The promises of blockchain technology have long been iterated in various readable formats. The possibilities, known to us, however, are only a scratch on the surface. Even if blockchain isn’t the remedy for all industrial issues, it still offers the optimal solutions to an expansive segment of challenges. 

 As we continue to promote the technology with unwavering vigor, we see banks, brokerages, insurers, regulators, and other institutions inching closer to crypto adoption. 

How Blockchain Functions

Blockchain is defined as a distributed, immutable ledger that secures and streamlines the process of recording transactions and tracking assets in a business network. The asset may be tangible as in real estate, car, cash, or any other commodity of value. Intangible assets include intellectual property, patents, copyrights, and branding. Theoretically anything of value may be entered, tracked, and traded on a blockchain network. This reduces risk and curtails expenses for the stakeholders. 

Blockchain functions may be described as below

•  Each transaction gets entered as a “block” of data. Transactions point to the movement of an asset (physically over a supply chain or virtually over a network). The data block encapsulates (and to an extent conceals) the personal data pertaining to who, what, when, where, how much, and in what state/condition. 
• Each block is linked to the preceding and the succeeding blocks. The connected blocks form a chain of records as an asset is transferred from one place to another or the ownerships get transferred from one person to another. The blocks record the timestamp and sequence of committed transactions. Also,  the blocks connect securely together, arresting any block being tampered with or another being inserted between two existing blocks.
• Transactions are linked together in an irreversible chain of blocks, (hence the name blockchain). Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-resistant, delivering the key strength of immutability. It removes the chance of tampering by a malicious entity — and builds a ledger of transactions you and other network members can trust.

Also Read: Top 10 Bitcoin and Cryptocurrency Custody Service Providers

Blockchain Progression

The crypto industry evolves by facilitating blockchain solutions to global and industrial problems. HashCash Founder and CEO, Raj Chowdhury, has often iterated the capabilities of blockchain applications in solving global problems on a multitude of platforms.

Blockchain services offered by HashCash Consultants target specific problems which otherwise deem faulty or ridden with loopholes. We enumerate such blockchain services in the various departments and the growth stories that entails.

1.Blockchain Digital Identity and Credentials

Digital Identity addresses one of the core problems with the internet. Unlike our offline platforms, digital platforms lacked a formal digital identification

system. This remained a potential gateway to malicious activities and the possibility of identity theft. Digital Identity creation solves this challenge deftly making way for efficient processing of AML/KYC.

A unified digital identity creation distinguishes each individual and addresses the global refugee crises resolving the threats of fraudulent and forged identities. This is possible by tying national identity proofs to biometric information of each individual. A finger imprint or retina scan should any day reveal the identity of a person. The digital identity on a blockchain should unlock a series of individual records within seconds of a keypress. This should convenience both domestic and international travels as well as banking protocols

2. Banking and Financial Services

Blockchain-based platforms offer 

• Functional Simplification with real-time data access, traceability, and management, 
• Automated Compliance from drawing accurate reports promised by the inherently immutable ledger,
• Faster and cost-effective settlement – elimination of intermediaries facilitating the point-to-point transfer of funds make it possible for a considerably faster and cost-effective operation.

The fintech sector designs software solutions for individual and corporate finances. Institutional adoption of blockchain secures and eases out the data management and interpretation of reports from a transparent blockchain platform. 

Automated Clearing House (ACH) solution removes the need for a third-party organization to perform the clearinghouse functions between two organization

Whitelabel cryptocurrency exchange software constitutes the complete, tried-and-tested, and highly rated digital asset exchange technology, ready to be used by institutional cryptocurrency adopters.

Digital fund transfer is facilitated by HC Remit, a remittance platform that eliminates the need for intermediaries while securely transferring money across borders saving both time and expense of the transfer.

3. Healthcare

Healthcare, an essential service, is plagued with formidable challenges threatening the integrity of the industry as a whole. The industry issues translate to impaired interoperability, poorly preserved patient data, roadblocks in the supply chain, and drug/vaccine counterfeiting. Blockchain architecture in itself is capable of resolving most of the challenges.

A proposed vaccine passport enters an individual’s vaccination records on a blockchain and links them to their national identity card. Scanning QR codes on their national IDs will reveal the person’s immunization records.

4. Governance

Blockchain reserves the potential to curb or rectify the facade of democracy through a decentralized opinion-collection system that enables the entire population to contribute to a motion on a secure channel, from the comfort of their homes.

5. Supply chain

The supply chain may be entered into a blockchain network. This setup has already benefited pharmaceuticals, healthcare, wineries, and others. A blockchain platform renders supply data available, visible, and trusted through permissioned blockchain. 

A blockchain application has architected a mineral supply chain tracking application for an international car battery manufacturer in Congo. Alongside traceability, the application attests provenance to the worldwide cobalt industry. It states that cobalt is sourced from under humane and cruelty-free circumstances as opposed to unethical mines in Congo that resorted to the employment of children under exploitative conditions. 

6. Mineral Mining

The mineral mining industry often comes under fire for sourcing their minerals from conflict zones. However, no laboratory method can determine the source of the mineral. A blockchain solution can help with provenance to the source of the mineral with its native traceability feature.

HashCash has participated in a global Diamond mining project the operations of which are blockchain-powered. Blockchain as its underlying technology contributes to its provenance and allows traceability in its movements. The blockchain network spans the entire route of the diamonds from the mines to the stores.

