of cryptocurrency, some lending pools require borrowers to over-collateralize their loans. The lure, on the other hand, is that the value of the coin borrowed might spike, which means they can turn a pretty profit. BankSocial is an Ethereum-based platform that claims to be the first blockchain-based P2P lending platform.
It uses a social consensus lending pool and pays its members to hold tokens that are used for funding loans. Members stake tokens in exchange for some of the interest collected from each loan. Lendoit makes a similar claim but a different play. It focuses on microloans, eschews collaterals, and has a marketplace for selling default debts. It collects a fraction of each loan in a compensation fund, and that fraction is immediately given to the lender in the event of a default to mitigate loss.
That said, there is a way for traditional, regulated institutions to wiggle into the DeFi space without having to enlarge their risk appetite. Insurance Most blockchain applications in the insurance industry today are focused on improving operational efficiency. Rather than developing new products, insurance companies are looking at ways blockchain can drive down costs, increase speed to market, and provide better customer experiences.
For example, using a blockchain to create a single source of truth for transactions between parties has the potential to significantly drive down processing time and costs for insurance companies. Many insurance blockchain initiatives include cross-border partnerships or deal with cross-border transactions, leveraging the immutability and version control aspects of blockchain tech.
Insurwave , a joint project between consulting firm EY and blockchain company Guardtime , delivers a blockchain platform aimed at marine insurance. Applications of blockchain in the sector include enhancing risk analytics, automating processes, and speeding up claims settlement. B3i Re lets insurers, reinsurers, and brokers create and administer contracts on distributed ledgers.
Any changes made to contract terms are recorded on the ledger, allowing different parties to compare contract versions, aiding negotiation and providing contract certainty at all times. The use of a distributed ledger also eliminates the risk of forgery that comes with manual processing. Clients can read more about 12 blockchain pilots in insurance here. Charity For those making charitable donations, blockchain provides the ability to precisely track where your donations are going, when they arrived, and whose hands they ended up in.
From there, blockchain can deliver the accountability and transparency to address the perennial complaints around charitable donations — including the organizational inefficiency or even financial misconduct that can prevent money from reaching those it was meant for. Bitcoin-based charities like the BitGive Foundation use a secure and transparent distributed ledger to give donors greater visibility into fund receipt and use. The company has also launched GiveTrack, a blockchain-based multidimensional donation platform that provides the ability to transfer, track, and provide a permanent record of charitable financial transactions across the globe.
By leveraging GiveTrack, charities can drive stronger trust with donors. Blockchains could be used to track parts in a supply chain and weed out those that are counterfeit. The tech also has major implications for automotive recalls, which affected roughly 32M vehicles in With a record of where parts have gone, from the supplier to the individual vehicle, blockchain could enable targeted recalls.
In another example, Daimler has partnered with Singapore-based Ocean Protocol , a decentralized data exchange, to explore how blockchain could be used to share supply chain data among its manufacturing hubs and partners. Today, companies like Estonia-based carVertical are deploying blockchain tech to more reliably track car histories for users looking to buy a used car.
Ride-hailing Ride-hailing apps like Uber and Lyft represent the opposite of decentralization since they essentially operate as dispatching hubs and use algorithms to control their fleets of drivers and dictate what they charge. Blockchain could inject new options into that dynamic: with a distributed ledger, drivers and riders could create a more user-driven, value-oriented marketplace.
Arcade City , for example, facilitates all transactions through a blockchain system. The startup operates similarly to other ride-hailing companies but allows drivers to establish their rates taking a percentage of rider fares , with the blockchain logging all interactions. This allows Arcade City to appeal to professional drivers, who would rather build up their own transportation businesses than be controlled from a corporate headquarters. In this scenario, drivers can build their own recurring customer base and offer additional services like deliveries or roadside assistance.
Arcade City announced in January that it would make its code open-source to enable more peer-to-peer commerce. Another blockchain-based ridesharing app is Drife. The startup operates in Bangalore and is planning to launch in more cities across India. Instead of paying a fee on every fare, Drife drivers pay an annual fee to use the app. Public transportation The growth of cities has also put pressure on many transportation systems, which are often expensive to run and can be inefficient.
