Blockchain, the technology that powers cryptocurrencies like Bitcoin and Ethereum, is now known to the majority of us. Blockchain has numerous alleged applications outside of cryptocurrencies that call for an immutable ledger.
Blockchain has been given a godlike position in rhetoric, which describes it as a cutting-edge technology ready to revolutionise every aspect of society, including voting, smart weapons, health data, stock trading, international shipping, and more.
We've also seen a tonne of other creative blockchain concepts, although many of them are just theories. What initiatives are successfully putting blockchain into practise, then?
In this article, we'll highlight 5 active initiatives that are truly employing blockchain and have achieved real-world benefits in an effort to distinguish fact from fantasy. We'll evaluate the practicality of such projects and examine the potential impact of demonstrated use on the overall environment and mindset surrounding blockchain adoption.
1. Arcade City
A new peer-to-peer transportation company called Arcade City wants to disrupt the disruptor. To eliminate the middlemen and defend driver rights, they are competing with Uber and Lyft, and they are basing their business on the Ethereum blockchain.
With complete liberty granted to them, Arcade City intends to resolve the problems that many drivers have encountered when utilising Uber. Drivers in Arcade City are free to establish their own prices, accept their own forms of payment, organise into guilds with other drivers, and communicate openly with app users.
You can download the Arcade City app from the App Store, but it is only accessible in a few cities around the world.
A fundraising website called Helperbit places a focus on international charity projects that improve well-being in other nations.
Current initiatives include helping communities in Africa get access to clean water, assisting with children's education in Papua New Guinea, and even exploring the North Pole.
Each donation's connection to the blockchain contributes to greater economic transparency. Helperbit intends to use decentralisation to provide fundraising power directly to the people because corruption in insurance and charity is an unhappy reality.
Not only businesses and nonprofits are enthusiastic about blockchain. giant of aviation engineering An IoT-driven blockchain is already being used by Boeing into their engineering processes.
The hundreds of thousands of components needed to assemble an aeroplane make tracking them throughout the build process a nightmare. By utilising an IoT-focused blockchain, "Boeing holds complete provenance details of each component part."
This benefits the production process by boosting transparency among several stakeholders, including the manufacturing teams, aircraft owners, maintainers, and government regulators. Their Internet of Things blockchain facilitates issue resolution by reducing aircraft turnaround time in addition to optimising technical efforts.
A jolt is needed in the healthcare industry. In addition to exorbitant costs, the sector is plagued by incorrect diagnosis, horrible user experience, and ongoing patient safety issues. The majority of this can be resolved by better data usage.
Blockchain technology will be used by Medicalchain to safely store medical records. In order to give doctors, hospitals, laboratories, pharmacies, and health insurance more fast access to health records and perhaps save lives, using a distributed ledger in the healthcare industry is a godsend. MedTokens are ingested by Medicalchain, which is also developing the companion telemedicine platform MyClinic.com.
Given that it is still in its early stages, Medicalchain must establish its reputation with patients and doctors alike. Having said that, it's an excellent illustration of how blockchain technology may upend an unproductive sector of the economy.
The primary selling point of CargoConX is that it enables shipping logistics businesses to "Uberize" their extra container capacity. CargoConX leverages blockchain-based smart contract technology to promote accountability among all participants in order for this to function properly.
Six key components are powered by their CSS Connect API backbone to advance the shipping sector. According to their documentation:
Using trigger points and milestones set up in the blockchain smart contract, smart contracts between network participants can guarantee payment via an escrow facility to all parties engaged in the shipment journey.
CargoConX is now running an ICO and has 10 early adopters, which is significant for substantial B2B relationships.
The Pseudo-Reality of Blockchain
According to Fortune, "blockchains will change the world," and there is some truth to that. The Internet might not be as decentralised as Silicon Valley's Pied Piper would like—many things remain unproven.
Never trust the hype. Actually, the world's first blockchain election was not held in Sierra Leone. And as awesome as it would sound, we're probably not a node in an alien-created global blockchain.
Without a question, the blockchain buzz is making waves and there is real activity. We've seen how it's being used by various businesses to boost transparency, oust rivals, and improve internal processes. Smart contracts for the law, solar power networks, the delivery of government benefits, and electronic payments are further legitimate use cases.
Blockchain projects need time to receive funding, acquire users, and build out their platforms before they are evangelized. We’ll just have to wait and see which ones become a proven reality, and what stays as fiction.