Blockchain Technology And its Wonders In Public Sector

Blockchain, the technology behind Bitcoin, has gone from relative obscurity to a dominant topic within a few years. Hundreds of heads of government realized the multi-functional applicability of Blockchain and joined forces.

As this is a relatively new technology in practice, but more importantly, a new profession, the blockchain ecosystem is rapidly evolving to restrict use cases and working together to test and explore its potential. With many options for accounting-based solutions, the first step which the developers are heading with is to responsibly identify viable blockchain challenges and then test and develop the corresponding solution. As the blockchain ages, we anticipate unexpected new applications for the government that will increase citizens’ trust, security and efficiency.

According to a Deloitte survey, 53% of respondents stated that blockchain is one of the most prioritized technology for organizations.

How Governments Can Deploy Blockchain In Their Segments?

Not staying limited to accountability and tracing, Blockchain technology is making its way various new segments that are attributed to public and government entities.

Starting with,

Government and utility services

Utility management is another area where Blockchain can help reduce paper-based processes, minimize fraud, and increase accountability between authorities and to those they serve.

The individual U.S. States are committed to enjoying the advantages of Blockchain. They are more inclined to create appropriate legal infrastructure for distribution.

Law enforcement

In police investigations, maintaining the integrity of the evidence chain is critical for a distributed and trying to forge document tracked through the Blockchain to provide an additional layer of security for the evidence processing process. Also, Blockchain can be used to identify specific types of transaction patterns, while notifying the officials if a person engages in suspicious financial activities.

Election and voting

Elections require voter identity authentication, secure records to maintain votes, and reliable counts to determine the winner. In the future, blockchain tools can serve as the necessary infrastructure for voting, tracking, and counting votes, potentially eliminating the need for recounts, eliminating electoral fraud, and lack of speculation.

The technology aims to prevent electoral fraud using a modified blockchain registry. The platform was tested in a limited capacity during the Sierra Leone elections in 2018 and showed results close to those of official counts.

Weapon Tracing

The Blockchain Distributed Registry offers several options on ownership and use of firearms. If information related to gun ownership were registered and connected via the Blockchain, it could provide a connected infrastructure to track where the weapons came from in case of illegal use.

In the long run, there are other possibilities in creating public-private partnerships around this information, such as linking existing data from the exclusion list to records of blockchain transactions to more effectively prevent the illegal purchase of illegal weapons.

Intermediary Assistance

The adoption of Blockchain can help to optimize the public aid system, which is stuck in bureaucracy. For example, the United Nations World Food Program (WFP) uses Blockchain to provide humanitarian aid to refugees safely and privately. As refugees are generally unable to open bank accounts, the WFP can send help directly using biometric and Blockchain authentication technologies to verify and record transactions.

Moreover, according to coindesk, China is about to launch its national blockchain platform, which is part of the country’s main strategy to lead the digital transformation of the global economy.

What To Expect With Blockchain Technology In The Long Run?

Enthusiasm for the technology is growing as agencies test and execute supply chain, blockchain applications for payments, identity management, secure data sharing, and more. We saw firsthand the tangible benefits that Blockchain can bring to government customers. The count of potential public sector blockchain applications continues to grow. And this trend is estimated to remain for a long time, as the technology comes out to be a game changer.

Panacea Infotech has major role in blockchain-based offerings. We have expertise that can breakdown every challenge with the support of blockchain products and integration and mold it as per your requirements.

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Blockchain Technology: Stirring Through Financial Products

As we steer through pandemic in the wake of COVID-19, the next big thing we all should be aware of is the collapsing global economy. With dooming economies and collapsing businesses, there would be a need for end-to-end financial restructuring. This won’t be just limited to new business ventures, cross manufacturing, alternate revenue strategies.

There is a lot to learn from this pandemic, and would probably help to build better and sustainable business ventures. Blockchain technology is one of the hot topics amid lockdown.

What does market forecast say?

According to a report by Juniper Research, blockchain deployments will empower banks to accumulate savings on cross-border settlement transactions of up to $27 Bn by the end of 2030, plummeting the costs by approximately 11% per transactions.

Let’s take a tour of trending financial segments that have already deployed blockchain technologies.

How Financial Segments Are Deploying Blockchain Solutions?

More and more industries are discovering the usefulness and benefits of integrating blockchain technology into their systems.

