Technology

Areas of use of Blockchain technology

Francesco Piras

Read More

Technology

Areas of use of Blockchain technology

Francesco Piras

Read More

Technology

Areas of use of Blockchain technology

Francesco Piras

Read More

Mar 26, 2019

Blockchain technology has become a term so abused that it is difficult to understand, given the vast and indefinite technological environment to which many would like to apply it. This is due to the excessive hype that accompanied the initial discovery phase of this new technology, where blockchain was advertised as a magic recipe capable of innovating any business. In 2017 and the beginning of 2018 blockchain has enjoyed great popularity thanks to the prodigious increase in the price of cryptocurrency and the rapid and impetuous success of tokens.

All this has generated great expectations of innovation and technological improvement, so many companies have felt compelled to include blockchain in their marketing plan, indicating it as a factor in the success of their business, even before having evaluated and thoroughly tested it.
When the speculative bubble burst and the ambitious promises had to leave room for the evidence of the facts, it clearly emerged that blockchain is not the panacea for all businesses and that its best application is limited mainly to certain areas. Furthermore, it is clear that the illusions of its rapid implementation and consequent immediate success of the relative products derive from a poor study of technology and a superficial understanding of its limits and opportunities.

Let's see below what are some areas in which blockchain today shows real added value compared to other existing technologies:

Digital currency

The first and still most important application of the blockchain technology is that of allowing the creation and transfer of cryptocurrency without the need for any intermediary. The cryptocurrency native to a specific blockchain (Bitcoin, Ethereum, Ripple, EOS, etc.) and tokens created in a personalized way, represent a new way of transferring value.
Most important use cases:

  • Payments

  • Exchanges

  • Loyalty Systems


Financial sphere

The traditional financial system can be rethought and rebuilt over a blockchain infrastructure that offers security guarantees, automation and programmability of assets, disintermediation, efficiency and speed, superior to current systems. The audit and transparency of these systems, combined with the borderless nature of technology, make blockchain the perfect financial protocol.
Most important use cases:

  • Digital Asset Trading Platforms

  • Automation of financial products and services with the use of Smart Contracts

  • Tokenization of physical and digital assets

  • Financial inclusion for unbanked


Crowdfunding & Fundraising

Financing of a new business project or raising capital for an existing company can be more effectively implemented using a token. It represents rights and / or utility that can be transferred and exchanged more easily and quickly on the market. The token offers to companies an opening to international investment markets. In countries where regulation is clear and lean, it offers more opportunities to start-ups, thanks to easier and faster access to potential investors.
Most important use cases:

  • Financing of a future project (ICO, DAICO, IEO)

  • Capital raising (STO)


Certification and Copyright

The certification or notarization of a digital data on blockchain creates a non-modifiable register that can be used as proof of existence of that data. This applies to certificates and educational qualifications, which can be rendered demonstrable and non-falsifiable. In the same way it achieve the confirmation of authenticity of a product in supply chains where counterfeiting is otherwise difficult to verify.
Most important use cases:

  • Academic and professional titles

  • Anti Counterfeit Products

  • Verification and economic management of copyright


Digital Identity & Privacy

Digital identity is an increasingly important and delicate aspect of our lives, crucial for security and privacy, fundamental for democratic access to the online world.
Current authentication systems require the registration of personal data and the sending of identity documents that are not born natively digital. The security and privacy of such data are often violated without the users being able to defend themselves in any way. Blockchain, through public and private key pairs, and a cryptographic management of data, can greatly improve the current situation and provide a more efficient ID in line with privacy. Furthermore, there is no central entity that owns the data and can therefore be easily attacked.
Most important use cases:

  • Decentralized authentication systems

  • Management of personal data

  • Recognition and identity documents

  • Healthcare data

  • Online voting systems


Supply Chain Management

The complexity and quantity of subjects involved in supply chain management is now resolved by a plurality of systems, both online and offline, which make management very demanding and data exchange is not very efficient and verifiable. Using a common decentralized infrastructure on which to build shared applications among the various parties involved in the supply chain, up to the consumer, constitutes a great simplification and a guarantee of greater reliability of the information exchanged.
Most important use cases:

