Now, many people might think of the higher availability of different blockchain projects as a favorable factor. On the contrary, the massive portfolio of blockchain projects 2022 can be confusing for users. Do you want to opt for public blockchain projects that utilizes Ethereum? Or, do you want to utilize functionalities of private blockchain projects such as Fabric or Corda that have a better potential for revolutionizing the blockchain landscape? A blockchain project list can help you get rid of all your confusions and make the right choice when it comes to blockchain development.

On the other hand, some users or enterprises might be open to possibilities of switching to newly introduced blockchain projects. However, you are most likely to lose your direction along the way if you don’t have the right guidance. The following discussion outlines some of the notable alternatives that can be crucial for transforming your blockchain project ideas into reality.

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Top Blockchain Project Ideas for 2022

With the industry leaders taking initiatives from the front, many blockchain project ideas are slowly witnessing the light of the day. New blockchain-based projects are popping up for resolving the inefficiencies noted in the existing world. So, without wasting any further time, let us dive right into the list of best blockchain projects 2022.

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1. AP Moller-Maersk

An outline of the best blockchain project list would obviously point out to TradeLens, the enterprise blockchain of AP Moller-Maersk. The shipping and logistics giant based in Denmark, leverages its blockchain, TradeLens, for the digitalization of supply chain information. Following its launch in August 2018, TradeLens has emerged as one of the best blockchain project ideas in recent times.

It has been successful in onboarding almost 50% of container ships all over the world. TradeLens processed around 1 billion shipments, 12 million documents, and around 30 million containers in 2020 alone. The numbers of 2020 for TradeLens surpassed more than double the estimates of the previous year. Furthermore, Maersk has also collaborated with Microsoft for marine insurance processing by leveraging blockchain technology. 

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2. Baidu

China is one of the prominent regions in the world showcasing promising growth in the domain of blockchain innovation. The Chinese search engine, Baidu, alongside its associated fintech venture, Du Xiaoman Financial, has brought over 20 blockchain solutions together. The most notable mention among the blockchain project ideas introduced by Baidu and Du Xiaoman Financial refers to Libra Chain.

Presently, Libra Chain works as the infrastructure for three internet courts in China. The courts deal primarily with copyrights and e-commerce disputes by leveraging virtual litigation. Under the leadership of Wei Xiao, Libra Chain has been successful in supporting the filing of over 35 million pieces of electronic evidence at the Beijing Internet Court. 

3. Boeing

Another big enterprise blockchain that makes an entry among top blockchain project ideas in 2022 refers to SkyGrid of Boeing. The HorizonX venture arm of Boeing has invested considerable efforts in developing SkyGrid. It serves as a blockchain-powered air traffic control system for tracking and communicating with drones. Most important of all, SkyGrid has been successful in achieving the approval of the FAA for offering low-altitude authorization to drone pilots.

In addition, SkyGrid is also available as a free app on iPad. SkyGrid develops a permanent record of data for helping with package delivery and industrial inspections. By leveraging the power of blockchain platforms such as Hyperledger Fabric and Go Direct, SkyGrid holds the potential for powering autonomous flying taxis in the future. 

4. Credit Suisse

The capabilities of Credit Suisse to use Paxos Settlement Service clearly indicate another promising entry among blockchain project ideas. The major banking player, based in Switzerland, is also capitalizing on the capabilities of Enterprise Ethereum alongside Paxos Settlement Service. Credit Suisse utilizes the Paxos Settlement Service for settling US-listed stock trades with the Instinet of broker-dealer Nomura.

The blockchain technology offered by the Swiss banking giant could help participants with the direct settlement of trades with each other. As a result, it can reduce the intervention of conventional intermediaries thereby speeding up the settlement. 

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5. Honeywell

Honeywell has also emerged as one of the pioneers of enterprise blockchain technology alongside other top names in the tech domain. It is a renowned industrial conglomerate, has successfully migrated over 2 million aviation quality documents to a blockchain ledger platform. Honeywell has capitalized on the capabilities of Hyperledger Fabric for achieving the successful migration of aviation quality documents.

As a result, it can ensure the complete availability of aviation quality documents to its customer base. Honeywell also runs the blockchain-powered marketplace named GoDirect Trade. GoDirect Trade lists around $4 billion in used aviation components and has been successful in attracting over 10,000 users.

The year 2022 will bring more opportunities in the Blockchain Ecosystem. Here’s the List of Top Companies Using Blockchain Technology.

6. IBM Corporation

IBM was one of the first major enterprises to focus on blockchain project ideas on a large scale. With the IBM Blockchain already making news across various circles, IBM has introduced the new Digital Health Pass application. The Digital Health Pass application helps organizations in verifying the COVID-19 test of an individual alongside their temperature results.

Customers such as stadium operators could select their own criteria for using the Digital Health Pass application. For example, stadium operators could select the criteria of whether a person was vaccinated. The Digital Health Pass project depends on Hyperledger Fabric and the IBM Blockchain. 

7. ING Group 

ING Group qualifies as one of the first banks to adopt blockchain technology. Presently, it utilizes blockchain platforms such as Hyperledger Fabric, Corda, Hyperledger Indy, Ethereum, and Quorum for leading a group of financial organizations. Together with other financial institutions, ING Group spearheads the authentication of digital-assets while ensuring compliance with global standards against money laundering.

They recently launched a project called Bulletproof, which is a better iteration of zero-knowledge proofs. It’s an extension, and it allows better data security and privacy within any distributed ledger technology. In reality, Bünz et al at Stanford, Blockstream and UCL worked with ING to launch this project for a better ZKP implementation.

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8. Microsoft

The world’s leading tech giant, Microsoft is also not far behind when it comes to blockchain project ideas. Microsoft has partnered with EY for developing one of its notable blockchain applications by leveraging Ethereum and Quorum blockchains.

The blockchain application features the capabilities for managing content rights and royalties. Game publishers such as Ubisoft and Xbox were the foremost users of the new blockchain system of Microsoft. In comparison to traditional processing, the new blockchain system of Microsoft for making automatic royalty payments. 

9. Novartis

Novartis has taken the leading stance in blockchain project development in the pharma sector. As one of the leading pharma companies, Novartis is a prominent member of an EU-based blockchain consortium focused on targeting outdated or incorrect information related to prescription inserts. Novartis partnered with Merck and the Polytechnic University of Madrid for coming up with one of the unique blockchain project ideas in the pharma sector – PharmaLedger.

The blockchain-based application of Novartis helps in scanning drug packages alongside making real-time requests to manufacturers for updated information. Patients can also access the information through scan codes. The PharmaLedger consortium is also looking for innovative uses of blockchain for fighting against counterfeit and black-market medications.

10. Samsung

The IT branch of Samsung i.e. Samsung SDS has developed various blockchain projects for local hospitals, airports, and governments. Samsung is capable of making the most of the Nexledger blockchain platform to mark its presence in the blockchain ecosystem. Among the different blockchain projects of Samsung, the foremost entry refers to a one-stop medical claims processing service. The service enables patients for submitting claims at a hospital reception center or through a mobile or at a kiosk. 