Trade finance

Currently, several parties are involved in trade finance. Unfortunately, this makes the whole process very slow and complicated. This brings up trust issues, and the only way to get there is to use even more intermediaries, such as clearinghouses, financial institutes, or banks.

The way blockchain can help here is through smart contracts. Smart contracts are automated contracts. They are executed automatically with specific instructions in the code that are executed when certain conditions are met.

Charity and donations

For those who make charitable donations, blockchain offers the ability to track exactly where your donations are going, when they arrived and in whose hands they ended.

From there, blockchain can provide the accountability and transparency necessary to respond to perennial complaints about charitable giving. This includes the organization’s inefficiencies and its financial offense that can keep the money from reaching the people as it was is intended.

Loyalty and gifts

Blockchains can help retailers offering gift cards and loyalty programs to make these systems cheaper and safer. With fewer intermediaries required to process card issuance and sales transactions, the process of acquiring and using blockchain-based gift cards is more efficient and profitable.

Likewise, increased levels of fraud prevention, thanks to the blockchain’s unique authentication capability, also help to reduce costs and prevent hacking from illegal users.

Stock trading

For years, companies have worked to facilitate stock buying, selling, and trading, and now new startups focused on the blockchain are trying to automate and protect the process more efficiently than any previous solution.

For example, the investment division of the Dutch bank ABN AMRO collaborated with the investment platform BUX to create a blockchain application called STOCKS. The app keeps users’ ABN AMRO money in a blockchain bank account for stock trading. The use of a private blockchain intended to save money for users and the bank.

Crypto exchange

Blockchain helps to reduce the risk of conventional cybersecurity by merely eliminating the need for human intermediaries, reducing the risk of hackers, corruption, or human error.

Ironically, some of the most successful blockchain companies are centralized intermediaries, and many new projects deployed for sale and purchase of blockchain-based currencies, blocking the entire stock market.

Concluding point,

In short, blockchain is a benefit for financial services, as it aims to bridge the gap between regulators, financial institutions, and consumers. It is accompanied by a forewarning about the initial investment that will be needed to bring all these agencies together on one common platform and work collaboratively. While it is true that they need to overcome obstacles, the fact is that the great utility they bring to space is fascinating.

We at Panacea Infotech, considering the foreseeing the demand for blockchain-based solutions is equipped with expertise that can build future-ready blockchain-enabled solutions for your businesses.

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Blockchain Technology Penetration In Diverse Industries

Surfacing technologies are exciting and bring innovation and new opportunities to the world. They change our lives, changing the way we think and work every day.  Technological innovation can have much more impact on our daily lives. It can even disrupt entire sectors and change the way we do business.

As new technologies develop, the affected industries are taking initiatives to adopt new findings or get replaced.  The latest technology that is quickly becoming the next significant disruption is blockchain technology. Blockchain is a digital accounting system used to record transactions securely. And this will have an impact on the way business is done around the world.

WinterGreen Research suggest that, the global spending of businesses across the globe on blockchain is $2.5 Billion and it is anticipated to reach $119.9 billion by 2024.

The most rewarding phase of blockchain revolution has already begun. Let’s skim around some industries that are the early and potential adopters of blockchain technology.

Segments With Immense Blockchain Technology Penetration

Education systems is seen to be transforming swiftly as the end user industries adopt pioneering and smart technologies. Thus, to keep curious heads in track with efficient learning platforms, blockchain comes out as a highly prioritized technology applicable in the learning and development segment.

  • Education

The education sector is about to see significant advances with an emerging version of the Internet that combines blockchain, cryptocurrency, and virtual reality.

This new Internet will be known as “3DInternet” and has the power to create a class room like never before. SocratesCoin, an Ethereum blockchain open source platform, is taking comprehensive steps to achieve this. The company will create a global community of teachers, students, campuses, with inclusive programs of study. The learners that would be included in the high-tech education format would cover all ages, cultures, and locations.

  • Industrial IoT

Without a central control system to identify themselves, devices can communicate autonomously to manage software updates, bugs, or power management.

Leading tech players such as Samsung and IBM are collaboratively working on a concept called (Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT). This concept uses blockchain-type technology to build the foundation of a decentralized network of IoT devices. With ADEPT, a blockchain would serve many devices, which would no longer need a central hub to ensure communication between them.

IBM is also looking to make a considerable move in the cognitive and blockchain technology, which could be the recovery strategies for IBM’s legacy business, the report stated.

