What are the Real-World Applications for Blockchain?

Published on: July 16, 2021
Author: Amy Liu

How Blockchain Will Transform Everything from Financial Systems to Secure Document Signing

Whichever side of the cryptocurrency craze you stand on, one thing is for sure, crypto asset prices have skyrocketed in 2021. Even investors who may not fully understand or agree with the blockchain technology are opening up trading accounts, hoping to benefit from upward price momentum.

While popular cryptocurrencies like Bitcoin and Dogecoin steal many headlines, it’s the technology these crypto-assets are based on that investors should be paying attention to.

Ask most people, and they cannot tell you the difference between a cryptocurrency, a token, or an altcoin. And that’s fair since many investors also fail to distinguish between the three. However, what they all do have in common is blockchain.

A blockchain is a tamper-proof, shared digital equally accessible to all members of a given network.

It facilitates the recording and transfer of information or assets in a way that is fast, safe, secure, and most importantly, immutable. These qualities have made blockchain highly desirable for financial applications. However, that only scratches the surface of what the technology can accomplish.

Today some of the largest companies in the world are investing billions in developing real-world blockchain applications that will change the way the world works.

Blockchain Foundry Inc. (CSE: BCFN) is one company currently at the forefront of transforming global markets with its expertise in blockchain infrastructure.

Real-World Applications Have Led to Soaring Venture Funding into Blockchain

Venture capital funding of crypto and blockchain projects and companies witnessed a massive surge in 2021. By how much?

According to data from The Black Research, when excluding a $9.7 billion capital injection by Block.one into the crypto exchange venture Bullish, $6.2 billion in private funding was invested in the digital asset space in Q2 alone.

Quarter-over-quarter, ventral capital funding into digital assets increased by approximately 90% in Q2. Year-over-year, growth was an astonishing 763%.

Samsung Using Blockchain to Fight Document Forgery

With the unveiling this week of ‘Paperless,’ Samsung SDS is joining other big-name technology firms expanding their cloud-based Blockchain-as-a-Service solutions.

This latest service offering could provide the answer to document security at an enterprise level by safeguarding contracts, consent forms, and certificates, prone to forgery or falsification. Internally, Samsung has already incorporated Paperless into company wide management. However, with improved reliability and verifiable transparency, the future of Paperless could extend from corporate solutions to any area which requires proof documents.

China Using Blockchain to Fight Money Laundering

In a recent announcement, OK Group, the entity formally behind OKEx, released the details of an arrangement with Chinese authorities to help combat money laundry using blockchain.

Under the partnership, OK Group’s settlement-focused subsidy OKLink will work with Nanjing Public Security Research Institute to investigate ways to employ blockchain technology for anti-money laundry purposes.

What Other Blockchain Applications Are There?

Any business or enterprise that relies on the exchange or record of information can benefit from blockchain technology. Like the internet changed the way we share data, blockchain will transform how we transact, exchange, record, and verify it.

Here are just a few of the countless real-world applications for blockchain technology.

  • Travel and Mobility

Data stored on the blockchain will allow businesses to track movement along their supply chain, enabling them to verify the authenticity and weed out any counterfeit transactions. Take, for example, auto recalls. In 2020, there were over 13 million of them, but with blockchains, manufacturers will know precisely where the defective parts went and focus their recall.

  • Health Care

A pillar of blockchain technology is safety and security. This could benefit hospitals, insurance companies, and other healthcare providers by allowing them to share information without compromising data.

  • Retail

Right now, consumer confidence in online retail transactions is tied more to the marketplace where purchases are made and less to the individual retailers.  However, blockchain could help to decentralize that trust, attaching it to sellers rather than specific platforms.

Blockchain Foundry Is Building Blockchain Applications for Real-World Uses Every Day

Blockchain Foundry Inc. is bringing its blockchain expertise to forward-thinking companies looking to gain a competitive advantage in the marketplace over the competition.

On July 6, Blockchain Foundry Inc. signed a blockchain development agreement for Evolve Media’s new venture Gifty. This unique platform will enable users to gift cryptocurrency and NFTs.

“In a space that is evolving so quickly, I was looking for the best partner to execute my vision for our cryptocurrency gifting platform. After interviewing multiple companies, Blockchain Foundry was the clear choice because of their deep understanding of the concept, their impressive track record, and the detail in which they were able to distill our ideas,” said Tommy Maples, Evolve Media founder.

Blockchain Foundry Inc. has also entered into a development agreement with the House of Kibaa. The studio, which specializes in the creation of exclusive NFTs, will now, together with Blockchain Foundry, develop a one-of-a-kind extended reality NFT marketplace on BCF’s cutting-edge Syscoin LUX platform.

“We are extremely happy to be working with a blockchain solution that has been in the space since 2014. Syscoin/Blockchain Foundry’s wealth of experience not only provides us with solutions to our problems but will also help pioneer the innovation of XR NFTs,” said Jason Nguyen, CEO of House of Kibaa.

Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.

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