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11. Swisscom

Switzerland-based telecom giant, Swisscom, is also one of the prominent players experimenting with new blockchain project ideas. Presently, Swisscom has around 11 blockchain applications that are at different stages of development. Swisscom utilizes notable enterprise blockchain platforms such as Hyperledger Fabric, Hyperledger Indy, Hyperledger Ares, and Corda.

One of their most significant blockchain projects is the platform Swisscom Blockchain. This project offers various products such as Electronic seal, node as a service, and Swiss Trust Chain. All of these products are geared towards Swiss companies and the public sector to offer a better blockchain infrastructure for application development.

12. Tencent

Based in China, Tencent is also a significant player in the domain of new blockchain projects. The most crucial advantage for Tencent as a developer of new blockchain project ideas is the blockchain it has developed. The blockchain developed by Tencent helps the tax authority of Shenzhen to issues around 10 million invoices. Furthermore, Tencent has also established WeBank, which offers a unique blockchain platform known as FISCO BCOS or Be Credible, Open & Source. Financial Blockchain Shenzhen Consortium (FISCO) has a member of more than 100 Chinese companies.

The interesting highlight about the blockchain project of Tencent is that over 2000 enterprises use FISCO BCOS. In addition, it also features WeIdentity, which has helped in processing over 17 million border crossings between mainland China and Macao. The other blockchain project of Tencent, WeSign, helps in reducing the arbitration processing time. As a result, it finds applications in Chinese courtrooms for recording various pieces of evidence. 

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13. Visa

The array of blockchain project ideas in the present times also brings the name of Visa to mind. The vast network of Visa access points, including around 70 million merchant locations serves as its foremost strength. Central banks are gradually turning their focus towards minting digital currencies. So, Visa is trying to capitalize on extensive R&D for ensuring the safe flow of digital money beyond its margins.

One of the notable projects of Visa is “Visa B2B Connect.” It uses blockchain infrastructure from Chain to offer a better financial solution in cross-border payments. In reality, this project can offer a cost-effective, secure, transparent, and fast way to process all global payments.

Visa has already applied for 159 blockchain-based patents for different uses. Some of the notable examples of the uses of Visa blockchain projects include the use of biometrics for verifying an individual’s identity and improving the security of transactions. Visa has recently declared an associated with US Dollar Coin or USDC, a stable coin for increasing the speed of business-to-business payments. 

14. MetLife

MetLife is working on a bunch of blockchain project ideas, and one of them is Vitana. Recently, MetLife’s Singapore based technology research facility LumenLab released a whitepaper for the Vitana project.  It’s a project geared towards parametric insurance.

In reality, this project is focused on blockchain for insurance and plans to use the technology for other insurance features. At the moment, this project is focusing on gestational diabetes mellitus that happens in pregnant women. It’s a very harmful disease and needs further financial assistance in terminating it.

Thus, MetLife is using Vitana to offer insurance specifically for pregnant women to help them battle this condition if it arises.

15. Walmart

Discussions on blockchain project ideas could never miss out on the Food Traceability Initiative of Walmart. The retail giant employs the blockchain-based Food Traceability Initiative for detecting contamination alongside other issues for food safety. It has the capability of tracking almost 500 different items such as meat, fresh leafy greens, seafood, and coffee.

In the previous year, Walmart supported the FDA in six different food safety investigations. Interestingly, the Food Traceability Initiative blockchain application of Walmart enabled access to detailed information regarding the original source of contamination within an hour. Furthermore, Walmart plans to execute a pilot test with the US Customs and Border Protection for tracking imported goods. 

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16. BHP

The Australian mining biggie is also a significant entry among players innovating with new blockchain project ideas. BHP is leveraging blockchain for the digitization of various operations. Some of the notable operations under the scope of BHP’s blockchain transformation include verification of supplier identities and tracking ESG or environment, social and corporate governance attributes. One of the biggest blockchain projects used by BHP is MineHub. Using the platform the company has been successful in executing the first iron ore trade on the blockchain with China Baowu Steel in 2020.

17. Shell

Shell is working on a blockchain project where it’s developing a decentralized digital passport system. This is one of the few blockchain project ideas they are planning to work on at present. In this project, the company will authenticate all parts, equipment and products, creating a system of data streams where each data is safely processed and preserved.

We don’t know with which company Shell is working on this project, but they are redefining the way their supply chain works.

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18. Daimler

Daimler is one of the biggest automotive multinational corporations that manufacture luxury cars like Mercedes-Benz. Now, collaborating with Circulor, they are working on a blockchain project that will track the CO2 emission in their Cobalt supply chain process. The primary target is to focus on transparency and possible solutions to reduce the transmission of CO2. More so, they also want to track any amount of secondary material that may come with their Cobalt mining.

This is one of the projects that take an environment-friendly approach to eliminate CO2 or at least reduce the greenhouse effect for good.

19. HSBC

HSBC is undoubtedly one of the notable players in the financial domain with a vision for futuristic blockchain project ideas. The London-based bank leverages blockchain for improving the efficiency of its foreign-exchange flows throughout its global branches. As of recent reports, the blockchain ledger of HSBC has helped in settlement of almost 1.9 million trades with a nominal value of around $1.7 trillion.

But one of the prominent projects of HSBC is Digital Vault. It’s a blockchain-based platform that focuses on the digitalization of all transaction records of private placements. HSBC’s Securities Services unit (HSS) is behind this platform, and they want to ensure their investors can get access to data when the market is growing. More so, using Digital Vault, clients will get access to their private asset and the data such as real estate, debt or equity. Of course, everything is in digital form and fully secured.

20. LVMH

LVMH is a renowned luxury-goods conglomerate based in Paris. It is leveraging the features of blockchain for tracking products. Most important of all, the blockchain project of LVMH uses blockchain platform AURA for combating against counterfeiting of brands such as Bulgari and Louis Vuitton.

Interestingly, the blockchain platform AURA  has already registered almost 10 million luxury products. Developed with Microsoft and ConsenSys, the blockchain platform of LVMH establishes a new approach for combating counterfeit goods and safeguard brand integrity.   

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Why It’s Important to Take a Note of Blockchain Project Ideas

Now when we have gone through the different favorable alternatives in best blockchain projects 2022, it is important to look for reasons to do the same. Many people assume that blockchain technology is the key ingredient that would determine the future of the world of finance. Blockchain project ideas can be extended beyond the world of finance, largely on the basis of blockchain capabilities for cost reduction and limited processing times.

At the same time, the transparency benefits associated with blockchain also promote its adoption across various industries. Previously we published the list of open-source Blockchain projects, with some of the leading sectors favoring blockchain integration including automobile, tech manufacturing and banking.

Additionally, big players in the tech industry such as IBM and Amazon have come up with blockchain solutions tailored for direct as well as indirect customers. Amazon gives unique blockchain extension services on Amazon Web. At the same time, IBM has developed the IBM blockchain.

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Which Blockchain Project Ideas did You Like the Most?      

On a concluding note, it is clearly evident that blockchain project ideas for 2022 feature many promising mentions. However, many tools could not make it to this list, while some are still in the development stages. The gradually increasing interest in blockchain is one of the reasons for emphasizing blockchain projects in present times. Most important of all, blockchain is open source in nature, and it is possible to find out blockchain projects that fit your organization’s transformation goals.