Next comes the segment which we all have been majorly relying on these pandemic days,

  • Entertainment

Entertainment entrepreneurs are turning to blockchain to make content sharing fairer for creators using smart contracts, with creation purchase revenue automatically distributed under predetermined license agreements.

British blockchain startup, JAAK also plans to partner with music rights holders and other stakeholders in the entertainment industry. JAAK, which provides a content operating system, is developing a platform that allows media owners to convert their media repositories, metadata, and rights into “smart content” that can automatically perform license transactions on the Ethereum blockchain.

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  • Supply chain management

One of the most extensively applicable aspects of blockchain is that it allows for more safe and transparent transaction monitoring. Supply chains are mostly a series of transaction nodes that connect to move products from point A to the point of sale or final implementation.

With blockchain, as products change ownership through a supply chain from production to sales, transactions can be documented in a permanent decentralized registry, reducing delays, extra costs, and human errors.

Walmart and Sam’s Club joined the IBM Food Trust, which uses a book distributed by blockchain. Retailers asked their suppliers, especially of leafy vegetables, to add their product data to the book. The system is used to facilitate quick tracing of the origin of food, which is an advantage in cases such as finding the source of contaminated products.

  • Retail

Currently, consumer inclined to the retail system is mainly related to their trust in the market in which they shop. Blockchain could decentralize that trust, linking it more to sellers in different markets and platforms than to the sites themselves.

Moët Hennessy Louis Vuitton (LVMH) developed a platform with a support of blockchain startup ConsenSys and Microsoft to authenticate luxury products through the blockchain. With AURA, the platform, customers can follow their products from design to distribution. For the brand, AURA offers extra protection against counterfeit products and fraud.

Blockchain Technology Where Does It Stands?

The result is a more transparent, open, and verifiable system that fundamentally changes the way the company creates value and wealth exchanges, enforces contracts and shares data. An increasing number of enterprises aggressively investing in blockchain as a safe and transparent way to digitally trace asset ownership across trusted borders.

Looking to partner for blockchain-based solutions?

Panacea Infotech is a pioneering tech company efficient to integrate and develop blockchain solutions for your businesses.

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How Will Blockchain drive Mobile App Economy in 2020?

Blockchain technology has already created a massive progression into industries like real estate, healthcare, legal field, education, and soon it is be having a significant impact on the entire economy encompassing mobile apps. Its decentralized architecture imparts some of the fantastic benefits which practically all the industries can take advantage of, and along with that, the world of mobile apps to correct shortcomings that still prevail.

It may seem that the mobile app development is just unstoppable since it is expected to become valued at about $6.3 trillion by the year 2021 because there are millions of apps available currently and million being developed all the time. However, a few problems need to be solved if the industry wants to continue experiencing fantastic momentum.

What is Blockchain?

Blockchain is nothing but a growing list of records known as blocks, which are also interconnected by the cryptography. So, each block contains a cryptographic hash of a previous block as the timestamp and transaction data. Besides, Blockchain can also help for storing data across the peer to peer network, where everyone can see, but cannot do any alteration. So, Blockchain will keep a record of all the data which is exchanged called ledger, where it utilizes a distributed system for verifying each transaction.

How Does Blockchain Technology Works?

Blockchain is a collection of blocks where each block contains data with a hash, and the data stored also depends upon the types of Blockchain such as crypto-currency, bitcoin, etc. These types of blocks are used for storing and for sharing digital assets, coins, etc. Blockchain also facilitates transactions without any involvement of mediators and intermediaries when transactions take place between two parties. So, it is a vast database of application which is used for sharing all types of transactions in the network and an individual which does own it as it is available in each computer of the member. Therefore it continually gets synchronized, thus keeping all the transactions up to date.

Now, let’s have a look at how Blockchain technology is reshaping the mobile app economy:

  •       Helps for in-app purchase

One of the significant issues is the process required for making the in-app purchases even though most of the population owns a smartphone. However, still, numerous users lack the means for making the in-app purchases as the required payment method like credit cards are unavailable to them. Even if the users have a credit card, then the whole process is subjected to the possibility of fraud, card processing fees, app store fees, and bank transfer fees, gateway fees, and so on.

If blockchain is used, a developer will receive nearly 70% of the amount paid for the app by using the decentralized model of the Blockchain, where app coins will be used for funding to the app store, and 85% share would then go to the developer. So, by making an in-app purchase is much easier for the end-user as well, as they will have the app coins to use as a payment method which remove the need for all the credit card process.