  • Open protocol for product history

  • Traceability systems and transparent data connection


Integration with other technologies

So far we have listed some of the most well-known areas, which represent the most common cases of real use developed in the industry. However, there are other interesting areas of real added value for the application of blockchain technology. These areas can be closely integrated with other technologies, or represent different products and services.
Most important use cases:

  • Prediction Markets

  • Integration with the Internet of Things

  • Decentralized storage with IPFS

  • Videogames & Gambling online

  • Automation in insurance

  • Energy market management


Conclusions

Blockchain is a recently developed technology, not yet consolidated and far from a stage of maturity. At the same time, innovation is rapid and continuous, as is the potential discovery of new real use cases. This scenario offers great opportunities for companies that will first be able to effectively apply blockchain, increasing the added value of their products and services and thus improving their business.

About the Author

Francesco is an entrepreneur working in the Crypto industry since 2014. Mentor and evaluator in European projects in the DLT field. In 2017 he co-founded in Estonia one of the first token sale consultancy firm. For 5 years he was President of Bitcoin Sardegna, a prominent Italian non profit association. In 2006 Francesco worked for Google as a Quality Rater. In 2018 he obtained the certification for “Blockchain Technologies: Business Innovation and Application” at the MIT Sloan School of Management (USA). Over 20 years of experience in the Tech sector, with C-level positions in Business Development and Marketing & Sales for various software companies.

Francesco Piras

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From strategy to execution and implementation, we deliver tailored solutions that fit the unique needs of your project across Tokenization, Product Development, Tokenomics and Marketing.

  • Testimonial Author

    Ryan Lind

    Pavia

    The most impressive aspects of BrightNode were the team's deep knowledge, extensive connections in the industry, and the confidence they instilled in us to present their work to various stakeholders.

  • Testimonial Author

    Edwin Ho Chun Wa

    PiChain Global

    BrightNode's support played a pivotal role in achieving our project's success.

  • Testimonial Author

    Ettore Strapazzon

    PIXELMON

    Brightnode has provided a precious support and contribution to the Pixelmon and LiquidX team in reviewing the tokenomic strategy, challenging its thesis and propositions and proposing new points of view to improve it.

  • Testimonial Author

    Ben Baldieri

    Polity Network

    The depth of knowledge and professionalism characterizing the Brightnode team is second to none.

  • Testimonial Author

    Stefania Barbato

    Talent Garden

    It was great and inspiring to work with Brightnode.

  • Dara Sabeti

    MetaLegends

    Brightnode displayed outstanding professionalism, expertise and know-how in navigating the turbulent blockchain landscape. They did all this while remaining personable, kind and highly receptive to our needs.

Go On-Chain Today

From strategy to execution and implementation, we deliver tailored solutions that fit the unique needs of your project across Tokenization, Product Development, Tokenomics and Marketing.

  • Testimonial Author

    Ryan Lind

    Pavia

    The most impressive aspects of BrightNode were the team's deep knowledge, extensive connections in the industry, and the confidence they instilled in us to present their work to various stakeholders.

  • Testimonial Author

    Edwin Ho Chun Wa

    PiChain Global

    BrightNode's support played a pivotal role in achieving our project's success.

  • Testimonial Author

    Ettore Strapazzon

    PIXELMON

    Brightnode has provided a precious support and contribution to the Pixelmon and LiquidX team in reviewing the tokenomic strategy, challenging its thesis and propositions and proposing new points of view to improve it.

  • Testimonial Author

    Ben Baldieri

    Polity Network

    The depth of knowledge and professionalism characterizing the Brightnode team is second to none.

  • Testimonial Author

    Stefania Barbato

    Talent Garden

    It was great and inspiring to work with Brightnode.

  • Dara Sabeti

    MetaLegends

    Brightnode displayed outstanding professionalism, expertise and know-how in navigating the turbulent blockchain landscape. They did all this while remaining personable, kind and highly receptive to our needs.