THE TOP 5 OUT OF THE BOX USE CASES SET TO CAUSE A RENAISSANCE IN THE TECHNO SEGMENT - PowerPoint PPT Presentation

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THE TOP 5 OUT OF THE BOX USE CASES SET TO CAUSE A RENAISSANCE IN THE TECHNO SEGMENT

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Block chain technology is the promise of a reliable future that is set to cause a renaissance in the technology landscape. The several innovative uses of block chain are impacting the systems in unbelievable ways. – PowerPoint PPT presentation

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Title: THE TOP 5 OUT OF THE BOX USE CASES SET TO CAUSE A RENAISSANCE IN THE TECHNO SEGMENT


1
THE TOP 5 OUT OF THE BOX USE CASES SET TO CAUSE A
RENAISSANCE IN THE TECHNO-SEGMENT
2
  • Block chain isnt just the new cool word
    any more. Instead of being a fad that would dry
    down someday, Block chain is dazzling the techno
    landscape with some promising out of the box use
    cases. It is a renaissance in the technology
    pool, that doesnt create mere ripples, but is
    set forth to bring about a new churn of
    whirlpools- with an everlasting effect.
  • Block chain, as a foundational
    technology, is creating paradigm shifts in
    sharing of transactional data. The outcome is a
    redefined business process that saves a lot of
    time, efforts and money. Block chain technology
    is decentralized, distributed, immutable and
    transparent- as it allows authorized parties to
    view any entry or transaction, made by anyone in
    the network, in the data stored on thousands of
    servers.

3
  • Below are the five most interesting and
    innovative use cases of Block chain technology
  • 1.     International Currency Exchange
  • There are several issues plaguing the
    international remittances, like transfer cost on
    the higher side, risks involved in transactions,
    inadequate methods available for money
    distribution, and requirements of high liquidity
    etc. Thanks to its decentralized and transparent
    nature, Block chain technology has emerged as a
    safer and more reliable method of settling
    international remittances. Bitcoin type digital
    currencies and Ripple styled platforms are being
    favoured by several banks to perform
    international transactions.
  •  

4
  • 2. Smart contracts
  • Smart contracts, one of the most
    innovative applications of Block chain
    technology, is facilitating hassle free seamless
    transactions. Smart contracts are self automated
    applications of computer programs that run on
    block chain technology platforms, like Ethereum.
    Smart contracts are free from loop holes, third
    party interventions, censorship, fraud and wear
    down time.
  • 3.Audit trails
  • Untampered documents, records of
    conversations and data is crucial for any
    accounting and law firm. Block chain technology,
    in form of its break in proof secure storage,
    ensures that all the files and documents are
    stored safely without any risk of unauthorized
    access or tempering. Whether encrypted or
    unencrypted, the data thus stored is immutable
    and unalterable.

5
  • 4.     E-Voting
  • The present system of electronic voting
    is secure but not infallible. The entire e-voting
    system is centralized, which means, there is one
    supplier that controls all the databases and
    codebase. This makes the present e-voting system
    unreliable as it doesnt provide the open source
    desired from it. E-voting- enforceable through
    block chain technology can bring in the desired
    transparency and reliability, wherein, voting
    records are uploaded and stored in the reliable
    immutable block chain data storages. Thus, the
    trustworthiness of voting can be maintained.

6
5.Supply Chain Management and Communication
Modern day businesses arent single entity
anymore. It is the multiple partners
business scenario where B2B communications are
an integral part of the package. It is an
ecosystem where businesses survive by
cooperating, partnering and entering business
liaisons with each other. For instance, if we
look through Designs and Branding Strategy of a
retail outlet which is a part of supply chain
system, several big- small businesses supply a
wide range of items to the retail store that
sells it under one roof. Same is the case with
mobile manufacturing companies, which source
several parts from various vendors, and assembles
them all under one roof to make a mobile. Supply
chain ecosystem requires stringent surveillance,
regular checks and tough regulations as it is
prone to thefts and frauds.
7
  • Integrating block chain technology into this
    ecosystem is highly beneficial as it provides
    unalterable records of status of each product.

8
  • As per Web Design and Development Company
    Block chain technology is a vast sea with
    plethora of options for innovative uses. Its
    numerous reliable applications can bring about a
    revolution in the existing transaction systems.
    These are just five uses- the sea is wide open
    and companies will be casting their nets, as far
    and wide as they can, in the coming future. Block
    chain technology is the promise of a reliable
    future!

9
Related Article 1. CRYPTO CURRENCY A BRIGHT
FUTURE OR JUST A FAD? 2. UNDERSTANDING THE
CONCEPTS OF CONTENT MODELING AND ABILITY OF
CONTENT MANAGEMENT SYSTEMS TO PUBLISH CONTENT
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