Blockchain Write For Us – Blockchain technology is making its way as a business reality, beyond the big headlines, with new applications opening up to many sectors. In fact, in the recent webinar we carried out in Enzyme, answering your questions, it is noticeable that the interest is already focused on the specific application and the creation of new business models. In this post, we share the questions you have sent us, both those that we could answer in the webinar and others that had to left unanswered due to lack of time.
What is Blockchain, and what is it for?
This technology is a communication protocol that allows the distribution of information between equals so that the people who receive the data can be sure that the information that is reaching them is correct and has not undergone modifications; without a third party, I have to be checking it. This technology makes it possible to optimize any process in which information communicated, eliminating the need to have central entities within the company or between companies that certify the veracity of the data.
What is a smart contract?
An intelligent contract a small processer program that includes the agreement between two or more parties by which actions are executed based on the information collected in the Blockchain, such as distributing payments, information or permissions to perform other activities in the digital or natural environment.
What is the DeFi (Decentralized Finance) concept?
The DeFi concept used to describe decentralized finance. Decentralized finance is mainly used to make peer-to-peer loans without a bank.
Many users, owners of cryptocurrencies, can join liquidity pools (baskets in which they deposit their currencies) and lend them to other users through an intelligent contract. Everything related to the loan (collateral, interest rate, payment terms, etc.) recorded in the smart contract. This offers some advantages over traditional liquidity options.
General applications and trends
What practical Blockchain usage scenarios are already operating and successful?
Apart from cryptocurrencies, a use case already working successfully automated payments in insurance companies. This system facilitates the automatic verification of the conditions that require the amount of compensation. This represents considerable savings for insurers and also speeds up the execution of payments to the victims.
This is the case for the agricultural sector of the Etherisk company that, through Blockchain, collects relevant information on the evolution of atmospheric conditions and on compliance with other guarantees faced by the insured. Then, applying an intelligent contract if the harvest suffers damage allows the farmer to compensate quickly.
Another actual use case is related to logistics; we have it in Skycell. Skycell manufactures containers for medical material with which it certifies to the recipient of the material to what extent the transport conditions have met, such as light, temperature, tightness or preservation of seals.
What applications does Blockchain have?
Along with the mentioned markets (finance, insurance, logistics), Blockchain is finding applications in service markets. What this allows is that many companies can release internal information for its exploitation by third parties in an encrypted manner, and these can verify the quality of this information, circumscribing its use to that which has been agreed upon, thus preserving aspects such as the intellectual property or the protection of personal data. This allows the secure monetization of the information generated by a company.
What kind of company is Blockchain beneficial for?
This technology can benefit startups to large multinationals with millions of customers. Understanding the technology and its particularities is key to exploiting its full potential. Having a specialist partner like Enzyme allows us to take advantage of its full potential within the context of each company.
What are the main applications where you see more pull in your customers?
Two keywords answer this question: traceability and data. The combination of digitization and sensorization of operations and the quality control that a blockchain represents catalyzes the value we can obtain when optimizing processes and procedures. These applications are beneficial when several actors participate in the process, especially if they are different companies which need to reduce conflicts when recording compliance with their other commitments.
What are the main applications of Blockchain in the industry? What level of maturity is necessary?
The company’s maturity level must be high to exploit a blockchain’s value. Its implementation requires a clear understanding of this technology and, at the same time, generating a business case that will positively impact the company. The enzyme helps its clients understand the technology and design viable business models in these cases.
Blockchain applications – specific cases
What is the possibility of Blockchain in the energy sector and with real projects today?
There are many projects on which Blockchain is basing the business case. Two examples are PowerLedger and Greene. These projects seek to ensure that small producers, including households with small generators, have a system based on smart contracts that allows them to set a price and sell the energy they generate directly without resorting to large national operators.
How can Blockchain be applied in an eCommerce sale?
However in a sale itself, it helps little. What can help is using the information generated in the pre-sale and post-sale? In the case of e-commerce, it has the advantage of browsing data, such as cookies, which it can capture. There are more and more revenue-sharing business models where multiple companies are involved in doing business and must verify each other’s share of that sale.
Can Blockchain be applied in the educational sector?
