5 Industries that Blockchain will Disrupt | Blockchain Technology | Blockchain Future | Simplilearn
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The document discusses various applications of blockchain technology across different sectors, including banking, healthcare, supply chain management, and government. It highlights the benefits of blockchain such as peer-to-peer transactions, enhanced security, transparency, and traceability, effectively eliminating the need for central authorities and reducing costs. Additionally, it explores specific examples like cryptocurrency applications, voting systems, and supply chain verification, emphasizing the transformative potential of blockchain in modernizing traditional processes.
5 Industries that Blockchain will Disrupt | Blockchain Technology | Blockchain Future | Simplilearn
- 2. What’s in it for you? Banking Cyber Security Supply Chain Management Healthcare Government
- 4. Banking Suppose you’re in San Francisco and want to send money to your friend You Friend $90 Bank (central Authority) $100 Transaction Fee: $10
- 5. Suppose your in San Francisco and want to send money to your friend You Friend Bank (central Authority) $100 $90 Transaction Fee: $10 Banking Blockchain is disrupting this system by providing a peer to peer payment system with high security and low fees Transfer fees can be both expensive and time-consuming Also, sending money overseas becomes even more complex due to the exchange rate and other hidden fees involved
- 6. Suppose your in San Francisco and want to send money to your friend You Friend Bank (central Authority) $100 $90 Transaction Fee: $10 Banking Where, a peer to peer payment system Eliminates the need of central authorityTransfer fees can be both expensive and time-consuming Also, sending money overseas becomes even more complex due to the exchange rate and other hidden fees involved
- 7. Suppose your in San Francisco and want to send money to your friend You Friend Bank (central Authority) $100 $90 Transaction Fee: $10 Banking • Blockchain technology provides fast, cheap and borderless payments across the world
- 8. Suppose your in San Francisco and want to send money to your friend You Friend Bank (central Authority) $100 $90 Transaction Fee: $10 Banking • Blockchain technology provides fast, cheap and borderless payments across the world • Cryptocurrencies (like bitcoin) eliminates the need for a third party to make transactions
- 9. Suppose your in San Francisco and want to send money to your friend You Friend Bank (central Authority) $100 $90 Transaction Fee: $10 Banking • Blockchain technology provides fast, cheap and borderless payments across the world • Cryptocurrencies (like bitcoin) eliminates the need for a third party to make transactions • Blockchain records all the transactions in a decentralized ledger which is publicly accessible by bitcoin users
- 10. Banking A cryptocurrency application called Abra provides peer to peer money transfers For example,
- 11. Banking A cryptocurrency application called Abra provides peer to peer money transfers With this application, users can store, transfer and receive their digital money on their mobile phones or PCs For example,
- 12. Banking The recipient can withdraw cash from the app via a Abra teller A cryptocurrency application called Abra provides peer to peer money transfers With this application, users can store, transfer and receive their digital money on their mobile phones or PCs For example, Note: Users are not required to have a bank account to use this service
- 14. Cyber Security Looks like my data got modified At a corporate
- 15. Cyber Security Looks like my data got modified At a corporate Tampering the data wasn’t difficult A day before the incident
- 16. Looks like my data got modifiedAt a corporate Tampering the data wasn’t difficult A day before the incident Cyber attacks are great threats to the public. It’s essential to develop an effective solution to secure our data against unauthorized access and tampering Cyber Security
- 17. Cyber Security Blockchain is a decentralized system, which makes it suitable for environments where high security is required Blockchain
- 18. Cyber Security Blockchain is a decentralized system, which makes it suitable for environments where high security is required All the information stored on the bitcoin networks are verified and encrypted using a cryptographic algorithm Blockchain Which leads to no single point of entrance for a wide-scale attack
- 19. Cyber Security Blockchain is a decentralized system, which makes it suitable for environments where high security is required All the information stored on the bitcoin networks are verified and encrypted using a cryptographic algorithm Blockchain With blockchain, it’s easy to identify malicious attack due to the peer-to-peer connections where data cannot be altered or tampered
- 20. Cyber Security Blockchain is a decentralized system, which makes it suitable for environments where high security is required All the information stored on the bitcoin networks are verified and encrypted using a cryptographic algorithm Blockchain By eliminating the central authority, blockchain provides a transparent and secure way of recording transactions (without disclosing your private information to anyone) With blockchain, it’s easy to identify malicious attack due to the peer-to-peer connections where data cannot be altered or tampered
- 21. Cyber Security For example, a software company called Guardtime secures its data using blockchain technology
