Topic: Blockchain in business (Read 632 times)

"Fast' would be the answer to the OP's question. A lot newer Industries are adapting blockchain technology to make their internal transactions much more faster and smoother. There are a lot of benefits for enrolling Blockchain into our business. Blockchain transactions are faster than long distance fiat transactions so enrolling blockchain into business also makes it able to peoples across the globe to join the business and invest into them. Blockchain markets are growing rapidly and so is growing the volume. A lot of peoples are joining the blockchain technology so I think that more Industries would collaborate with the blockchain technology to expand their firms.

We, with partners, used a smart contract when creating a company. Brought into it the principle of distribution of profits.

Smart contracts have made it easy to enroll business along with the blockchain technology. Etherum platform offers us the ability of managing any business with blockchain with it's smart contract services. A creditable token is been created written by smart contract which is then deployed on the network and made available for the community to transact with.

This could also be considered as the coin or payment method of the specific business. Funds are been raised with similar coins and the entire business is been backed with the blockchain technology making it more effective and smother. With those created tokens/coins, the ones owning those coins would would some share in the industry itself.

I work alongside an "Official BlockChain Development Center"; here in Florida. Can we arrange a Video call?

The best example of Blockchain applied to business is Alluma. It is a platform for trading and exchanging cryptocurrency. Visit https://alluma.io for details
Follow on Bitcointalk: https://bitcointalksearch.org/topic/bountyann-alluma-the-emerging-markets-exchange-4789065

The technology of blocking is used for protection and data transmission. That's the answer to your question. The system is blurred and transparent.

This is very good question, our application is blockchain for transportation. But it will take time for companies to grow on the blockchain infrastructure. For transportation the benefits are credibility (for vehicles or transport companies, risk sharing (cars insurance for example) and finance eco-system (because new vehicles usually connected with bank loans etc.).

Blockchain in trading at fast. I want to adim faster to handle the trade promptly

Businesses are moving their data from on-premise servers to cloud. And second, as the block- chain assets’ market like crypto-currencies is getting traction, the business decision makers are planning to diversify their assets and invest in the crypto-currencies. The commercial security products and crypto-currency wallets available in the market today, rely on encryption-based security using a single private key that is stored either on a local computer or an external cloud server. If the key is lost, stolen or hacked, the digital asset is lost. This creates the need for an enterprise class solution that provides a more robust and unified security solution not only for the digital assets like documents, files, emails etc. but also for the crypto-currency assets stored in the cloud.

Security breaches in external cloud servers, internal and external intrusions and hacking by individuals and foreign governments poses a critical threat to the enterprise data stored on commercial cloud servers.

The security of the cloud server is managed by the cloud service providers and the companies have little control over the security of their data and no significant legal remedies if their data or crypto currency assets are compromised on the cloud server.

website: cloud-fish.io

I think it's pretty much the application of blockchain for the necessities of life, as well as business, try joining the group developers blockchain and sharing information about the business to be created and application, I joined the group of blockchain developers, you can also attend a seminar organized by a platform that carries the theme of blockchain..

Guys like IBM can pioneer without the hype because: 1) they don't immediately care about cryptocurrency today because they have the cash, and so they're more interested in building the technology now; and 2) they have B2B and corporate use cases where they can make the expenses back sooner.

While there are scams in the ICO world, many of these projects are also legitimate and just lack the deep pockets that corporations like IBM have. Although there are certainly problems with trust and reliability, I think ICOs have shown that individuals are getting closer to having their hard-earned money truly go to the causes they support (with help from previous iterations like IPOs, stocks, crowdfunding, etc.).

Watch the example IBM uses on Food Safety for Walmart https://www.youtube.com/watch?v=bux7rKTh98k. They state that blockchain can help with the transparency of food that goes a long cycle before becoming a consumable product for people. With the food example, you can learn every detail from growth to packaging and who was responsible for it. So, you can easily trace anything and prevent fraud or any mistake.

blockchain technology can be exploited widely to advance businesses and companies.
For example, Singapore is utilizing blockchain technology to assist in terms of business activities at the port. This technology can be utilized to shorten the waiting period of the ship or dwell time, also to verify transactions related to export and import.

