Why Keep an eye on Blockchain in 2018 ?

Blockchain is not just about cryptocurrency ,but a lot more than that. 2017 has been about blockchain as it has been adopted by many companies and many use cases have been developed in various industries.

Bitcoin has made blockchain the most popular technology in 2017. The exponential rise in the bitcoin value does not seem to come down and specialists believe it is soon going to be implemented in all the industries all around the world. Blockchain application development, has moved beyond just cryptocurrencies, it is being adopted by the giants in the industries like banking, healthcare, finance, IT to transform old legacy business models to new disruptive and distributed ledger technology.

I am listing few reasons why every industry should keep their eyes on blockchain for in 2018 for better understanding the technology and incorporating it where possible.

• Growing Crypto Feasibility

Blockchain is being made robust and secure. Recently many cryptocurrencies have been attacked But have made blockchain more secure, smart contracts integration has gone stronger. The transparent and resilient nature of blockchain has made it more adaptable and is being incorporated in business models using distributed ledger system.

• Governments will adopt Blockchain

In the mid 2018 government will start using blockchain and start looking deeply in the technology blockchain has to offer. Governments are already testing its functionalities with current voting system. There are many more applications of blockchain like digital identity will soon be the only identity of every human being.

• Exponential rise of value of Cryptocurrency

Cryptocurrency will be the new way business operates and will be a part of the daily transactions across the world. Integration of custom software development services with blockchain based crypto tokens will make the crypto currency better reputation. Simply put Bitcoin buyers at this point have the asset which will keep on rising across the world. Its not just the value increase that is keeping the cryptocurrency or crypto assets lucerative but it the acceptance as an commercial and negotiable tender.

• Banks Will Incorporate Blockchain

Blockchain payment management systems are being incorporate by central banks for cross border payments for immediate settlement in a secure and timely manner. Distributed ledger network supports the banks in transactions and verifications across borders. Just thank that in your family that is spread across different countries, you donot have to pay conversion rates from Dollars to Pounds or INR to Yen and its just Crypto to Dollars, Pounds etc. You actually end up saving high in case of large volumes.

• Blockchain Will Disrupt Modern Commerce

Blockchain is bringing a new revolution in financial industry and there is a global impact of blockchain that will transform the way the world operates. Blockchain, will disrupt modern commerce inventing new paradigm as SCM systems seeks more value from value chain. The manufacturing, logistics, store and complete supplychain will run on distributed ledger ensure error and fraud free movement of goods.

• Fiat money utilization

Tokenization will give new value to fiat money . In 2018 the industries will recognize tokenization to manage their fiat currency. For not just physical currency blockchain will put light on how businesses can settle transactions immediately with more robust digital currency.

• Analytics

Blockchain is being incorporated in many companies and will facilitate new data analysis practice with highly protected and accurate data providing more value to businesses. Taking an example ; In the financial industry the loan approval can be streamlined . People can share their personal details on a much secure, robust and transparent network. The data can be used for analysis for more and more streamlined process completion. Also would deliver process and procedure insights enabling greater efficiency.

• New Use Cases

As a blockchain development company, we have found that there are many applications of blockchain presently implemented in various industries but the upcoming application would be in anti-fraud management, government in voting, travel industry with emphasis on loyalty programs, and digital identification. People, companies will be identified with this unique identification in banks, service providers, etc. Travel and music industry is another platform where blockchain benefits will be used. The information will be available on the shared network to the participants in a secure and transparent way. With the increase ransom ware attacks the cryptocurrency technology is fraud proof.

Netset Being the leading software product development company has also established itself as one of the top Blockchain development Companies. We have also developed our Blockchain Wallets as a POC and are open to partnerships on for solving real business challenges.  Drop us a line at Direct@netsetsoftware.com to know more.

Global Impact of Blockchain

Blockchain is the next big thing and has the potential to deliver new applications. It is the second generation of internet. The major internet experts have explained the revolutionary impacts of Blockchain in the digital world. Blockchain is the technology behind much hyped bitcoin. But as Internet of information changed the world with some doubts, it’s time for Blockchain, better known as internet of value to roll the dice and eliminate all the flaws of previous internet. Blockchain technology is multiform but the idea is very simple. It is a huge distributed ledger implemented on multiple devices where information as well as other things like money, art, property, votes and music can be stored publicly or privately. Let`s take a look at how Blockchain implementation in various industries could script a new beginning in the way business operations are run.