In addition, many blockchain projects are changing the conventional assumptions about blockchain applications. Rather than just providing platforms for exchanging or mining cryptocurrency, blockchain projects are turning attention towards predictions and information. The future of blockchain and blockchain professionals is so bright.

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The post Top 20 Promising Blockchain Projects in 2022 appeared first on 101 Blockchains.

Blockchain technology offers faster, low-cost, secured payment services along with a distributed ledger that can provide trust among the participants. Although blockchain started out as the initial support platform for digital currencies, it’s now integrated into various industries, including payments.

In reality, our payment system is full of issues and needs a change right about now. In many cases, it can take days to process a transaction with extra fees and low security. This is the very reason that consumers are shying away from using payment methods to store or transact their money.

Also, a good portion of the population doesn’t even have access to proper banking and payment channels. Blockchain in this regard can really make a change. It can offer them the opportunity they deserve and also reduce all the issues of this sector to a significant extent.

So, in this guide, we will focus on blockchain’s role in the payment systems. Any novice who is curious about the implications of blockchain in the payment industry should use this guide to get more depth about the topic.

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Blockchain in Payment: Why We Need This Technology?

Many of you may be skeptical about using blockchain or any distributed technology in the payment sectors. However, the industry is full of issues and needs a reality check in the present times. Let’s see what are the major issues or this sector right now!

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Payment Frauds and Chargebacks

The increasing amount of payment thefts and frauds are quite alarming at the moment. In reality, due to the expansion of the e-commerce sector, the opportunity for misusing the information of consumers or card thefts are happening more aggressively.

Also, chargebacks are really costly, and it can single-handedly damage a business’s reputation. More so, the increasing number of chargebacks can even kill the business as well. The issues are, in many cases, the chargebacks don’t happen for a legitimate reason. So, the fraudulent activities pile up and make it hard for a business to bear in the long run.

More so, the theft problems cause massive issues on the customer end, who then lose interest in the brand.

Delayed Cross-border Transactions

It takes a lot of time to process a cross-border payment nowadays. Even if you are not using a banking channel to process the transactions, it can still take up to 6 days to process that. In reality, this can affect the business world quite negatively. Enterprise has to transact money on a daily basis. Also, these transactions have a deadline to meet up.

So, any delays in meeting these deadlines would result in massive losses. Therefore, this makes the business process quite inefficient. Also, on a daily basis, many people do send money from abroad to their families.

However, when an emergency arises, there is no way for people to send the money immediately. Thus, it causes a lot of misfortunes as well.

Low Card Data Security

A merchant will need a Payment Card Industry Data Security Standards certification in order to accept any debit or credit cards. However, in many cases, merchants fail to comply with all the needs of this certification. In most cases, they tend to ignore the fact that card data security should have the highest priority.

That’s why these channels have a very limited amount of security for the customer’s card information. This is something the cybercriminals can easily exploit and use whenever they want. Therefore, without a proper security protocol in place, this type of data theft will keep happening.

Also Read: Blockchain Technology Explained: A Decentralized Ecosystem

Difficulty in Currency Conversion

International or global e-commerce needs to accept a variety of currencies and payment methods. More so, electronic payments such as debit/credit cards, mobile payments, or e-wallets need to offer currency conversions efficiently. However, in many cases, these services fail to offer support for certain native currencies, which limits a user’s ability to shop from anywhere.

Again, different payment providers offer different services that come with a lot of fees as well. Overall, the experience can be quite troublesome for both the merchant and the customers. The process of currency conversion isn’t properly streamlining, so that takes time as well. So, the merchant is unable to tap into a lot of potential for more business.

Lack of Proper Technical Integration

Another major issue of this sector is the lack of proper technology integration. What does it mean? Well, it means that even now, payment providers use legacy networks to operate their day-to-day activities. Unfortunately, these legacy networks can’t cope up with the increasing demand of customers and businesses.

Therefore, a lot of errors occur, and transactions or any payment services can take up to days to process. Not to mention the vulnerability of these technologies increase the risk of identity or money theft. However, these organizations are still reluctant to change or integrate new technologies.

High Processing Fees

Well, not every business sees the processing fees as a major issue. However, this is also one of the challenges of this industry. In reality, the processing fees always increase with every year, and in many cases, the variations of processing fees are quite complex. Therefore, it gets quite hard to keep track of the processing fees and how much they would cost in the long run.

Without understanding how these works, you may face issues in your business at an early stage. Also, for the consumers, these are quite unnecessary fees as, in certain cases, it can cost them a lot in the long run, specifically for international transactions.

Read More: The Importance of Blockchain in Insurance Industry

Complex Financial Regulation Across Territories

Every single country comes with its own set of regulations when it comes to financing or payment processes. However, every time a business expands to new territories, they have to deal with new kind of regulations. This means they have to start or change their business models for every new country. Therefore, the process becomes a lot complex and harder to keep track of.

But without following the guidelines properly, the companies may have to pay fines or even penalties based on the law they broke. This can be a tough situation for small to medium-sized businesses as it can hamper their brand value.

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Low Customer Satisfaction

With the rising issues in the payment sector, the customer satisfaction level is dropping at a rapid rate. And why wouldn’t it? The increasing amount of money thefts, identity thefts, and slow services are making the consumers turn away from payment providers. For example, suppose a payment provider stops offering services due to a cyber-attack or discrepancies in their system. In that case, it’s the customer who will have to pay the price.

In this case, the customers who use the cards on a daily basis can’t access the money they have and would face a lot of trouble. It can also take a lot of time to resolve the issue; all of this time, all the consumers will have to look for another option to get their money back.

Increasing Cyber Attacks

The number of cyber-attacks on payment providers is alarming. Well, payment providers are their first target when it comes to cyberattacks. Cyberattacks alone can cost up to $6 trillion every single year in losses. Just imagine the amount of loss that happens from both consumer’s and companies’ ends.

As you already know that the companies don’t offer proper regulations or security protocols in place, it’s quite easy to hack into the system and steal the money or consumer data from it. Therefore, this sector needs a new technology that can help to battle all of the issues without any problems.

Repetitive KYC Procedures

The Know Your Customer or KYC procedures are there for a reason. We know that it’s here to safeguard the payment providers and the consumers from any identity-based issues. However, this process is not as easy as it sounds. In reality, it involves a lot of paperwork and needs a lot of official documentation to verify it.

However, suppose a customer decides to use another payment provider. In that case, he/she has to do the same process all over again. As there is no way for the banks to use the information from other banks to verify it, the consumer has to deal with the same process in a time-consuming way. In the long run, it’s a massive hassle for both the bank and the consumer.

Read More: Blockchain In Manufacturing: A Guide to Industrial Empowerment

What Are the Benefits of Using Blockchain in Payment?

Now that you know about the issues of payment industries, it’s time to understand how blockchain can affect it in a positive way. Well, blockchain is still not perfect now, but it can still offer a lot of features for this industry.

First of all, blockchain can offer a more secured platform for transaction processes. In reality, using blockchain for payment processing can open up new opportunities for both the consumer and the company. The cryptographic hash function will ensure that no one can hack into the system and alter its data as they please.