Companies in financial services, healthcare, energy and other industries are sprinting to begin adopting blockchain — the technology behind Bitcoin that promises to improve efficiency in numerous processes

Trans, payment, security... Its important.

transparency and security

You're not correct, not every business need blockchain. It's a lot of noise nowadays and everybody want his company been a progressive blockchain project but really at least 50% of that companides just don't suit to blockchain, they don't need it

Blockchain offers transparency to your business. It would soon be a global tool.

Blockchain is a great help for businesses especially for those information that needs transparency so that they can immediately act upon it. It would create efficiency and prevent double spending in case of recording the transactions because blockchain would be able to prevent that as it can detect if it is already recorded or not. One of the example would be in supply management wherein one supplier ships goods to its customer and it would be a big help if the customer and supplier would be able to track the goods in real time so that they will not be compromise with their promises to their customers.

Due to the creation of smart contract, anything of value can be transmitted through blockchain which would create efficiency and real time monitoring of information by both parties involve without the need of a middleman so it would result to a reduction of cost which is favorable to businesses. Sooner or later, blockchain technology would not be the exception anymore as it would be the norm and the old system will be the exception.

Well it is incredibly important that policy of each ICO project is questioned. Discounts are often used to attract investors to get involved early on; However, there comes a point where a discount begins to encourage flipping. Sad but true

blockchain is enhancing the transparency for the world business, like how it exchange resources and copyrights more efficiently in the world now. Definitely bringing our world better.

I agree to this. And I think it will be much earlier than we expected. A lot of high net worth individuals are very skeptical and wary of this but due to the cost efficiency and the effectiveness of the system of Bitcoin, it would be foolish not to take advantage of it and figure out a way how we can adapt it to our today's financial and economic structure.

With the recent amount of ICOs and cryptocurrencies you'd think that blockchain is for everyday consumers and investors only. However business-to-business use cases are more relevant and beneficial.   

Here are some recent examples of business usecases for blockchain.Companies like IBM are pioneering the way, but silently and without hype. So are the banks. 

I know people have mentioned 'transparency' and 'immutability'. But that doesn't mean much. What blockchain does is this: reduces uncertainty. If you have uncertainty, blockchain will do a great job of reducing it.It creates trust and effeciency. Simple.

Block chain has seen a success in internet of things,finance, health and gaming. These fields have added an additional layer of development to it usage and increase financial flow with cryptocurrency.

The blockchain has turned up as the latest alternative to traditional currency and the way transactions were carried out earlier. Blockchain has evolved as a distributed ledger that works towards maintaining all kinds of financial transactions across the borders. Blockchain powered Fintech solutions by Coinnup offers a host of services to people interested to invest in cryptocurrencies like-

Smart Contracts

Under smart contracts, applications run as programmed without any fear from censorship, downtime, and fraud or interference from any third party.

Cloud Storage
With this feature, every single data and information related to all the transactions performed are stored in a secured and centralized platform that can be accessed from anywhere but without any threats from cyber hacks.

Making Payments

With the help of a platform like Coinnup, that is available across a mobile platform, it becomes very convenient to carry out transactions using crypto. You can use cryptocurrencies for buying groceries or paying any kind of utility bills.

These are just a few of the features that you will find from Coinnup. For a detailed insight visit- https://ico.coinnup.com/.

Many computer processes in business require the implementation of blockchain. They can be used to control the supply of goods or create a transparent base for investment, or create banking system

CloudFish developed a security platform that enables companies and individual users to secure their assets stored in the cloud using blockchain technology. it use machine learning algorithms to automate threat detection and control before it becomes a risk to the security of users’ assets.

Are they implementing blockchain by releasing the tokens into the community or they just implementing blockchain without releasing the token? I think the company like IBM shall know blockchain as the relation is very close, no wonder for them.

Yes, it is. But fortunately, more and more jurisdictions are addressing the legal status of smart contracts - for example, several US states.

atomic spaws = spwap 1 asset for another without trusting a single middle man

TUSD = US Dollar as a blockchain backed asset

Identity Management = search microsoft identity blockchain

Secure Decentralized Domain Names = search ethereum dns
EthDNS is composed of two pieces: an Ethereum Name Service (ENS) resolver and a nameserver. The former allows DNS information to be stored and accessed on the blockchain and the latter allows that information to be accessed in the same way as equivalent DNS information held on traditional name servers.

and many more

Somehow a lot of people have this question but in reality there are a lot of blockchain based projects. For example I can tell you that Georgia (with the help of Bitfury) released project of registerinf land titles on the blockchain. It gives us possibility to remain everything secure. They are going to expand this together too.