7. Arts/Media and Entertainment

Artists, media, and entertainment personalities now have the means to put their signature on some piece of original art, craft, or content. Non-Fungible Token (NFT) creation enables original creators to make their mark of authenticity and not lose out to piracy or copied versions.

NFT development services and consulting services worldwide warp several projects that can be represented through a cryptocurrency. 

8. Digital Assets

Blockchain powers new service models built around the digital representation of assets from a profit-projecting concept. Such digital tokens exceed most traditional financial instruments in their earning potential. And can be traded on an exchange.

There are several projects involving a potential business plan as a seed concept to be designed on a decentralized platform. The concept floats its native digital assets or utility tokens to be financed on several rounds of coin offering or exchange offerings.

Also Read: Blockchain Replacing the Age-Old SIM Card: A Possibility

Blockchain-based Financial Products

Fintech, worldwide, brings forth a range of financial products in the form of disruptive solutions targeting specific markets dealing in traditional investment instruments.

1. Forex Software

Digitization has simplified the task of Forex trading. Forex Software simplifies the task for novices seeking entry into the foreign exchange realm with good guidance and support. The software offers clarity to investors, traders, or institutions, in speculating the next move. Purchases and sales can be made accordingly. These software tools rise above their trading utility to also offer support in making mature decisions while cutting down the risks.

2. Stock Exchange Software

With assistance from the intelligent Stock Exchange software, stock traders can capture different markets like NSE, BSE, or any other global stock market with ease. It also strengthens the market for service providers in share trading. A number of agencies and companies assist people with trading with chargeable consultancy services. Exchange software allows them to trade without any external assistance. This aspect makes Stock Exchange Software Development a value proposition in terms of value addition. As a service provider, you can excel with the help of this software and provide quintessential service.

3. Commodity Exchange Software

Commodity Exchange Software layered with high-level analytics empowers companies that extract, process, trade, or consume commodities to make data-driven decisions taking control over the growth of their business. A blockchain solution enables the customers to get data-supported decision backup to better handle their position visibility, risk management, controls, and regulatory compliance – as a single platform. All departments are managed by a full suite of an all-inclusive world-class data analytics tool.

4. HC Market Maker

HC Market Maker is an automated device that picks up the lowest Forex conversion rates when a bank needs to establish a relationship with another in a different country. This is achieved via an intermediary bank it has a relationship with and one with links to the target bank.

IoE: Disrupting the Power Sector with Energy Token on Smart Grids for P2P Trade

Smart grids on blockchain networks today constitute a progressive technology, marked by its fast-paced advancement utilizing the benefits of Wireless Sensor Networks (WSNs) and the Internet of Things (IoT). WSNs and IoT optimize energy production and consumption by incorporating intelligent systems that can exchange signals with and monitor each other. Automation of the intelligent sensor-oriented metering device by using Advanced Metering Devices (AMI) leads to a lower manpower requirement and higher accuracy.

Therefore, by making the grid smarter, structured energy utilization is accomplished. Smart grids also assure an efficient harness of renewable sources of energy by affording the technology platform for energy transmission between local energy producers and consumers.

The rising demand for energy and the global inclination towards harnessing renewable resources of energy has pointed out the lack of an organized method of distributing the energy from various sources. Yet another obstacle in the way of organized handling of energy resources appears in the form of intermediaries. A third-party involvement invariably and sharply increases the cost of operation, thereby, paving the way for errors in transactions, intentional or otherwise. Here’s where blockchain offers a promising solution to these existing issues of the smart grid. 

Blockchain technology is known for its direct manner of transacting, eliminating the need for intermediaries. Entering smart grids on a blockchain network decentralizes its operations. This implies that the decision-making and the transaction flows can now bypass the centralized system that involves third parties, e.g., mediators, banks, etc. 

The information pertaining to transactions is recorded in all or selected nodes participating in the operation of the network depending on the type of blockchain used. Purchase and sale of energy across users no longer need to pass the formalities of a bank but rather can be achieved through a computer program 

validating the required, predetermined clauses of the transaction.

Further, using blockchain, a digital asset or energy token can be designed to represent each unit of electricity. This system is greatly beneficial under circumstances where renewable energy is generated in surplus at the prosumer’s end. The unused energy available to the prosumer can be sold by logging on to the network and transacting with other peers within the blockchain network and transferring this electrical energy into the grid. This earns the prosumer energy tokens for the energy sale at a predetermined price while the consumers on deficit may buy energy for their requirement, similarly with the energy tokens.

The Hurdles

On its road to success, fintech, globally, has battled several oddities such as lack of trust from the clients. As a technology still in its nascent stages, trust issues come as a major drawback to the fruition of the tasks which culminate into the project. Yet another drawback of nascent technology is inadequate knowledge. Insufficient knowledge on the subject leads to a fear of failure which often stalls potential projects. 

Many potential projects have failed to garner support for missing the target audience. Marketing instruments often fail to land up to the potential target individuals or organizations. This again happens due to insufficiency in experience and knowledge required to drive decentralized projects to completion.

Finally

The write-up offers a blink view of the enormous possibilities of blockchain applications at a visibly heightened efficiency at a substantially reduced time and cost.

The potential of the technology is emphasized in the same breath as reports of their misses. It is often the hyper-critical approach of the traditionalists that dampens the success of projects powered by blockchain. 

However, growing popularity and evolving theories have converted many orthodox institutions in favor of cryptocurrency. This will serve to cement the faith of individuals and organizations in the potential of decentralized platforms powered by blockchain technology.