So, blockchain can safeguard the network from both outside and inside attacks.

Again, the blockchain payment platform follows a distributed natured network. So, there is no central governing authority. This can actually be quite positive as the central governing authorities are full of corruption now. So, suppose the central authorities don’t have control over the systems. In that case, consumers can finally trust the system to offer the full security they deserve.

Transparency is another one of the benefits of blockchain in this industry. At present, this industry doesn’t offer any transparency in the system. So, customers don’t know how the companies are processing their money or how they are using it. However, blockchain can give customers their rights back.

Thus, using blockchain-based billing systems can actually pose a lot of benefits for companies and their customer base.

Blockchain comes with a lot of benefits for various industries. Check out our guide on the benefits of blockchain technology to learn more about it.

Use Cases of Blockchain in the Payment Sector

Blockchain in the payment sector can offer a lot of use cases. Let’s check out what these are –

Digital Identity Verification

As you already know, identity verification is a lengthy process, and also it doesn’t offer 100% security. That’s why many consumers are skeptical about building or sharing their information for digital verification. Another major point is the time needed for every single verification. In reality, it does take a lot of time to verify every single document.

However, blockchain based payment methods can offer automated processes of identity verification.  More so, the overall process of verifying is accelerating compared to the traditional ones. Here, you can upload all your documents, and it will verify them and create a digital identity for you. Obviously, in this case, you will own your digital identity and will have to maintain it yourself.

Read More: Blockchain For Digital Identity

High Data Security

Another great use case of blockchain for payment processing is the high security it offers for data. As you already know, merchants fail to comply with all the needs of this certification. In most cases, they tend to ignore the fact that card data security should have the highest priority.

That’s why these channels have a very limited amount of security for the customer’s card information. However, with a blockchain billing system, the scenario can change drastically. In reality, blockchain offers a secured network process where merchants can store the information of the customers, and no one will be able to access it.

This process can actually get rid of any kind of data security problems for good.

Better Anti-Money Laundering (AML) Protocols

Due to the lack of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) protocols, many banks or payment providers fall victim to these illegal activities. For example, HSBC bank had to pay a fine of $1.9 billion in 2012 for getting involved in a money-laundering scheme of the Colombian Norte del Valle cartel and Mexican Sinaloa cartel.

This type of scenario happens a lot, then we can think of. Just because the existing model isn’t capable of handling the situation doesn’t mean this should go on like this.

However, blockchain for payment processing schemes can actually alter the scenario for good. Using a blockchain billing system will help honest banks to keep up with the compliances better. More so, they can easily detect any kind of illegal activities that may happen in the long run.

Automated Know Your Customer (KYC) Processes

As you already know, the KYC process is not as easy as it sounds. Actually, it involves a lot of paperwork and needs a lot of official documentation to verify it.

However, suppose a customer decides to use another payment provider. In that case, he/she has to do the same process all over again. As there is no way for the banks to use the information from other banks to verify it, the consumer has to deal with the same process in a repetitive manner.

But with blockchain based payment methods, a consumer will have to go through the process only once. After that, all of the processes will be automated. In reality, blockchain is a sharable but a secured type of ledger system. So, banks can communicate with each other and use the KYC data from one bank to another.

Just think how much time and paperwork it will save!

Want to check out more blockchain use cases? Check out the top 20+ blockchain use cases right now!

Faster Cross-Border Transactions

Cross-border payment is an integral part of enterprise businesses. But it takes a lot of time to process a cross-border payment nowadays. Even if you are not using a banking channel to process the transactions, it can still take up to 6 days to process that. In reality, this can affect the business world quite negatively.

On the other hand, blockchain based payment methods can actually offer a faster transaction time. In fact, you can process a transaction within seconds instead of days! Can you imagine the implications of this feature? It can save so many times and would increase the efficiencies of so many businesses.

Peer to Peer (P2P) Transfers

Another major use cases of blockchain payment platform are the peer-to-peer transfers. In reality, using blockchain technology will help you transact directly with another user. You won’t have to go through a middleman or a central authority to do that.

Although P2P transfer applications are already in the market, they aren’t capable of offering you full freedom as they all come with some form of limitation. For example, they could only support a single geographic location or have a specific zone.

But in a blockchain, there is no option for any limitations. You can transact money from anywhere around the globe.

Reduced Processing Fees

Processing fees are a big issue when it comes to payment providers. In reality, the burden is for both consumers and businesses as well. In many cases, the processing fees always increase with every year, and in many cases, the variations of processing fees are quite complex. Therefore, it gets quite hard to keep track of the processing fees and how much they would cost in the long run.

But with blockchain based payment platform, there won’t be any need for a middleman. So, you won’t have to pay any processing fees for it as well. This significantly reduces the number of transaction fees for both the businesses and the consumers.

Protection Against Cyber-crimes

Another major issue the payment sector deals with is the increasing rate of cyber crimes. This happens due to the companies not offering proper regulations or security protocols when in need. Thus, it becomes quite easy to hack into the system and steal money or consumer data from it.

However, with blockchain based payment system, you won’t have to worry about cyber attacks ever again. Blockchain is perfectly suited to deal with any kind of cyber-attack. More so, there are even anti-DDoS attack applications based on blockchain that can help you fend off any DDoS attack. Can it get any better than that?

Enroll Now: Certified Blockchain Security Expert

Companies Using Blockchain Technology in Payment Sectors

BBVA

BBVA is one of the payments companies that is using blockchain. More so, recently, they completed a syndicated loan with Red Electrica Corporation using this marvelous technology. The best part is that, according to them, the transaction process was so fast that it was a record speed in BBVA’s platform.

Intesa Sanpaolo

Intesa Sanpaolo is also another one of the payments companies that are using blockchain technology for their applications. In reality, they are using this technology for validating trading data. Recently, other participants such as Eternity Wall and Deloitte started to test out the technology to see their benefits.

Barclays

Barclays is U.K.’s 2^nd largest bank at the moment, and they are also in the blockchain ecosystem. At present, they are one of the prominent and active payments companies that are using blockchain for streamlining their KYC protocols and fund transfers. Also, they even have patents against these two features that they implemented in their platform.

HSBC

HSBC is also using blockchain in the payments industry. In reality, the bank is already working on a multitude of projects that can facilitate their fund transfers and paperless documentation. So, their investors may track all of their money within the platform.

Also, recently, HSBC Bangladesh competed for the very first cross-border issuance of a letter of credit.

Visa

Visa has been working on this technology for some time now. In reality, the company is also using blockchain in the payments industry for dealing with its business-to-business payment services. At present, the project is still alive and thriving.

Without a proper business model in mind, it’s difficult to use blockchain as leverage. Check out our ultimate blockchain implementation strategy to learn more about developing blockchain.

Banco Santander

Banco Santander is using blockchain in the payments industry for streamlining their digital identity project. Along with other participants, the company is working on an automated digital identity system. More so, this project can give its user more control over their own data and how they want to use it.

MasterCard

MasterCard is one of the payment processing companies that is using blockchain as well. They have a digital currency testing platform that may help the banks deal with CBDC (central bank digital currency) initiative. More so, this platform will demonstrate how the customer can use the currencies to pay in everyday life.

