It's no wonder that a few years ago, we thought blockchain technology was just a fad. After all, very few people were actually using it for anything other than staking the price of a token or coin.
However, things have changed in the last few years, and the usefulness of blockchain technology that entrepreneurs recognized back then is now showing up in real business applications.
The usefulness of blockchain technology in business will be the focus of this year's London Blockchain Conference. Let's look at some case studies.
Sentinel Node revolutionizes cybersecurity
One of the best examples of how businesses can use blockchain technology to revolutionize their processes is Certihash’s Sentinel Node. Built in partnership with IBM (NASDAQ: IBM), the service uses blockchain technology to timestamp snapshots of computer files and networks, detecting every entry, modification, and modification within seconds. .
Even better, Sentinel Node also puts responsibility in the hands of network administrators. Use an immutable ledger to record details of which administrators responded to alerts and what they did to mitigate the situation.
The cost of a data breach will rise to $4.45 million for businesses by 2023, making smart tools like Sentinel Node necessary. This kind of tool perfectly demonstrates what blockchain technology can be used for beyond simple money transfers. Introduce transparency and full oversight. For every element of your business.
Centi is a Swiss Franc stablecoin for large-scale micropayments
Due to the fixed supply and the volatility it causes, very few people actually use BTC or ETH for payments these days. The key issue is very simple. No one wants to pay for something that fluctuates in value. It is also nearly impossible to designate debt in unstable currencies, and commerce in currencies with fixed supply is difficult.
Stablecoins could be part of the solution to allow people to use digital currencies for payments. Efforts like Centi, a stablecoin backed by the Swiss franc, demonstrate how powerful stablecoins that operate on scalable blockchains can be.
Just recently, Centi unveiled 1 million micropayments in 24 hours. That's paying just 1 cent per pop. Will national monetary units that people inherently know and trust be the key to sparking a micropayments revolution? Only time will tell, but they are certainly a step in the right direction. is.
What are the use cases for micropayments? Suggestions include tipping creators, accessing and unlocking content without subscribing, and paying to send peer-to-peer emails and messages. tried and tested. We are in the early stages of the micropayments revolution, but projects like Centi greatly increase the chances of its success.
Trace platform tracks food from farm to fork
One of the best business use cases for blockchain is the traceability it enables. Putting the whole world on chain provides unimaginable transparency, allowing companies to check and track everything from how much of a particular item is in stock to where it is in the supply chain.
Currently, the world's databases are fragmented and confusing, making it difficult to construct a complete picture. Trace, a platform built by IBM and Gate2Chain, aims to change this. This makes it easy to create and track “digital twins” across the supply chain, allowing you to track and know what is where at any given time.
Our main objective is to solve everyday real-world business problems and simplify the integration of blockchain technology into business processes. – Jessica Jaume, Gate2Chain
Applications like Trace can solve many of the problems businesses face in the age of globalization, including improving business intelligence, streamlining supply chains, and reducing counterfeit goods and outright theft. Problems caused by a lack of clear information about what is happening in the supply chain can be significantly reduced or even solved thanks to blockchain-powered tools like this.
Find out more at London Blockchain Conference 2024
London Blockchain Conference 2024 is solely focused on the usefulness of blockchain technology. Far from being a digital currency conference, it is about how businesses, governments, and individuals can benefit from blockchain's innovative tools.
Panels and discussions will focus on how blockchain apps are disrupting supply chain, healthcare, luxury goods, finance and banking, mining and commodities, and many other industries. The key is transparency and traceability on a global scale.
Secure your tickets to the world's premier utility blockchain conference at Excel London from 21st to 23rd May 2024.
See: Big Tech’s role in blockchain adoption
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