- 22. Cyber Security Instead of following the traditional (centralized) system, the company utilizes blockchain technology and distributes data to the nodes across the system B C A Nodes of bitcoin users D E f Distributes data Data For example, a software company called Guardtime secures its data using blockchain technology
- 24. Supply chain Management Place an order for food 1
- 25. Supply chain Management Get the delivery of food Place an order for food 1 2
- 26. Supply chain Management Get the delivery of food Surprised with poor food quality Place an order for food 1 2 3
- 27. Supply chain Management Delivery of food Poor food qualityPlace an order for food blockchain technology can facilitate traceability across the entire process of a supply chain
- 28. Supply chain Management Example of supply chain management Farmer
- 29. Supply chain Management Example of supply chain management ProductionFarmer
- 30. Supply chain Management Example of supply chain management DistributorProductionFarmer
- 31. Supply chain Management Example of supply chain management Distributor RetailerProductionFarmer
- 32. Supply chain Management Example of supply chain management Distributor Retailer PurchaserProductionFarmer
- 33. Supply chain Management Example of supply chain management Distributor Retailer PurchaserProductionFarmer In supply chain management, blockchain provides permanent transparency and validation of transactions shared by multiple supply chain partners
- 34. Supply chain Management In a supply chain management, blockchain provides permanent transparency and validation of transactions shared by multiple supply chain partners Food processor Distributor Retailer PurchaserFarmer All blockchain Entries are permanent and transparent which makes it easy for a customer to view the transaction history for the product he/she purchased
- 35. Supply chain Management In blockchain, transactions are recorded in a decentralized distributed ledger
- 36. Supply chain Management In blockchain, transactions are recorded in a decentralized distributed ledger • Each transaction is recorded in to a block Transaction Block Note
- 37. Supply chain Management In blockchain, transactions are recorded in a decentralized distributed ledger • Each transaction is recorded in to a block • With blockchain, anyone can verify authenticity or status of a product being delivered Note Verifying status of a product Blockchain
- 38. Supply chain Management Blockchain technology can be used for seafood verification, where it can track seafood from ocean to market
- 39. Supply chain Management Blockchain technology can be used for seafood verification, where it can track seafood from ocean to market Consider an example of Pacific Tuna project
- 40. Supply chain Management Blockchain technology can be used for seafood verification, where it can track seafood from ocean to market Where the blockchain supply chain management provides step by step verification process to track tuna fish Verification process Fishing details Consider an example of Pacific Tuna project Exporting and importing details Purchasing details Block 1 Block 2 Block 3
- 41. Supply chain Management Blockchain technology can be used for seafood verification, where it can track seafood from ocean to market Where the blockchain supply chain management provides step by step verification process to track tuna fish Verification process Fishing details Consider an example of Pacific Tuna project Exporting and importing details Purchasing details Block 1 Block 2 Block 3 The process results in preventing illegal fishing
- 42. Healthcare
- 43. Healthcare In a hospital, Hi, I need my reports for the medical test I did yesterday Receptionist Patient
- 44. Healthcare In a hospital, Hi, I need my reports for the medical test I did yesterdayPleaseWait Receptionist Patient
- 45. Healthcare Sorry for the delay After 4 hours, Receptionist Patient
- 46. Healthcare Sorry for the delay After 4 hours, Receptionist Patient Apart from the delay, have you realized that any person who has access to the system can corrupt the data since the information is stored in the physical memory of a system
- 47. Healthcare • Blockchain eliminates a central authority which results in a rapid access of data Blockchain Rapid access of data
- 48. Healthcare • Blockchain eliminates a central authority which results in a rapid access of data • Here, each block is connected to another block and distributed across the nodes. This makes difficult for a hacker to corrupt the data Blockchain Data tampering impossible
- 49. Healthcare Another major problem in healthcare is counterfeit medication
- 50. Healthcare Another major problem in healthcare is counterfeit medication Problem Counterfeit medicines are difficult to distinguish from real medicines Answer Blockchain can solve this problem with supply chain management where the medicine provenance can be traced
- 51. Healthcare For example, United Healthcare has improved its privacy, security and interoperability of medical records using blockchain
- 52. Governments
- 53. Governments Traditional voting process Electoral fraud is an illegal activity that takes place during most traditional voting systems Vote
- 54. Governments Traditional voting process VoteQueue Also, Citizens who want to vote must wait in a queue and cast their vote to a local authority, which can be very time consuming
- 55. Governments Why not bring this process online? online voting systems fail due to the lack of security issues Digital Vote
