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Use cases of blockchain

The Most Popular Use Cases of Blockchain

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Your contact with blockchain may be limited to payment transactions and cryptocurrency, as this is one of its most frequent applications. We may not be aware of it, but blockchain has entered each and every pore of our world. It reached even the most distant places on earth. This technology is already saving lives and economies across the globe. The estimates are that very soon, blockchain will become irreplaceable part of our lifestyle and the functioning of our daily routines. These are some of the most popular use cases of blockchain.

Preventing Identity Theft

How many times have you shared sensitive personal data online? Starting from various institutions to job applications and social media platforms, there are many subjects that ask for personal data of their clients or applicants.

For years we have been sending the information without being aware how dangerous this can be. When blockchain emerged, things changed drastically. However, many people are still kept out of the loop when it comes to the most popular use cases of blockchain.

Everyone’s digital identity is in danger. One of the reasons is because we leave personal information to centralized entities for safe keeping. These are usually third-party services and applications to whom we give consent to use our data.

With blockchain, each individual becomes the safe keeper of his or her own data. This is possible because blockchain provides the opportunity to store the digital information in an encrypted digital hub. Moreover, an individual controls the access to the hub. Therefore, anyone can decide who can see his or her personal information. Furthermore, blockchain also stores the information about every access providing full control and transparency.  Every person who stores the information on blockchain can also revoke access. All this enables the person to be in control over the way their personal data is used.

Revolutionizing Supply Chain Management

Supply chain management has transformed significantly since the introduction of blockchain in supply chain management. We wrote about this previously, and this is just one of the examples.

Improving Health Care

There is a thing called medical supply chain. With blockchain, there are no doubts regarding someone’s medical conditions, as records are always neat and accurate. Furthermore, patients have the power to either allow or restrict the access to their medical data.

Additional advantage is that blockchain provides tracking of all medicines through all of the stages of production and prescription.

Decentralizing Energy Market

This particular use case of blockchain aims for enabling users to profit from production and sales of the energy. We have explored this intriguing topic for you to read.

Decentralizing energy market is interesting because it should eventually introduce the force of demand and supply when it comes to prices. This actually means that people will be able to produce their own electricity as well as to buy at commercially justified prices.

Blockchain race

Blockchain Race Between China and USA

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“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.” – Edith Cheung, partner at Proof of Capital

Blockchain race between China and USA has started a long ago. Both countries did their best to embrace the new technology and put it to the best possible use. However, the latest data from the research company Astamuse claim that China took the lead in this race.

Where Is China on the Crypto Map?

China has developed 3 times more blockchain applications than the US. Sounds odd, I know. But it is a fact.  How is that even possible in a country that has imposed ban on trading in foreign currencies, for instance?

Interestingly, China has passed a long way when it comes to developing new technologies and their applications in many fields. The adoption of Bitcoin stirred a debate. Nevertheless, the latest news show that China has passed the first law regulating cryptography. This law will come into effect on January 1st, 2020. It stipulates the role of a new cryptographic agency that will regulate guidelines in the field of blockchain.

According to crypto analysts, the mentioned law should create the firm background for the launch of China’s official crypto currency. There are still no exact data on when this would happen, let alone the details of the currency itself. Nevertheless, it seems to be the ultimate goal.

Reactions From the US

Maybe you remember that Mark Zuckerberg officially stated the following while discussing the launch of the Libra Coin:

“China is moving quickly to launch a similar idea in the coming months. We can’t sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate.”

How Does it Concern Blockchain Applications?

When it comes to embracing blockchain and its possible uses in various industries, the USA and China are fighting a battle. Namely, both countries have entered a race with China seemingly taking the lead.

Reportedly, there are 32,000 companies in China that have incorporated blockchain to their businesses. The exact information as to whether this is completely true is not available. On the other hand, what we do know is that Alibaba, for example, has 512 registered blockchain patents. This retail company is at the very top of entities using blockchain successfully. The UK company called nChain took the second place with 468 applications. The IBM came in third with 248. The data was compiled by Innography and NGB.

What it comes down to is that China has three times more blockchain patents and applications than the US. Moreover, the situation is changing with incredible speed. We wrote about the similar topic in July. If we compare the numbers of patents, we will see the immense increase in just a few months’ time.

Do you think the USA should do their best to overthrown China in the blockchain race?

Volvo and Oracle blockchain

Volvo and Oracle Blockchain Teamed Up

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The safest car in the world is on a new mission of setting new standards. Incorporating parts that have been manufactured in ethical way is of utmost importance when Volvo is concerned. In order to secure the complete transparency in the production and supply chain and to satisfy the highest quality standards, Volvo and Oracle blockchain teamed up.

Setting the Standards

Volvo has already achieved the status of one of the most reliable cars in the world. They have put safety first and it paid out. Today, Volvo continues raising bars for other players. Namely, the company decided to continue to act in line with their politics so far. Therefore, they turned to not just preserving the environment but becoming socially aware.

On the heels of the success with their first fully electric vehicle XC40 Recharge, Volvo decided to join forces with Oracle blockchain. The goal is to track the production of cobalt. Volvo uses cobalt for the batteries that they incorporate in electric vehicles.

Putting Social Awareness First

As Volvo reportedly plans to make half of their production line electrical up to 2025, they need a lot of cobalt. And when we say “a lot”, we mean it. The interesting fact about electric cars is that each car battery requires between 10 kg and 20 kg of cobalt. Major supplies of cobalt come from the Democratic Republic of Congo.

The difficulties which Volvo faced included the fact that child labor is a widely spread phenomenon in Congo. Daily wages go as low as $1 a person. This was completely unacceptable for a socially aware company, such as Volvo.