However, the educational sector was one of the first cases in which Blockchain was successfully implemented, giving a person’s curriculum traceability. Many academic and business institutions participate in a person’s professional career. We have an example at the University of Nicosia, which generates online diplomas with all the curricular information. This system allows validation of all the information provided in the Curriculum Vitae.
How can I apply Blockchain in a seaport?
Seaports are also a clear field of application for Blockchain technology due to the many actors involved, the need to remotely verify the entry and exit of products, and the volume of object flows that occur. This need has led to sensitizing the port and automatically accumulating data on the movements of ships and merchandise. This information referenced by a, along with other details such as weather or financial data, allows the generation of digital twins that facilitate simulations in the event of different incidents and generally improve efficiency in port management.
Can you explain any successful Blockchain applications in rural areas?
In the same way as in the ports, in the rural environment, sensorization, generation of digital twins and verification of the information with Blockchain can improve productivity and agricultural income, be it with the management of fertilizers, crop development, climate, decisions on material and human equipment, etc. Here we can see an article about it.
What are the applications of Blockchain to HR?
In the same way, as in the traceability of the Curriculum Vitae, it can be applied to the performance of the professional career, the management of incentives, performance monitoring, etc.
What advantages will Blockchain give us in this new normality?
However, it can be used to document teleworking. Somehow, when an organization moves to telecommute, it becomes very decentralized. Blockchain can provide new options for collaboration, management and tracing of company operations. It can also control the use of medical data on information platforms and ensure that it respects the privacy of patients, trackers, employees, etc. This link may interest you (ZKPs can be integrated with Blockchain).
Regulations and traceability
What governmental conditions does a country have to meet to develop Blockchain?
Therefore in Spain, the regulatory frame work gives us plenty of room to develop Blockchain clearly, legally and transparently. A blockchain can be built respecting all regulations, such as the data protection law or the money laundering law. What is certain is that when new business models have been developed that were not contemplated in the regulation and bring new realities, these can be subject to other laws. An example is the tax treatment of cryptocurrencies.
What nuances in cybersecurity would improve traceability in the industry, avoiding the 51% consensus, and what would those tools be?
The key is given by the protocol. It is essential to understand, however, that the security of the Blockchain is provided by the incentive system it implements, not by the cryptography it uses. This is defined by the protocol. A fascinating article has recently been published on the elements that a protocol has to cover to avoid the 51% consensus:
On the one hand, some experts say that Blockchain allows traceability of all operations; on the other hand, they say that all traceability is lost.
How does it really work?
When we describe a blockchain’s traceability capacity, there is a missing nuance: all records are encrypted. This means that only if the key or use authorization is available can the content be decrypted, and these authorizations can be limited to the extent desired. For example, it allows you to know that “someone” has made a purchase without deciphering who that “someone” is if you do not have the corresponding authorization.
Where can I get the sources to complete the development environment on Blockchain?
I recommend online courses. Udemy offers excellent and affordable classes.
How to optimize Blockchain for data management in historical financial reports?
Therefore if you are interested in optimizing a blockchain that already exists, this will have to do with the developers and the business. At Enzyme, we can advise you on specific cases.
What is the main barrier between the Blockchain and the actual physical world?
However, what astute forecasters achieve to give credibility to the information that poured into the chain of blocks. That the information that reaches the chain is correct. For this, reliable smart oracles needed.
Go deeper into the concepts of the proof of stake task test?
If you interested in knowing more about PoS and I see any protocol, I recommend you read here (even if it is the introduction and conclusion). For specific applications, I recommend these videos.
How does it turn out to implement this technology in transmitting data over the network with IPV6?
From the point of view of computer network architecture, the differences between IPV4 and IPV6 are located in the network layer. A blockchain application works in higher layers, so the abstraction of this layer allows it to continue working without significant changes. For example, Bitcoin and Ethereum network nodes initially run from nodes with IPV6 addresses. More details can found here.
As we have seen, a blockchain is a solution that allows us to ensure the traceability and veracity of the information it contains. Therefore, it will be beneficial in all those projects where verifying information is a barrier. The current application has opened from the financial and insurance sectors to agriculture, industry, logistics or services.
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