  •       Removes all traditional passwords

Numerous technologies are making use of problematic password-based on a system for validating users’ account credentials. Still, Blockchain doesn’t require a user to enter the password for the same. So, with the help of this innovative technology, mobile app builders will be able to validate users, transactions, devices without asking a specific password. Thus, Blockchain authentications systems are built on the top of an undeniable, fixed, and highly-secure identity verification system that uses digital signatures based upon public-key cryptography, where private key acts as a master password for unlocking all the digital assets for the involved parties. So, this helps in facilitating a seamless sign on as well as eases the transaction process for mobile app users.

  •       Improves advertising model

Advertising is a different area that can be transformed entirely using a Blockchain model. Currently, numerous developers are bound to invest in cost per installment advertising campaigns for reaching their audience. This advertising scheme involves multiple middlemen to get part of the proceeds from sales thus a small amount is returned to the developer. If the price per attention strategy replaces the cost per installment approach, it will use app coins to reward users for the time they spend using the app.

  •       Provides real-time product traceability

Blockchain technology can help mobile app builders to record everything, so that they can easily track any information in real-time. The whole Blockchain system is designed in such a way so that it can easily detect an issue and fix it then and there. It not only helps mobile app developers to verify the authenticity of assets, but it also plays a vital role in preventing the creation of fake exchanges and misinterpretation of actual data.

  •       Increases speed and efficiency 

Blockchain technology does not require any mediator for completing the transaction, so by streaming or automating the entire process gives the faster and efficient transactions settlement. There are various reports which show that Blockchain-based transaction is ten times faster than the usual bank as the bank takes a few days for settling a deal. On the other end, Blockchain-based transactions take a minute to complete the task. Besides, it is available for 24X7 which in result reduces the overall transaction processing time.

  •       Helps in reducing the cost per transaction 

Blockchain technology processes peer to peer transactions without involving a middle man, so there are no intermediaries’ fees for ensuring guarantees. So, instead of paying fixed money for transferring the cost to the third party like a bank; Blockchain technology facilitates a transaction without using a mediator. The elimination of mediators helps in reducing the transactional costs for enterprises as well as users over the time.

  •       Enhances data protection

Blockchain technology is known for its inaccessible security, so this allow developer for adding multiple protection layers to their data, as well as making them assign private keys to the user. So, it makes it impossible to decrypt the key inside or outside of the network to manipulate the user’s transaction-specific data.

Moreover, being a decentralized system, Blockchain always keeps a database to all the networks of the computers, which can help for reducing the risk of data loss to a great extent. So, protecting sensitive data is a challenging task, but Blockchain offers an opportunity for protecting user’s data against unauthorized activities.

  •       Give protection of mobile app infrastructure

Blockchain enables developers to store DNS entries on a secure platform, where it completely eliminates the risk of hacking to the mobile application development infrastructure. Therefore, Blockchain provides a developer complete transparent and distributed DNS, so that they can have full control over their domain records which can’t be changed without permission.

So, these are just a few ways of how Blockchain technology is impacting mobile application development. However, given unmatched efficiency, transparency, and security, which Blockchain provides to the developers, can hold a bright future for the mobile app development industry. As a result, given technology is not only helping developers for building secure and transparent mobile apps, but it is also creating a whole new world of opportunities for both mobile app developers and end-users.

Panacea Infotech is a leading blockchain solutions provider specialized in using modern technology so for improving enterprise to stay in the competition. We offer the best solution for helping clients to achieve the desired results in 2020.

What are the Primary Challenges to Adoption of Blockchain Technology?

 

Any emerging technology goes through a hype stage. It takes a while to get the kinks out and for pilots and proofs of concepts to prove used cases and revise the curve to broad adoption. The power and disruption of

blockchain development services

are evident in the news almost every day, and people are beginning to acknowledging how blockchain distributed ledger technology functions. However, there are many issues currently slowing down adoption of blockchain.

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Transformational Potential of Blockchain Development Service

 

Ever since blockchain outbreak onto the scene, it is been a phenomenon surrounded by a lot of hype and expectation, but the yesteryear seems to have seen this grow to a complete new level, with Initial Coin Offerings (ICOs) receiving almost as much hype as their namesake the Initial Public Offering (IPOs).

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