The way they decided to solve this issue is to introduce blockchain in the supply chain of cobalt. That way, each step of the mining, handling, production, supply, and transport of cobalt is recorded onto blockchain. The details that blockchain keeps are transparent and immutable. In case anyone trie sto change any of the details regarding the supply process, that information would be visible.

Transparency of Supply Chain

Mark Rakhmilevich, Senior Director of Blockchain Product Management at Oracle reportedly stated:

“Volvo is ensuring that their supplies of cobalt are clear and safe from unethical issues by tracing raw materials on the Oracle blockchain. We’ve been working with Volvo since this summer to implement a material tracking application that captures data relevant to different points in the manufacturing process.”

By doing so, Volvo will have direct input to the cobalt’s origin, weight and size, the chain of custody and confirmation whether the behavior of all participants in the process is in line with globally recognized supply chain guidelines.

How important the process of manufacturing is to you, from the consumer ’s point of view?

4-day workweek

Microsoft Promoted 4-Day Workweek

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Not too many companies have expressed willingness to make workweek a day shorter. Those that did, achieved tremendous results. It was fascinating to see that Microsoft Promoted 4-day workweek in none other country than Japan! Whether this trend will become dominant in years to come, we are yet to see. However, things appear to be changing for the better in some parts of the world, to both workers’ and employers’ satisfaction.

The Japan Experiment

Back in July this year, Microsoft reportedly conducted a sort of an experiment in its Japan office with 2,300 employees. Namely, the company introduced 4-day workweek allowing workers to have Friday and weekends as days off. The idea came from the founder of New Zealand company, Perpetual Garden, Mr. Andrew Barnes. This company switched permanently to 4-day workweek last year, as it proved to be beneficial.

The results in Microsoft were quite measurable. Reportedly, the company recorded 40% increase in productivity when comparing with the same period a year before. They concluded that shorter workweek motivates employees to work harder and complete tasks. Special motivation comes from knowing they would recharge in the following 3 days. That way, days off come as a reward.

Moreover, Microsoft noted that with shorter workweek, the electricity costs are lower by 23%. Simultaneously, the Japanese printed 60% less paper documents during the experiment. Most importantly, 92% of employees reported they were happy with 4-day workweek.

Microsoft has purportedly announced another round of experiments that should take place during this winter. This time, they would explore other ways to make work more flexible and rate the productivity later on.

What’s the Story in the USA?    

The workers in America officially work the longest hours in the world. The 40-hour workday was a standard set a long time ago. Paradoxically, the Americans appear to be working longer hours today in spite of tech development. There are less tasks that we do manually today. Nevertheless, we work longer than before.  Almost half of workers in the US work overtime. We should also be aware that there are many situations when working long hours is not paid properly.

Software companies are among the rare ones that apply flexibility in many forms. Whether it’s flexible working hours, or other benefits, such as health care package, unlimited vacation policy , work from home, or higher salaries, or all of this combined, their employees are usually satisfied. It has been estimated that nearly one third of companies worldwide are offering the mentioned benefits to their employees. Apparently, they have experienced better productivity that way.

Aiming for higher productivity, lower costs and less time spent in the working process still appears to be a fairy tale for many employers. However, the voices that advocate shorter workweek are becoming stronger. The whole point of tech application is to make our lives easier and more fruitful. The trends in various tech fields all have one thing in common – to make any kind of process quicker, almost instant, while providing reliable results. If our civilization has achieved such developmental stage that we can afford this on micro level, testing it globally would be the next step.

The question that inevitably comes to everyone’s mind is: why the country with one of the greatest industries in the world cannot afford the reform of this kind?

Looking forward to hearing your thoughts.

Blockchain improves health care

How Blockchain Improves Health Care

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It would be a shame if we do not use the benefits of blockchain in medicine. Having in mind the fact medicine is one of the most important fields for preservation of life, blockchain should be a must. How blockchain improves health care is the topic of the day.

Health Care in the USA

At the moment, the health care system relies on communication between patients and doctors, as well as on communication and exchange of files between general physicians and specialists. The statistics provided by Organization for Economic Co-operation and Development (OECD) show that specialists mainly rely on data which they receive through regular traditional channels. This means that roughly one third of specialists does not question the information received from general physicians.

On the other hand, the majority of specialists think that the information they receive from general physicians do not contain all the necessary details, or that are not fully justified.  The percentage of errors in assessment goes as high as 80%. Would you gamble against these odds?

The USA is the leading country in health care spending. In 2018 only, the average American spent approximately $11,212 on health care, and the numbers are constantly rising. Paradoxically, on average, the Americans live 3 years shorter than people in other high-income countries.

The Blockchain Revolution in Health Care

Blockchain has one main goal: to decentralize and make every process more secure, faster and easier. Health care system should not be any different.

Once blockchain involves heavily in medicine, the estimates are that health care should become more affordable and easily accessible. Additionally, the exchange of information should be instant. Blockchain improves health care, undoubtedly. In what way, you may ask?

Patients should be allowed to choose the parties having access to those medical records. Such exchange of information provides for interventions done in timely manner. Furthermore, blockchain can enable the medical staff to track the healing progress of their patients in real time. Blockchain improves health care, but it also benefits the pharmaceutical industry and patients simultaneously. It sounds strange, I know. However, when you come to think about it, blockchain can track prescription drugs and give input to how many prescriptions have actually been filled out.

Basically, blockchain can make a big part of our lives easier to handle. Above all, it can show how involved each and every one of us can be when it comes to our health. Maybe the biggest advantage of blockchain-based system is the opportunity to get the system work for an individual, not the vice versa.

Do you think health care in the US should change drastically?