- 56. Governments Why not bring this process online? Some have tried but online voting system failed due to lack of security issues Blockchain can be used to solve these issues Digital Vote
- 57. Governments Why not bring this process online? Some have tried but online voting system failed due to lack of security issues it can be used for counting votes and verifying voters Digital Vote
- 58. Governments Using blockchain, Voters can submit their votes without revealing their identity in public Digital Vote
- 59. Governments Using blockchain, Without revealing the identity in public, voters can submit their vote Fake votes cannot be created as data tampering is impossible in a blockchain Digital Vote Voters can submit their votes without revealing their identity in public Officials can count votes with absolute accuracy knowing that each ID can be attributed to just one vote
- 60. Voters can submit their votes without revealing their identity in public Governments Officials can count votes with absolute accuracy knowing that each ID can be attributed to just one vote Using blockchain, Once your vote is added to the ledger, the information can never be erased Digital Vote
- 61. Governments MiVote is a token based blockchain platform which is similar to a digital ballot box Using MiVote, through a smartphone or PC, voters can cast their votes After the verification process, the vote gets recorded in the blockchain With blockchain, in voting, voter identities are secured and results cannot be modified Vote BlockchainLet’s consider an example of MiVote,
- 62. Governments MiVote is a token based blockchain platform which is similar to a digital ballot box After the verification process, the vote gets recorded in the blockchain With blockchain, in voting, voter identities are secured and results cannot be modified Vote BlockchainLet’s consider an example of MiVote, Using MiVote, through a smartphone, voters can cast their votes
- 63. Governments MiVote is a token based blockchain platform which is similar to a digital ballot box After the verification process, the vote gets recorded in the blockchain With blockchain, in voting, voter identities are secured and results cannot be modified Vote BlockchainLet’s consider an example of MiVote, Using MiVote, through a smartphone, voters can cast their votes
- 64. Governments MiVote is a token based blockchain platform which is similar to a digital ballot box Using MiVote, through a smartphone, voters can cast their votes After the verification process, the vote gets recorded in the blockchain By using blockchain for voting, voter identities are secured and results cannot be modified Vote BlockchainLet’s consider an example of MiVote,
- 65. Governments Not only with Digital identity and voting
- 66. Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries
- 67. Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries With blockchain, fast and secure registry process of any asset (automobile, land etc.) is possible
- 68. With blockchain, fast and secure registry process of any asset (automobile, land etc.) is possible Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries Notary
- 69. With blockchain, fast and secure registry process of any asset (automobile, land etc.) is possible Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries Notary Utilizing blockchain technology with the notary’s seal can be a faster way to prove a document’s authenticity
- 70. Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries Notary Tax With blockchain, fast and secure registry process of any asset (automobile, land etc.) is possible Utilizing blockchain technology with the notary’s seal can be a faster way to prove a document’s authenticity
- 71. With blockchain, fast and secure registry process of any asset (automobile, land etc.) is possible Utilizing blockchain technology with the notary’s seal can be a faster way to prove a document’s authenticity Governments Not only with Digital identity and voting But blockchain is also useful in Digital asset registries Notary Tax Deploying blockchain can result in quicker tax payments, lower rates of tax evasion and lesser efforts in tax auditing
- 72. Governments Blockchain can increase security and transparency in governmental systems By 2020, Dubai hopes of becoming a 100% blockchain government by making all of its government services available on the blockchain technology Did you know? Add backgroun d of dubai and give animation to board
- 73. Bonus
- 74. Bonus Insurance With blockchain’s decentralized system, insurance companies can identify false claims and prevent forgeries
- 75. Bonus Insurance Transportation Utilizing Blockchain enables traceability in the transportation industry where shipment of goods can be easily tracked With blockchain’s decentralized system, insurance companies can identify false claims and prevent forgeries
- 76. Bonus Note: Storj is a decentralized cloud storage Cloud Storage • By eliminating servers, Storj utilized blockchain to securely store it’s data in the cloud • With high speed and low cost, users can earn money by sharing their extra hard drive space on the Storj network
- 77. Bonus Note: Storj is a decentralized cloud storage Cloud Storage Real Estate Deploying Blockchain technology in real estate increases the speed of conveyance process and eliminates the necessity for money exchanges • By eliminating servers, Storj utilized blockchain to securely store it’s data in the cloud • With high speed and low cost, users can earn money by sharing their extra hard drive space on the Storj network