Employing blockchain technology could help cities better understand how their residents are utilizing public transportation options. For example, UK-based DOVU lets users share their commuting and transit data — including how they use buses, trains, bike shares, even pedestrian paths — through a blockchain-backed app which then rewards them with crypto-tokens. The company has partnered with car manufacturers as well as mass transit company Go-Ahead. Blockchain could also contribute to a more functional and streamlined system.
For instance, a public ledger can be used to store and share information on vehicle efficiency or timeliness — information that may help better optimize routes and schedules. And while many of the other industries discussed involve public records, private blockchain networks offer their own possibilities. The Blockchain in Transport Alliance BiTA has been formed to develop industry standards and educate its network of members.
Blockchain can improve transactions, shipment tracking, and fleet management, and it can also help protect assets and increase fleet efficiency. It can facilitate the tracking of food contamination, for example, by tracking a truck that carries ingredients and noting whether or not safe storage conditions were maintained during any delays.
Additionally, it can help optimize routes by matching truckers and items to be delivered with trucks in a certain region. But for a decentralized ledger to work in this industry, there needs to be buy-in from all involved players: small and large businesses, last-mile shippers, and mega trucking companies. Air travel Think of the data that goes into booking a flight: names, birthdays, credit card numbers, immigration details, destinations, and sometimes even hotel or rental car information, depending on how flights are booked.
Transforming a material ticket into a digital token provides a new layer of security. Using a smart contract as part of the ticket token can help airlines control the sale and use of tickets to provide verified experiences for customers. It can also be used to create more accurate logs of aircraft maintenance, prevent overbooking, and more.
Russia-based S7 Airlines deploys a private, Ethereum-based blockchain that uses smart contracts to reduce settlement times between the airline and its agents from 14 days to 15 seconds. American Airlines uses the marketplace to allow the employees of one large corporate firm to book leisure travel tickets at a corporate rate, without going through a travel management company.
Airline loyalty is another area where blockchain is already being executed. This program rewards frequent fliers instantly and lets them securely use their points on a variety of purchases, not just additional flights. Tracking and tracing aircraft spare parts is a manual process that often leads to delays, costs, and mistakes in MRO.
Detailed MRO data can be fed to algorithms to aid predictive maintenance and reduce downtime. It can also be used to swiftly trace parts and suppliers as well as boost the resale value of planes. Blockchain technology has the potential to streamline parts inventory and authentication, personnel certification tracking, and more.
GoDirect Trade a unit of Honeywell Aerospace , for example, is an aerospace parts marketplace that uses blockchain to list parts for resale. Its ledger stores maintenance and manufacturing histories for each of its 25, parts in one location. Meanwhile, to comply with NATO standards, France-based aerospace and defense contractor Thales Group is deploying blockchain at one of its new manufacturing sites to trace the naval equipment and other parts fabricated at the facility.
Countries like Russia and the US are also making moves with blockchain. Blockchain technology introduces efficiencies to the booking and selling process, allowing hoteliers to keep a bigger chunk of sales. For example, Winding Tree has been working with hotels, airlines, and tourism offices to provide a decentralized B2B travel marketplace.
Decentralized platforms are also transforming the home-sharing space. Dtravel , for instance, has positioned itself as an Airbnb rival. A blockchain could serve as a public ledger for a massive number of devices, which would no longer need a central hub to mediate communication between them.
The devices would be able to communicate with one another autonomously to manage software updates, bugs, or energy management. More recently, companies like Helium and NetObjex have launched blockchain-based networks for IoT devices in internet infrastructure and smart city transportation, respectively.
Others are focused on IoT network security. As critical infrastructure like power plants and transportation all become equipped with connected sensors, privacy and security concerns have arisen. Consequently, parts and products are easier to share and track — leading to smarter digital supply networks and supply chains. Using blockchain to support these evolving infrastructures can eliminate security vulnerabilities, protect intellectual property from theft, and streamline project management, ultimately helping the 3D printing and additive manufacturing sectors to grow and scale.
