Decentralized networks solve problems across many industries. Thus, it’s no surprise that blockchain companies will reach $10 billion in revenue in the next couple of years, according to ABI Research.
Distributed ledger technologies (DLT) refer to decentralized, trustless systems, and according to cryptocurrency guru Nick Szabo in “Money, Blockchains and Social Scalability”:
“Innovations in social scalability involve institutional and technological improvements that move a function from mind to paper or mind to machine, lowering cognitive costs while increasing the value of information flowing between minds, reducing vulnerability, and/or searching for and discovering new and mutually beneficial participants.”
The technology will see a 5-year compound annual growth rate (CAGR) of 76% between 2018-2023, according to International Data Corp.
Blockchain can be a secure medium for value transfer (like the Bitcoin network), where nodes agree on the status of a public ledger. Altcoins, which are smaller crypto projects, appeal to smaller niches. For example, the Free Coin project encourages unbanked people to use crypto, and to switch from fiat to digital funds. Their tech enables peer-to-peer payments that feature low fees.
A sophisticated project is Global Digital Assets (GDA), a blockchain-focused merchant banking services firm. It helps blockchain ventures to raise funds or gain liquidity through venture capital, public markets, or loans. The firm also helps companies to structure utility and security token offerings (STOs).
DLT has applications outside of cryptocurrencies, from secure voting to supply chain tracking. According to World Economic Forum, wide-scale adoption will lead to 5% increase in global GDP and 15% increase in trade volume.
Blockchains are excellent at tracking and preserving data, and the capability can be combined with physical hardware like RFID tags to improve logistics, shipping, and warehousing operations.
Another application is e-voting. Due to concerns with interference, technologists view blockchain-powered e-voting as more secure and private. An example is ZCoin, which launched a large-scale political election in Thailand in late 2018.
There are also networks that make it easier to comply with regulatory frameworks.
“The implications of KYC (know your customer) and AML (anti-money laundering) extend beyond cryptocurrencies,” says Mark Homeier, CEO of Maxonrow. “Blockchains have a unique capability to make KYC and AML identification better while preserving user privacy to a specific extent, and concurrently handing users control over their own identification data.”
Maxonrow is a high-throughput transaction blockchain with mandatory KYC verification.
DLT can protect data. Projects like Veridoc aim to disrupt document management, and applications include the verification of passports, land titles, and education certificates. The company recently partnered with DocuSign to bring the innovation to small businesses.
Contentos uses blockchain to transform how videos are monetized and shared. The project uses a peer-to-peer model for distributing revenue, and uses a decentralized approach for distributing traffic. The firm’s tech authenticates copyrights, as well as securely records users’ credit score, which measures contributions on the platform.
Blockchain is applicable in social media and retail. Forty-one percent (41%) of executives expect their organization to implement blockchain within a year, according to a 2018 survey by Deloitte.
Dyson Network provides an enterprise solution to accelerate transactions for all decentralized systems which would enable real-time payment and promote all blockchain performance. Payment experience will become fast, easy and friendly just like using a credit card, PayPal, Square and other payment methods.
BitWallet, which operates out of Houston Texas, reduces the barrier to accessing crypto.
BitWallet simplifies the buying, selling, and storing of cryptocurrencies with an intuitive portfolio app. Fiat gateways with multiple cryptocurrencies are hard to come by with fragmented regulatory statuses around the world.
Merchant adoption is crucial for mainstream adoption.
Vexanium is a next-gen blockchain that supports smart contracts, decentralized applications (dapps), and retail penetration. Users don’t incur a transaction fee when making payments. To gain mass adoption, developers built the platform to accommodate 2,000 transactions per second (TPS).
Reddcoin, a crypto and blockchain project, verifies IDs and enables tipping on social media channels. Supporters, therefore, look at Reddcoin as a social commerce tool.
DxChain caters to enterprises and consumers who favor privacy and data security. The decentralized big-data network protects sensitive info, and gives users the power to control their data. DxChain’s data storage also protects privacy.
Blockchain is an innovation whose functions include frictionless transactions, tamper-proof recordkeeping, and data privacy. Organizations can tap into its capabilities to improve their business practices.