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PayPal

PayPal is another one of the payment processing companies that is using blockchain to gain more business efficiency. In reality, this company is offering the users to buy, sell, and even hold cryptocurrencies or digital tokens from their PayPal wallets. This will evidently open up new possibilities for the companies in the future.

Citibank

Citibank is using a blockchain payment system to modernize the commodity trading processes. In reality, they will use blockchain to offer a better solution for commodity trading financing. This means they will streamline all the financial transactions or contracts in trading through their platform.

ING Bank

ING Bank is also using a blockchain payment system in order to test out its privacy technology known as bulletproofs. This will hide the amount in any transactions using bitcoin. This will ensure that all of their client’s information is safe always, and there is no harm done to privacy.

Many companies around the world are interested in blockchain technology. Check out the top 50 companies using blockchain technology to learn more about it.

Conclusion

In the end, using blockchain in the payment industries can actually help get rid of a lot of the issues without any problems. You can better transaction processing, more security for your data, and ownership of your digital identity. We believe the implementation of blockchain can truly offer benefits for both businesses and customers.

If you are interested in implementing blockchain in your payment systems, then you need to start learning the technology more thoroughly. We recommend starting out with a free blockchain course to master the core elements of blockchain before starting your very own project. So, why wait? Take the intuitive right now!

The post Blockchain in Payment: Accelerating Payment Services appeared first on 101 Blockchains.

Over the years, our learners have expressed their trust in us by choosing 101 Blockchains as their go-to learning experience for all blockchain related concepts. We would like to thank you all for the love you have showered on us. With the 13 different badges we have received in the recent G2 report, our commitment to serving our learners with comprehensive learning resources gets even stronger. We have been able to strengthen our reputation as a leader among online course providers and in technical skill development this year. 

G2 Inc. has collected credible reviews of different software and technology solution providers from thousands of individual users and enterprises. With its detailed and comprehensive reports, G2 has guided many people towards trustworthy software technology and service solutions. The recognition from a reputed platform like G2 definitely adds another feather to our cap of achievements. 

Check Now: 101 Blockchains Reviews at G2

Striking Highlights of Our Performance in the G2 Winter 2022 Report

101 Blockchains has once again proved its capability with a total of 13 badges in the recent G2 report, which is live right now. The topmost achievement for us in the latest G2 report is the “Users Love Us” badge. It reflects on our continuous efforts to deliver the desired levels of customer satisfaction from our courses. In addition, we have earned 12 different badges among online course providers and for technical skills development. We have successfully achieved the badges of “Momentum Leader” and “High Performer”, as well as the “Best Support” badge for our performance in two distinct categories. 

Check 101 Blockchains Performance in:

• G2 Fall 2021 Reports
• G2 Summer 2021 Reports
• G2 Spring 2021 Reports
• G2 Winter 2021 Reports

Our Achievements in the Latest G2 Report

101 Blockchains is one of the most credible platforms at the present time, with some of the most promising resources to help people learn about blockchain and its applications. We have been venturing into new concepts related to blockchain with innovative courses and learning materials. Our team has been working hard to introduce courses on new topics such as NFTs and DeFi. On top of it, we have also honed our support infrastructure to enable our learners to resolve their issues quickly. All of our efforts have translated into great results in the latest G2 Winter 2022 report.

The credibility of G2 as a neutral platform for evaluating the efficiency of technology solution providers is undeniable. You can be assured you will find authentic reviews for a technology solution or platform you are exploring. The recognition we have received in the recent G2 Winter 2022 report is a clear reflection of authenticity in our performance. The different badges we have received show the honest opinions of our learners. We are extremely grateful to each and every user who took their valuable time to submit their reviews. Your reviews give us the necessary support and strength to move ahead with our plans for the future. 

Now that the latest G2 Winter 2022 report has arrived, we want to share our achievements with you. Here’s how we have fared in the different categories of the recent G2 Winter 2022 report. 

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Online Course Providers

Online course providers is a broad category in the G2 Reports, which basically focuses on platforms offering self-paced online courses. Online course providers also facilitate evaluation of learner skills by leveraging skill assessments. This year, we have marked a unique milestone with 7 badges in the online course providers category.   

Momentum Leader Winter 2022

The G2 Winter 2022 report has acknowledged us as a “Momentum Leader,” showcasing our consistency once again. Momentum Leader grid ranking depends on various factors such as review growth, employee growth, web growth, and social growth.

With prolific levels of performance in all these aspects, we have successfully achieved the “Momentum Leader” credential among all other online course providers. 

High Performer Small Business

101 Blockchains has achieved the “High Performer Small Business” badge among online course providers in the G2 Winter 2022 reports.

The badge reflects our efficiency in delivering high customer satisfaction for small businesses with a comparatively smaller market presence. 

High Performer Winter 2022

The “High Performer” badge among online course providers for Winter 2022 is also another crucial achievement for us in the latest G2 report.

We have been earning the “High Performer” badge time and again in different G2 reports, which clearly speaks of the trust learners have in us. 

High Performer Enterprise

We have also been able to achieve the “High Performer Enterprise” badge in the G2 Winter 2022 reports.

101 Blockchains has showcased promising results in catering to the blockchain learning needs of enterprises with desired levels of customer satisfaction. 

High Performer – Europe

101 Blockchains has also been selected as a “High Performer” at a regional level among European online course providers.

The badge shows a glimpse of our capabilities to achieve customer satisfaction in regional markets with a limited market presence. 

High Performer – Asia

We have also earned the credential of “High Performer” among online course providers in Asia, thereby proving our reach in the Asian region. 

High Performer – Asia Pacific 

The G2 Winter 2022 Reports have also awarded us with the “High Performer” badge among Asia Pacific online course providers.

The badge clearly proves our dominance on a regional level in the Asia Pacific region. 

Technical Skills Development

The technical skills development category in the G2 Winter 2022 reports emphasizes solution providers driving skill development and awareness in different technologies. We have been able to earn 5 different badges for technical skills development this time. 

Momentum Leader Winter 2022

We are in the leader-tier once again in the Momentum Grid ranking of G2 Winter 2022 reports.

We’ve reached the top 25% in technical skills development, so we’ve proved our leader status effectively. 

High Performer Enterprise 

101 Blockchains has achieved the “High Performer Enterprise” badge in the technical skills development category of G2 Winter 2022 Reports.

The badge proves our commitment to expand our offerings for enterprise customers with desired levels of customer satisfaction. 

High Performer Small Business 

101 Blockchains has also earned the “High Performer Small Business” credential in the G2 Winter 2022 reports.

The credential proves our ability to facilitate technical skills development in small business teams with higher satisfaction of our learners.

High Performer Winter 2022

101 Blockchains has also achieved high customer satisfaction scores in technical skill development in general.

The “High Performer Winter 2022” badge shows our overall effectiveness in driving learner satisfaction with a limited market presence. 

Best Support Winter 2022

101 Blockchains has successfully ranked among the top entries in the technical skill development category for “Best Support”.

We have earned this recognition once again for our exceptional quality of support. 