The blockchain-based platform registers and tracks 3D-printed parts for a more secure and tamper-proof record. Validating their identities, their quality of work, and their dependability can be difficult and time-consuming. A blockchain-based ecosystem could help solve this challenge by making it simpler for general contractors to verify identities and track progress across multiple teams.
Blockchain technology could also help ensure construction materials are sourced from the right places and are of the appropriate quality, while smart contracts may make it simpler to automatically issue timely payments linked to project milestones. For instance, Amsterdam-based construction company HerenBouw used a blockchain to document transactions over the course of a large development project in the city, creating a more accurate, auditable record of the orders placed and paid out.
Real estate Pain points for buying and selling property include a lack of transparency during and after transactions, copious amounts of paperwork, possible fraud, and errors in public records. Blockchain offers a way to reduce the need for paper-based record keeping and speed up transactions — helping stakeholders improve efficiency and reduce transaction costs on all sides of the transaction.
Real estate blockchain applications can help record, track, and transfer land titles, property deeds, liens, and more, and can help ensure that all documents are accurate and verifiable. Propy is seeking to offer secure home buying through a blockchain-based smart contract platform.
All documents are signed and securely stored online, while deeds and other contracts are recorded using blockchain technology as well as on paper. Tech startup Ubitquity offers a Software-as-a-Service SaaS blockchain platform for financial, title, and mortgage companies. The company is working with Washington-based Stewart Title, among other stealth clients, to record documents and create token-based property titles using blockchain tech.
When merged with virtual reality and gaming, blockchain is making it possible to buy virtual land. On the metaverse gaming platform Decentraland, individuals and businesses alike have paid record sums for a piece of digital real estate. Energy management Energy management is another industry that has historically been highly centralized. In the US and UK, to transact in energy one must either go through an established power holding company like Duke Energy or National Grid or deal with a reseller that buys from a big electricity company.
As with other industries, distributed ledgers could minimize or eliminate the need for intermediaries. Companies like LO3 Energy are rethinking the traditional energy-exchange process. Other companies have used blockchain as a path toward providing access to renewable energy, too.
For example, 2 major Spanish power companies — Acciona Energy and Iberdrola — are using blockchain to certify that energy is clean by tracking its origins. A blockchain-based solution could help optimize recycling systems that are already in place. Many companies are popping up to incentivize recycling.
The Plastic Bank offers money or digital tokens in exchange for used plastic and is working with IBM to expand its recycling solution globally. W2V Eco Solutions is a more localized platform that allows communities to reward people who properly sort their recycling with coins. For example, the Abu Dhabi National Oil Company uses a blockchain-based system to securely and automatically track production quantities and execute transactions during different stages of oil and gas production, from the production side to the customer side.
This reduces the time it takes to complete transactions, and it also improves transparency. This includes triggering automated payments to vendors and providing authenticated, immutable records that aid with dispute resolution. Healthcare Health information exchanges Healthcare institutions suffer from an inability to securely share data across platforms. Better data collaboration between providers could ultimately mean more accurate diagnoses, more effective treatments, and more cost cost-effective care.
The use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity. HealthVerity is one of the players in this space, combining a health data exchange with a blockchain product to manage permissions and access rights.
Others are working to better manage provider information using blockchain tech. By sharing this provider information with each other, these companies can reduce work, since data is stored and updated in a shared, accessible database. Such visibility will also help with identifying any vaccine batches that need to be recalled in an adverse event.
Governments in Malaysia and Singapore are already employing blockchain to authenticate vaccine certificates, using systems that can trace the exact vaccine batch of the vial used for an individual. Genomics Genomics researchers perform computations on massive datasets, which are typically stored in centralized, cloud-based repositories. As with anything centralized, this storage practice presents the risk of a single point of failure, placing sensitive information in jeopardy in the event of a data breach.
It also puts one entity in control of the personal genomic data of millions of people. As climate scientists learned after the US elections, such control can be detrimental, as political views and shifting legislation can threaten the availability of scientific data. To solve these problems, the genomics sector is taking inspiration from the concept of computational grids, which are used to mine Bitcoin. Ethereum-based Zenome uses computational and storage nodes in its system to perform bioinformatic analyses.
