Host Whale COM Private Limited

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Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently. We've rounded up 30 examples of real-world blockchain use cases for this pragmatic yet revolutionary technology. It's far from an exhaustive list, but they're already changing how we do business. 13 PROMINENT BLOCKCHAIN APPLICATIONS TO KNOW • Secure sharing of medical data • NFT marketplaces • Music royalties tracking • Cross-border payments • Real-time IoT operating systems • Personal identity security • Anti-money laundering tracking system • Supply chain and logistics monitoring • Voting mechanism • Advertising insights • Original content creation • Cryptocurrency exchange • Real estate processing platform Smart Contracts Use Cases Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all parties involved in a way not possible with traditional agreements. This saves businesses time and money, while also ensuring compliance from everyone involved. Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits. Below are a few examples of how companies are using blockchain to make contracts smarter. BURSTIQ Industry: Healthcare Location: Denver, Colorado How it's using blockchain: BurstIQ’s big data blockchain contracts help patients and doctors securely transfer sensitive medical information. The smart contracts establish the parameters of what data can be shared and even displays details of personalized health plans for each patient. Money Transfer Use Cases Pioneered by Bitcoin, cryptocurrency transfer apps are exploding in popularity right now. Blockchain is especially popular in finance for the money and time it can save financial companies of all sizes. By eliminating bureaucratic red tape, making ledger systems real-time and reducing third-party fees, blockchain can save the largest banks $8-$12 billion a year, according to a recent article by ComputerWorld. We’ll take a deeper dive into four companies using blockchain to efficiently transfer money. CHAINALYSIS Industry: Fintech, Cryptocurrency, Cybersecurity Location: New York, New York How it's using blockchain: Chainalysis builds tools to help financial institutions and governments monitor the exchange of cryptocurrencies. The company’s due diligence software monitors and detects fraudulent trading, laundering and compliance violations, and builds trust in blockchain. CHAIN Industry: Fintech, Cloud Location: San Francisco, California How it's using blockchain: Chain builds cloud blockchain infrastructures for financial services. The San Francisco company’s cryptographic ledgers help financial institutions safely and efficiently handle the transfer of cryptocurrencies. What are Smart Contracts and how do they work? As you learned in the Beginners’ section of the Academy, smart contracts fundamentally act as the fuel for the growth of the Ethereum network in line with the goal of Ethereum to further advance use cases for blockchains. A smart contract is a self-enforceable, digital representation of a traditional contract The idea behind smart contracts was introduced by Nick Szabo in 1994 to decrease the level of risk for contracting parties The Ethereum Network popularised smart contracts at scale A smart contract is the foundation containing the fundamentals of each ICO Ethereum smart contracts are self-enforceable, immutable contracts written in computer code. Mental transaction costs and market translators Szabo argued that mental transaction costs - namely the thought processes of a consumer before making a buying decision - posed a much greater hurdle in agreeing on terms behind a contract than computational transaction costs. Mental transaction costs are caused by an evaluation by a party of whether something is worth buying in the first place. Smart contracts solve this dilemma because they are coded to respond to the environment according to certain contractual terms such as price signals, preferences of customers or any kind of event desired. So-called market translators in their most basic form obtain market prices automatically and input partial user preferences before “translating” the “source contract” into the “target contract”. Szabo outlines this in the analogy of Alice and Bob negotiating via market translators based on their preferences and market prices, until the smart contract is executed. Use cases of smart contracts Thus a smart contract consists of code that self-executes once certain conditions are met.

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