Users Love Us

Above all the achievements in the G2 Winter 2022 reports, the “Users Love Us” badge comes out on top. The badge is a glaring example of how our users trust the learning materials and resources on 101 Blockchains.

It also shows that our users have expressed their authentic content views about our solutions. 

Where Do We Go From Here?

The latest G2 Winter 2022 Reports are a welcome sign for our whole team at 101 Blockchains. With the year coming to an end, the badges we received in the recent G2 report have fueled our aspirations for the next year. The achievements in G2 reports have been driving our improvement over the years, and this year, we are committed to bringing something new and revolutionary to you. 

As the demand for blockchain training and education is gaining momentum, we are striving to introduce valuable and relevant learning resources. Your reviews, feedback, and appreciation continue to encourage us to deliver even better resources to our learners. Stay tuned for more updates arriving soon!         

The post 101 Blockchains Scores 13 Badges in the Latest G2 Winter 2022 Reports appeared first on 101 Blockchains.

The value of the internet in connecting people all over the world is unquestionable. Advancements in computing and networking technology have provided us with the right tools to access the internet and the massive assortment of services available on it. So, how do you access the internet? A web browser, obviously! Which browser do you use? Google Chrome, Firefox, Opera, or Apple’s Safari, there are many popular options among web browsers at your disposal. 

However, the search for an ideal “brave web browser review” definitely means that you have heard about the Brave browser. Does it offer something different than the other web browsers you have been using? Let us find the answers to your doubts about the latest entrant in the web browser sphere with a brave browser review in the following discussion.

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The Browser Wars

A few years ago, any new web browser would basically imply a few improvements over the existing web browsers. For example, developers introduced improved HTML/CSS rendering engines alongside a highly responsive JavaScript engine. In addition, developers also worked on improvements like interactive UI around the web browser. 

However, the competition among web browser engines has finally been put to rest with the introduction of the Chromium engine and also referred to as Blink; the Chromium engine powers the most popular web browsers such as Chrome, Edge, and Opera. The only exceptions among web browsers that don’t use Chromium engines are Apple’s Safari and Firefox. 

So, can you expect a different web browser engine with a brave browser download? Honestly, the Brave browser does not offer anything special in terms of the engine as it also leverages Blink. However, Brave browser has introduced many prolific improvements in other aspects, which we will explore in this review.

Also Check: Difference Between Web 2.0 And Web 3.0

What is the Brave Browser?

First of all, it is important to learn a definition of Brave browser before you think about concerns such as “is Brave browser safe.” Brave is basically a free and open-source browser based on the Chromium engine. The brave browser focuses primarily on improving safety, privacy, and speed through blocking trackers. 

Furthermore, the Brave browser also presents a distinctive highlight with its unique approach towards ad display. Developed by Brendan Eich, the creator of JavaScript and co-founder of Firefox, Brave browser features a distinctive mark of credibility. 

With a clear impression of the fundamentals of Brave browser, it is reasonable to reflect on how it is different from other browsers. 

• Browsing Experience without Ads

One of the foremost aspects which you would find after downloading a Brave browser APK is the basic concept underlying its design. The brave browser resolves a formidable issue with web browsers, which does not garner adequate attention. You have a diverse assortment of trackers, data collecting parasites, and cookies spread all over the internet. 

As a matter of fact, you would find that the use of cookies and trackers is quite common and standard practice. Brave browser points out that these elements are, in fact, responsible for slowing down our web browsing experience. On top of it, cookies, data collection parasites, and trackers also drain the batteries of devices you use for accessing the internet. As a result, users generally end up with higher data charges and costs for using the web. 

The most striking highlight in Brave browser benefits refers to the design which supports it natively, blocking the ads, trackers, and other elements responsible for collecting data. The “Brave Shield” feature is a common highlight in any Brave web browser review for its unique functionality. With the help of “Brave Shield,” you can choose if you want to block or allow trackers, ads, and cookies. In addition, you also have the option of removing the shield completely. 

• Safety with Brave Browser

The next critical aspect in any review on Brave browser would directly point to “Is Brave a safe web browser?” as one of the prominent highlights in Brave’s pitch refers to security. The browser combats malware alongside preventing tracking, which helps in ensuring the safety of your information. Brave browser does not dive into the personal data of users as its servers do not see or store browsing data. On the contrary, the browsing data remains private on the user’s devices. So, it is quite clear that the Brave browser could not sell user data to external third parties. 

You can also find your answer for “is brave browser safe” with the ideal blend of simplicity and security. The brave browser offers default settings for blocking malvertising, phishing, and malware. In addition, Brave also disables plugins by default, thereby strengthening the security of user data. 

Read More: Know Everything About Crypto Wallet

• Privacy Features

Another important highlight in a Brave browser review would obviously refer to privacy. With the introduction of DuckDuckGo and Tor in the private window mode of Brave browser, users can find better scope for privacy. For example, Tor enables users to hide their history as well as mask their location. Tor helps in routing the internet connection of a user through different servers with high encryption for each jump.

DuckDuckGo brings the value of privacy in Brave browser benefits from a different perspective. The mainstream search engines such as Bing and Google generally collect data from user searches, which is unacceptable for privacy. On the other hand, DuckDuckGo helps in preventing other search engines from gaining information about your searches. 

• User Attention

Brave browser has also introduced a prolific reform in the model for managing user attention. The generic fact with a Brave browser download is an emphasis on freedom from advertisements. As we all know by now, the basic design of the Brave browser focuses on ads as an intrusive element in user experience. 

Therefore, Brave has implemented a ledger system and a cryptocurrency for defining a new perspective on user attention. The ledger system would capture user attention anonymously while ensuring that the user’s data does not leave the browser’s local storage. The cryptocurrency employed in the basic design of Brave browser is the Basic Attention Token or BAT. 

The brave browser offers the flexibility for users to select whether they want to see ads or not. Interestingly, the ads are delivered on Brave through notifications. Users receive rewards for attention to the ads with BAT tokens. The best highlight about the user attention model in a Brave web browser review would refer to better targeting for advertisers. As a result, advertisers could experience better ROI for reaching the right audience. The money of advertisers goes directly to Brave, and the browser distributes almost 70% of the money to users. 

Publishers also find a promising space in the user attention model with Brave browser. Content creators could receive BAT donations from readers, subscribers, followers, and fans. Publishers or content creators could receive such donations as one-time payments or in a recurring manner. 

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Some Important Points to Consider 

The Brave browser obviously presents a lot of valuable advantages as a new web browser. However, it is also important to take a look at the concerns associated with a Brave browser APK before you actually download it. It is not necessary that something available for free would not have any downsides for you. For example, you need to consider the fact that the Brave browser does not disable the largest trackers by default. One of the prominent examples of such trackers would refer to social media trackers. So, users would have to disable the social media trackers on their own. 

Another important aspect in a Brave web browser review would refer to the multitude of features. While it is reasonable to find positive implications with the facility of a lot of features of the Brave browser, you would not be using many of them. For example, you may not want to use the crypto wallet or the torrent client. However, such features are optional, and you could choose not to download them if you want to save storage space. 