• Financial services providers are already using the advent of blockchain. It is seen that blockchain is being applied to all the cost centric as well as customer centric industries. The focal point of blockchain is sharing information and reducing effective cost of transaction. Smart contracts are blockchain triggered programs that are self executed which will reduce the cost of contracting and making payments. This would require no management as smart contracts are self executing protocols and hence promises to reduce cost.
• Internet of Things has been making much hype due to the intercommunication between the devices and self independence of devices. The use of blockchain will lead to emergence of a new breed of devices that will interact with each other, update software, sense the requirements of consumables, triggering protocols and monitor all functional process on a central network of devices. Blockchain will even change the way we collect, render and analyze the data in medical industry or any major data processing requirements.
• Entertainment industry is next in queue; to begin with let us take example of the music industry wherein the artists, producers get paid in no time with the help of smart contracts. Blockchain development will take legacy business models to new heights by working together with old or new applications. This will save time and cost at the same time. The trustless dynamic services between consumer and companies will be abolished and a streamlined peer to peer transaction will be feasible.
• Cyber security is the next frame of IT industry that will be affected by blockchain. The verified and cryptographic ally secure data will reduce susceptibility of any unauthorized changes and hacking. Along with this saving data on a distributed ledger removes the need of middleman or a legacy secure server. The private keys of data with parallel accounts can ensure complete privacy along with multi party authenticity.
• Logistics will also bank upon the smart contracts that are a formidable tool for online reputation management. In blockchain transactions are documented in a permanent decentralized record that can be monitored with complete transparency. The logistics industry can use this edge and solve the overall supply chain challenges. The use of such method of managing database can improve efficiency in terms of time, cost and labor.
• Hospitals also keep a large pool of data in form of test reports, prescriptions and consultation data that can be of a great value to patients. This data can be life saving in many cases. This data can be put on a decentralized ledger and patients can have access to their medical records through private key and all that without adding major burden on hospitals.
• Government sector is also at the verge of accepting the need of blockchain and decentralized database. The corruption driven bureaucracy has always been restricting the throughput of government funds to the bottom level. Using Smart contract blockchainbased authenticity protocols, the roadblock and bottlenecks in the flow of government funded schemes can be unearthed and right actions can be taken. Blockchain will not only help identifying the flaws in government policies but also in ensuring fast and reliable implementation of social welfare schemes.

There is a wide scope of application of blockchain in all the major industries including Finance, hospitality, entertainment, healthcare, insurance, retail, crowd funding and even forecasting and data management.

Our team at NetSet software is excelling in Blockchain application development to a wide range of industries. We are open to partnerships with you for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.

Blockchain: Opportunities for healthcare

Blockchain is building quick roads to connect with healthcare and redefine how healthcare has been working. Blockchain is spinning up the wind with its  disruptive nature in healthcare. It is characteristically decentralized, peer to peer encrypted and tamper proof database. Healthcare departments have a huge amount of data stored centrally. Blockchain development would bring inter-compatibility, security of data and ensuring its sharing at greater speed with lower cost. The most fascinating thing about blockchain is that, all the participant on the network like hospitals, insurance providers, bill payers and patients will be able to access trusted information using a private or public key. Any participant can look at the number of transactions made or history of the patient or any related documentation. Hence all together on a network doctors and patients could make a decision. Blockchain could possibly help the patients reach doctors and keep them available and hence store all the necessary documents for claims adjudication.

Here are the possible user cases in healthcare:

Patient data management

Implementing blockchain solutions using impressive models for sharing medical records would assist in managing detailed information about patient and his/her health . These could also contain hospital level or doctor level information related to the patient. All the data stored centrally can be structured and maintained at patient’s end, hence securing it at the same time.

Patient generated Health data

Patient generated health data (PGHD) is extremely popular wherein patients record or collect data to address their health concern. They would record a video or type in a smart phone. Instead of Saving PGHD data on the devices,  you could ask them to store the information on health blockchain. The blockchain will have the history of the patients data.

Clinical Trials and studies

Blockchain helps in collecting more accurate and larger sample size for efficient clinical trials. As there will be a large population online on blockchain so there will be limited need for volunteers for trials.

Payments and payer contracts

A blockchain network would contain all the participants like patient, hospital, insurance company for all payments to be made. This leads to saving time and cost in a much easier way. Smart Contracts Blockchain are self executing programs that can send notifications anywhere on the network, also in the event of threat or when a new block is added to the network.

The major idea behind implementing blockchain is customer experience while optimizing the flow of information in most efficient way. Heath care is ready to swirl and transform into an efficient paradigm of adopting technology and care.  We at NetSet Software are gearing up to assist healthcare providers and society at large for better and transparent healthcare services.