At the moment, smart contracts do not have legal force in many countries and this is a problem for applying smart contracts in business. If individuals can use the settlements in the cryptocurrency. That for the business is important accounting and other points that are established by law.

Transparency- This is what i like if Blockchain would be applied into business yet not only making transactions even more faster and cheaper but also it do shows all without any hidden tx which is a great thing.Ive seen some businesses do already accepting this technology and adopt into its capabilities but seeing it rampantly would still require times for total adoptation of such very good tech. Banking sector is one of the things will majorly affect by this thing since they do involve on financial transactions then this thing would really suit in.

Businesses can use smart contracts to bypass regulations and lower the costs for a subset of our most common financial transactions. And the best is that the contracts are unbreakable. For example, Companies like Slock, which is an Ethereum-enabled internet-of-things platform, uses this application to allow customer to rent bicycles where they can unlock a smart lock after both parties agreed on the terms of the contract. Another advantage is cloud storage which significantly reduces the cost to store data for companies and personal users.

There are lot of samples as mentioned in previous replies, I want to add other example of blockchain application into business. Here they are:
1. Medical: for doctor consultation with free by using crypto token, handling big data of medic to be utilized by researcher, pharmacy industries, and other agencies.
2. Transportation: Car sharing by used blockchain and smart contract to facilitate peer to peer car rental.
3. Payment system
4. etc

We're using blockchain at our winery in Argentina, costaflores.com
allows us to have many benefits, for example, tracking of the products we add to the vineyard, weather and soil info, etc. All of this allows for anyone worldwide to check what's been added to the wine, and what hasn't.
Also, we can track through the production chain the different steps that the wine passes trough until it arrives to the final customer, (which trucks, distribution centers, etc)

Some quotes here first for context:

"A blockchain is a shared database with a provable, auditable and verifiable record of all changes." ~ source: http://www.bbc.com/news/world-africa-43640885

Now in every business there has to be track records, history of transactions, flow of money and assets etc. Blockchain makes this information easy and available not only to your business but also to other stakeholders as this information is stored on the net. It would take time for blockchain to be implemented to different aspect of business, but the easiest would have to do with financial accounting, transactions and records - maybe that is why cryptocurrency was a major hit out of the blockchain technology. In business, blockchain makes it easier for trust to be gained, and if customers or investors can trust your business records, your business will grow.

I don't think Ripple is a good example in this case where we are talking about the blockchain's Transparency and immutability.  Please check the Ripple architecture and xCurrent's solution which is the Ripple’s star solution for banks.
To my view the transactions are Centralized and reversible.
Hope some blockchain Gurus over here can explain better...
 

There are lots of examples, but probably the most significant is how Blockchain is set to revolutionize finance.  It may take 10 years, or more - but one day all financial transactions will be on some form of Blockchain or another.  That's not a bold statement it's just a practical matter.  That is not to say that Blockchains will not be centralized, and controlled by governments & CB, but a technical 'upgrade' of the financial system.  IBM has 20 + central bank clients, that means soon we will have the Crypto Pound, Crypto Dollar, et al. http://bloc10.com/ibm-is-finally-getting-serious-about-cryptocurrency/

This saves money in transaction fees, reduces fraud, and ultimately is a boost for the economy because more money is spent on economic purpose rather than fulfilling banking needs.

I believe in great use of blockchain in such business areas as transportation, payments (of all kinds, from banking to concerts tickets) and in the spheres that requite transparent and secure data

Businesses are moving their data from on-premise servers to cloud. And second, as the block- chain assets’ market like crypto-currencies is getting traction, the business decision makers are planning to diversify their assets and invest in the crypto-currencies. The commercial security products and crypto-currency wallets available in the market today, rely on encryption-based security using a single private key that is stored either on a local computer or an external cloud server. If the key is lost, stolen or hacked, the digital asset is lost. This creates the need for an enterprise class solution that provides a more robust and unified security solution not only for the digital assets like documents, files, emails etc. but also for the crypto-currency assets stored in the cloud.

Security breaches in external cloud servers, internal and external intrusions and hacking by individuals and foreign governments poses a critical threat to the enterprise data stored on commercial cloud servers.