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Final Thoughts

Brave browser has introduced a completely new concept in terms of design for a web browser. The most prominent highlight in this Brave browser review focuses on how Brave has successfully addressed one of the common issues for web users. Brave browser has restricted a load of ads, cookies, and trackers as well as other data collecting elements on users. On top of it, the Brave browser also offers formidable improvements in security and privacy with enhanced features. 

Furthermore, it has also revised the conventional approach for capturing user attention while introducing massive improvements in user experience. On the other hand, the Brave browser is still in the stages of infancy and has a long way to go. Explore the features of the Brave browser now and check out whether it works for you or not!

If you want to know anything about blockchain, you must enroll for blockchain courses and certifications.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!   

The post Brave Web Browser – An Honest Review appeared first on 101 Blockchains.

To streamline the business in enterprises, many companies use ERP systems. These systems are already increasing efficacy. However, some of you may be skeptical about whether blockchain should replace these systems or not.

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BLOCKCHAIN AND ERP- EVERYTHING YOU NEED TO KNOW

Please include attribution to 101blockchains.com with this graphic. <a href='https://101blockchains.com/blockchain-infographics/'> <img src='https://101blockchains.com/wp-content/uploads/2019/11/Blockchain-and-ERP.png' alt='Blockchain and ERP='0' /> </a>

So, will the technology replace ERP systems? Or will blockchain and ERP work together to create a new model? In this guide, I’ll focus on the primary issue of the ERP systems and how blockchain can become the missing puzzle piece.

So, let’s start!

What Is ERP?

Well, if you don’t have a clear idea about what this system is, then I’ll clarify it for you. Enterprise resource planning is actually a software that enterprises use to manage their daily outcomes such as procurement, accounting, risk management, project management, supply chain operations, compliances, and many more.

The best part about this software is that sometimes they come as a suite, in that case, they can also include performance analysis, predictions, budgeting, planning, or reports on daily events. In reality, ERP systems can really boost a company’s performance.

And because you get a flow of reports and can see what exactly goes on in your company, changing plans or strategies become easier.

However, I have to say the system is fully centralized. So, it comes with its own set of issues that can cause more harm than benefiting you. And this is where blockchain and ERP systems fall in. However, I’ll dive into that later. First, I’ll point out the significant issues in ERP systems.

So, let’s move on to the next segment in this blockchain and ERP guide.

What Are Issues with ERP?

• No Clear Definition Of The Production Processes

First of all, many of you may use ERP systems, but when you try to implement it for the first time, sometimes you may forget to define the production process entirely. More so, if your company has different departments competing with each other, then figuring out which department can benefit the most becomes an issue.

Also, some of your existing processes may not even need the system, but integrating it would decrease efficiency. Also, if you don’t map out the operations, clearly, the ERP system can’t work out the process correctly. In reality, it needs a lot of time to perfect, and rushing it won’t help.

This is one of the significant issues of any ERP system that it takes a lot of time to set up. Also, many times, it fails to offer an efficient process for your company.

Anyhow, let’s move on to the next issue in this blockchain and ERP systems guide.

• ERP Systems Aren’t Adequately Flexible

Another major issue of this software is that it’s not quite flexible. So, when it should adapt to your processes, instead, you may have to adjust to its modeling structure. If not, it may not work as you would want it.

Basically, ERP systems come with predefined functionality. Also, they aren’t modular that you can just add up the feature you need. Thus, if your company needs a specific feature, the ERP system can’t offer it every time. More so, you would just be wasting your time and resources, and that can seriously hamper your brand as well.

Anyhow, let’s move on to the next issue in this blockchain and ERP systems guide.

• These Systems Are Resistant To Any Changes

Most of the ERP systems fail because they fear change. Basically, these are old technology that isn’t so keen about new technology revolutions. Furthermore, jobs and business scenarios keep on changing. But most companies don’t flow with that change and rather stay with the old infrastructure.

In many cases, these systems don’t come with frequent updates and soon becomes obsolete in the changing market scenario.

Obviously, changing the internal system would mean delays and time consumptions, however, being resistant would affect it more badly in the long run. More so, many times, you have to get rid of the whole software integration itself and move onto the new ones. And that could mean a lot of investments over again.

Let’s check out the next issue in this blockchain and ERP systems guide.

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• Complicated Or Restricted Functionality

Most ERP systems these days are overly complicated. More so, they come with complex UI designs and odd functionalities that can become overwhelming. Moreover, these systems are also quite restricted when it comes to features.

In many cases, companies get swayed by a marketing agent and then integrated a bad ERP system. It definitely hampers the company’s business and brand value. And that’s why you need to know which ERP system can be beneficial for you and whether that software is up-to-date or not.

Anyhow, let’s move on to the next issue in this blockchain and ERP systems guide.

• High Maintenance Cost

It’s needless to say that implementing an ERP system would cost you quite a fortune. Even though the initial implementation is quite costly and can take a lot of time, still maintenance also becomes an issue. All the ERP systems need to be maintained regularly, and that would also come with associated costs.

Some of the ERP systems may be cheap at the start, but the overall maintenance cost can sum up to be a large amount. That’s why it’s a rather big and unpleasant decision when you are looking for an ERP system for your company.

Let’s check out the next issue in this blockchain and ERP guide.

• Not Using Key Features Or Have An Understanding Of The System

Your consumers also need to understand how the ERP system would benefit them. If you are offering a feature using the software, you need to educate your consumers as well. In most cases, many ERP systems have a complex UI, which is difficult for a user to control.

Also, ERP systems don’t empower the users, and this could have a negative impact on your company as well. More so, as the system isn’t fully transparent, there can be a lot of underlying trust issues as well.

Anyhow, let’s move on to the last issue in this blockchain and ERP guide.

• Poor Data Maintenance, Which Leads To Decreased Quality

Data maintenance in the ERP system isn’t up to the mark now. Many often overlook the transformation of quality data while implementing the system. In reality, this can become a huge burden when your company fully depends on the quality of those data.

Also, as the ERP system is centralized, many take advantage of that and introduce false data to the system. When other parties use that data to implement or strategize their projects, they face major issues.

Also, many times, there’s a lot of human-made errors that can also decrease the quality of data. So, you see, you should never underestimate data quality as your whole brand will depend on it.

Enough about the issues for now. Let’s check out how blockchain and ERP can come together and benefit the enterprises greatly.

Read More: Enterprise Blockchain: The Industrial Transformation

How Can Blockchain Improve ERP Systems?

• Supreme Visibility in Every Stage of the Supply Improves Transparency

Blockchain for ERP systems can offer you the highest level of visibility in every part of the process. Usually, the supply chain tends to be a lengthy yet segmented process. More so, tracking all the processes or how the product is in every stage becomes relatively difficult.

That’s why using blockchain for enterprise technology to track the processes in real-time can really solve the issues of the supply chain. Additionally, you can get real-time reports on where the product is at the moment and what the temperature or the product quality is.

Thus, it can help you store your products in an ideal environment as well.

• Promotes Trusts among All the Supply Chain Participants

With blockchain ERP use cases, you can promote trust within all of your supply chain participants. How? Well, as everything in the system is visible for everyone’s eye, it ensures that there’s no underlying catch or corruption going on.