Users of the system pay the nodes for their service. Users who upload their information to the blockchain may sell temporary or permanent access to their data to entities like pharmaceutical companies. EncrypGen lets people upload their raw DNA data files and strips away personal identifiers and sensitive information. People can sell these files on the Gene-Chain marketplace, which accepts various cryptocurrencies.
EncrypGen also has its own token named DNA. Although this project is a novel use case, it comes with practical applications. Claims management The back end of healthcare is slow, complex, and expensive. Blockchain, aligned with data standards, has the potential to speed up some of these processes and reduce costs. One area where this might be possible is in claims management, where several middlemen are focused on standardizing data, as it involves complex and variable procedures.
Doctors need to know how much to charge a patient. And everyone wants to know where in its lifecycle a claim currently is. Change Healthcare , for example, has built a system, called Intelligent Healthcare Network, that follows the life cycle of a claim, tracking every transaction listed above data submitted for review, the review itself, approval or denial, etc.
The company has also improved the speed and scalability of processing transactions, which has been a bottleneck in many public blockchain projects. Change Healthcare says it facilitates up to 50M transactions daily on the network, averaging transactions per second. Using a blockchain ledger can create a more efficient system, opening the door for faster innovation, better-regulated production, and smarter medical data security.
Blockchain can also enforce safer drug production. If errors are made, they can be caught and traced to the source. Chronicled , for example, launched the MediLedger Network with several large drug companies and drug supply chain giants in The project uses a blockchain-based system to track who touched what drug at what time to verify pharmaceutical returns. In July , MediLedger announced plans to partner with Deloitte to expand its solution to help track and combat counterfeit Covid drugs.
Effective research and clinical trials require the coordination of multiple sites and stakeholders as well as careful management of massive amounts of sensitive data coming from different sources. One important function blockchain could fulfill is connecting disparate data within a study, which frequently takes place across different research facilities and is administered by different researchers.
This would prevent the need to reconcile separate databases to create a traceable record of what a participant did. Once a study is finished, there would be an easily accessible audit trail that could be submitted to regulatory parties, auditors, or other researchers a job usually handled by electronic trial master files.
Some governments are taking it upon themselves to realize the benefits of blockchain. For example, the Swedish Land Registry has explored the use of blockchain for land registration, potentially eliminating fraud and reducing ownership disputes. It has also tested the use of smart contracts to execute property sales. Illinois, Vermont, and other states in the US have since announced similar initiatives. Startups are assisting in the effort as well — in Eastern Europe, the BitFury Group has partnered with the Georgian government to secure and track government records.
In the future, blockchain tools could serve as a foundational infrastructure for casting, tracking, and counting votes — potentially eliminating the need for recounts by taking voter fraud and foul play off the table. By capturing votes as transactions through a blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added.
One blockchain voting startup, Follow My Vote , released into the public domain its patent-pending end-to-end blockchain voting solution. Agora , another startup, is developing a blockchain-based method for casting votes. The technology aims to prevent election fraud by using a custom blockchain record.
The platform was tested in a limited capacity during elections in Sierra Leone in and showed results close to those from official tallies. If gun possession-related information was logged and connected through blockchain, it would be possible to track where weapons came from in the event of unlawful use. Long term, other opportunities exist in creating public-private partnerships around such information, such as linking existing No Fly List information to blockchain transaction records to more effectively prevent unlawful gun purchases.
Law enforcement In police investigations, maintaining the integrity of the chain of evidence is paramount, so a distributed, hard-to-falsify record kept via blockchain could provide an added layer of security to the evidence-handling process. In addition, blockchain can be leveraged for flagging certain kinds of transaction patterns — giving police a heads up when an individual engages in suspicious financial activity.
Startups are innovating to bring these benefits to law enforcement. Chronicled is developing sealable, tamper-proof containers with near-field communications chips that register container contents through a blockchain system — creating an ideal solution for evidence management in law enforcement.
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