The blockchain technology is associated with cryptocurrencies, especially bitcoin, by most people. That’s because it was supposed to be used for bitcoin. But blockchain is far more than just a technology to supply bitcoin or any other cryptocurrency. It can be implemented in various fields.
Online Advertising: Transparent And Fraud-Free With Blockchain
Blockchain has already been implemented for ad-buying contracts, recording of ad impression data, and payments for media buying.
But the main issue in digital advertising is lack of transparency. According to Juniper Research, ‘ advertisers will lose an estimated $19 billion to fraudulent activities next year, equivalent to $51 million per day. This figure, representing advertising on online and mobile devices, will continue to rise, reaching $44 billion by 2022’. These amounts are totally unbelievable!
How can blockchain help to address this issue? IBM iX has just announced at their Twitter account
that they partnered with Mediaocean (software supplier) to launch a blockchain tracker for digital media transactions. As they said, the blockchain technology will help to ‘clear things up’ in media buying.
Babs Rangaiah (global marketing partner in IBM iX) said: “Once you identify where the money is going, who the players are and what each of them are doing, I think you’ll see some redundancies in the supply chain that will allow some of that production money now going to the middle players to come back and hit the publishers.”
Such giants as Unilever, Kimberly-Clark Corp., Pfizer, Kellogg, and Watson will be involved with the pilot project.
Shipping Industry: Efficient, Transparent And Fraud-Free With Blockchain
In April 2018 Bloomberg reported that a few big logistics companies have already been testing a blockchain platform: “APL Ltd., owned by the world’s third-largest container line CMA CGM SA, together with Anheuser-Busch InBev NV, Accenture Plc, a European customs organization and other companies said last month that they’ve tested a blockchain-based platform. South Korea’s Hyundai Merchant Marine Co. held trial runs last year using a system developed with Samsung SDS Co.”
Accenture has developed the solution that eliminated the physical exchange of documents and the need of their printed copies. The blockchain based solution saves time and money, according to Accenture statement: “Our trials have proven the viability of a shipping process in which many documents can be replaced by secure and distributed data sharing with clear and defined ownership,” said Adriana Diener-Veinott, who leads Accenture’s Freight & Logistics industry practice. “This gives companies a significant opportunity to save time and money while improving their service to customers.”
Electric Companies: Smart Managing Energy Grid
“Keeping track of renewable-energy certificates is one of dozens of potential applications of blockchain technology that could solve data management challenges in the electricity sector…” said Jesse Morris, an energy expert at the Rocky Mountain Institute.
Usually, consumer’s power consumption is determined by a meter reader who physically visits a house or a company’s office to read a power meter data and report the numbers to his/her office. Blockchain can help power providers automatically capture customers’ monthly consumption.
MIT Review stated: “The team will begin with applications like tracking renewable-energy certificates. In the longer term, though, Morris envisions a world in which homes and buildings are equipped with software that automatically sells and buys power to and from the grid on the basis of real-time price signals.”
Digital Identity: Decentralized And Secured
Microsoft already released cloud identity systems. And they decided to make a step forward and create Decentralized Identity Foundation (DIF) for ‘empowering every person to own and control their Digital Identity”.
“Each of us needs a digital identity we own, one which securely and privately stores all elements of our digital identity. This self-owned identity must be easy to use and give us complete control over how our identity data is accessed and used” said Alex Simons, Director of Program Management at Microsoft Identity Division.
To make this happen Microsoft decided to build an open source blockchain based decentralized identity ecosystem for people, organizations, apps, and devices.
To own and control one’s digital identity Microsoft will assign so-called Decentralized ID (DID – “a W3C spec that defines a common document format for describing the state of a Decentralized Identifier”) to each person. DID will be a blockchain based and can be used for bank transactions, for instance, or in communicating with health insurance providers.
Such global ID technology may challenge privacy and security concerns. But being currently one of the most secured technologies blockchain technology will be there to address those issues.