The security of the cloud server is managed by the cloud service providers and the companies have little control over the security of their data and no significant legal remedies if their data or crypto currency assets are compromised on the cloud server.

There is a public available presentation out there where IBM is showing of all their flagship projects and stuff they are doing with their hyperledger. You might want to check it out.

Also such giants like IBM are implementing blockchain in the projects they work with - in logistics, healthcare, finance.
You can google how they actually use it and for what reasons

In general, the era of blockchain  has changed everything for  the better  and this technology is very helpful to facilitate the success of projects, that's why many capitalists use blockchain in their business, Furthermore,  the most characteristic to this technology is the smart contracts which have become of great importance in many fields. Plus , It has also become essential in facilitating and improving the  financial transactions, it is certain that over time, the success of Blockchain technology will continue and spread in many fields.

This one is a really good example of the blockchain usage in the other sectors.
 - In this scenario,blockchain can be used to make the logistics transparent to the end parties thereby avoiding the credibility issues one has during the transfers. 
 - The entire system can be visible to public with latest deliveries as a new transaction added to the block and that would contain the status of the deliverable.

Anything requiring storing and distribution of data, financial/accounting, for example.

The word Immutability would really haunt us even on our dreams and even myself would really agree on this fact.

Blockchain technology would really be applied sooner or later into businesses yet we do able to see on whats the advantage on having this one and as a consumer or do really concern about transparency we would see this tech to be very beneficial.

[/quote]
Yes, immutability may sound a bit nightmarish, but only in some programming contexts.  In other contexts, however, immutability is a good thing, such a smart contract, where terms are there for everyone to see and understand.  There are fewer opportunities for misunderstanding when terms are there for all to see.
[/quote]

Blockchain is very useful to business, thats why peope have been investing into it.

Smart contracts it is automated execution of transaction without any influence of parties. For example you can agreed with partner that transaction will be executed after generation of defined block and you will have the time to ensure that goods were delivered. But transaction will be executed anyway and if you are not satisfied with goods delivery, you should go to the court, but I'm not sure that smart contract will be reviewed bu the official courts. Smartcontract it is the future, now it is not fully applicable for anything.

The best way I always explain it is like so:

If you need to transfer something to someone, you have a record and they have a record of that transaction. In Blockchain, there is only 1 central record that can not be changed.

This is simple, but if you add 10+ companies to the mix as they trade, exchange, build, consume all of these records can get messed up very quickly. With one central record 'database' the world can be a much simpler place.

Blockchain in business?

You use blockchain technology and create one coin. Then you use it to make an ICO event and make really good profit. This is a business. Congratulation!

Transparency and security of data are the most essential advantages of blockchain, I suppose.
I think this technology would be (or actually already has become) irreplaceble in finance, banking, logistics & transport.

I've been running small logistics company in Europe, blockchain imo is just perfect for such purposes, when u have to trace all the long chains, sure it has great future not only in banking. It can help not.only business owners but also greatly improve customer service

Blockchain can change the world not only by the flow of money but by any application based on transparency and the need for a trusted party.
Since smart contracts are a programmable part of block of codes, adding blockchain will provide greater safety and transparency.
For example, smart contracts can be integrated with the factory management program, in addition to blockchain. the result will be the product transparent verification of the quality of all products from raw material to delivery, so that the consumer can get a product without the need to trust in organizations that depend on the human element.
The role of blockchain is not limited to smart contracts, but extends from documenting files to election systems

For now, possible applications are any in which digital ownership or rights need to be transferred - for example, conferring the right to view my personal health dataset as a potential application in healthcare.
But to create even more powerful smart contracts, they will need to be connected to the IoT. For example: If you have a blockchain-based Airbnb equivalent, you can pay for your stay in tokens, and upon confirmation of the transaction, the smart contract will unlock the smart lock on the apartment door for you.

+1

Yeah that! Being a programmer the word immutability keeps haunting me in my dreams!

Transparency and immutability.   

Blockchain technically can be applied into every business which wants transparency in their operations.For real life instances,you can take ripple into consideration along with a few other coins set to change the way banking works.If you're looking for something where blockchain is being implemented and a business is actively using it,you need to wait a couple of more years maybe.

I don't understand how blockchain could be applied into business. Anyone has a real life example of the advantage of a smart contract?