In reality, it would come in handy when working with a new company rising on the market. Anyhow, ERP systems are great, but they heavily depend on the people rather than the system itself. But in the blockchain, instead of trusting people, to be honest, enterprises can trust the system as no one can do any illegal activities in the network.

Also Read: Best Enterprise Blockchain Frameworks You Should Know About

• Authenticating and Verifying Personals before Giving Access to Participants

Another one of the blockchain ERP use cases is the authentication process at the very start. In blockchain and ERP integration, you can set up a multi-factor authentication process to filter out any outsider presence within the network.

More so, with blockchain, you can get bio-metric authentications as well. In reality, you can highly benefit from this approach as you can authenticate your employees based on their location. Additionally, customers trying to reach a salesperson can also prove their identities from this platform.

So, it’s a great addition to the enterprise altogether.

• Smart Contract Implementation to Automate Processes and Payments

Blockchain for ERP can offer you what no ERP system can offer – smart contract implementation. With smart contracts, you can easily verify the transaction with your suppliers. Also, as the process is automated, once the pre-defined rules are met, the contract will initiate itself automatically and process the transactions.

For example, you are trading with another overseas company. So, after initiating a smart contract with that company, you can request for your supplies. In reality, you can track the process of trading, and once you get the product, the smart contract will automatically release the funds.

So, it can be a great feature that you can only get with blockchain.

• Lowers The Risk Factors In Digital Transactions

Another one of the blockchain ERP use cases is the low risk in digital transactions. In reality, ERP systems can also offer transactions; however, they aren’t that secured as of now. Furthermore, security vulnerabilities enable hackers to target centralized servers and hack a transaction.

However, blockchain with ERP systems can really change the scenario here. In reality, blockchain offers peer-to-peer transaction processing, which is quite effective and fast. Also, the security protocols in every blockchain or enterprise tech are quite high. Thus, hackers can’t get access to these platforms easily.

Moreover, as they have a decentralized environment, it’s quite impossible for a hacker to track down and hack a user’s account. And so, the coupled technology can easily offer high security for digital transactions.

• Offers a High Level Of Security and Data Privacy in Real-Time

Another great advantage of blockchain with ERP systems is that together, they offer the highest level of security. The integration of enterprise blockchain technology will prevent any data leakage, detect any security threat or loopholes, and detect unauthorized activities in real-time.

The best part is that it can not only detect but can also prevent these types of security concerns. In reality, blockchain for business can offer authenticated access and get rid of any unwanted third party. Also, it can offer full privacy to information that’s not for public eyes.

Enterprises deal with a lot of sensitive information, and getting access to based privacy can help to maintain the regulations within the company. Furthermore, it can also get rid of any vulnerabilities due to employee interactions.

• Compliance With GDPR And Secure Storage Facility For Sensitive Information

When dealing with consumers and their sensitive information, enterprises need to be GDPR compliant. Furthermore, you need to ensure that all the information of your customers remains private, and no third-party company can mine those data for market analysis.

Take the Facebook scandal as an example. You definitely don’t want to go through sometimes like that. If you don’t follow the Blockchain GDPR rules, you can face serious legal issues and fines. Not to mention that your brand value would take a massive hit along with that as well.

This is where the blockchain ERP use cases come into play. With blockchain help, you can securely store all the consumers’ information without any issues. More so, you can also be fully compliant with GDPR and offer full transparency in case of handling customers.

• Lowers The Costing Drastically

We all know how small mistakes in the enterprise environment can result in costly penalties. So, when it comes to strategies, you need to be smart with all your finances and avoid any kind of errors altogether. But only depending on the ERP system isn’t enough.

Blockchain for ERP is the perfect solution in this regard as it can automate processes, give you real-time data, track products, transactions, and many more. In reality, with help from these systems, manufacturers can prevent disruptions, manage operations, break up information, and many more. And so, blockchain and ERP can be the smartest way to go if you want to lower down your costing.

Excited to pursue a career in Blockchain? Read this blog: How To Become Certified Enterprise Blockchain Professional (CEBP)?

• Gives a Competitive Edge and Helps to Be On Top Of the Competitors

One of the greatest blockchain ERP use cases is the competitive edge you get in the market. In reality, the business world is awfully fast-paced, and if you don’t follow suit, then you can soon fall behind. So, when new innovations start to come, you need to be able to embrace it rather than recent it.

And this is where blockchain technology comes in. Blockchain is going to be the tech of the future, and it’s going to create a $3.1 trillion dollar marketplace. Security your place in that market would definitely give you a competitive edge.

Also, blockchain offers lots of features that can increase your brand value and revenue at a rapid rate. So, when you couple blockchain and ERP systems together, you end up with a far more superior-tech that can take your business to the top.

• Provides Accurate Forecasting Reports of the Market In Real-Time

For an enterprise, accurate forecasting of the marketplace is relatively a necessary process. So, many companies tend to get ERP systems for that. In reality, ERP systems are great, but as they have low data quality problems, sometimes accurate data forecasting isn’t possible.

And so, blockchain for ERP can change that scenario and help ERP systems to forecast marketplaces even better. More so, there are plenty of blockchain technologies in the market dedicated to market forecasting. You can definitely use those along with ERP systems.

With the strong forecasting technology from blockchain coupling with ERP systems, you can get more accurate reports of the marketplace, even in real-time! Thus, enterprises business can move towards more realistic and effective goals.

• Offers Immutable Integrated Information That Increases Data Quality

Blockchain and ERP integration will offer you an immutable system that no one can alter or delete as they wish. In reality, the centralized system of the ERPs is quite vulnerable and faulty. In this model, users can change or alter data after one puts in in the system. So, if an employee wants, he/she can easily manipulate the data and benefit from it.

However, they would not only benefit themselves, but they can also corrupt the data, and that would lead to decreased data quality. And so, with blockchain in the mix, once the data gets into the ledger, no one can change that data anytime soon.

So, now you have fully accurate, unique, and high-quality data that is verifiable anytime. It’s definitely one of the best benefits of blockchain.

• Creates A Flexible, Configurable And Yet Robust System Model

Well, blockchain and ERP integration create a configurable, flexible, and robust model. There are many blockchain technologies out there that offer extensive customizations. Many best enterprise blockchain platforms such as Hyperledger, Enterprise Ethereum Alliance, R3 Corda, Quorum, Ripple and etc. offer an architecture that you can shape based on your requirements.

Also, these systems can quickly adapt to the changing business scenarios and make sure that you don’t end up with an obsolete system. However, make rue to figure out which blockchain technology to choose while you are integrating it with your ERP systems.

Blockchain and the ERP system needs to be fully compatible with each other to make it work. In reality, blockchain can be the shield for ERP systems as they have vulnerable centralized servers that can easily be hacked.

So, in a way, they both can give rise to a robust yet flexible environment.

• Increases Efficiency And Streamlines Processes In Every Department

As time goes by, in manufacturing, the process becomes more and more complicated. Therefore, many enterprises face errors that cause costly outcomes. However, with help from the blockchain with ERP, they can easily automate their business processes.

More so, they can maintain cross-department operations, real-time information, and solutions, eliminating human errors, and many more. By using this new tech, combination enterprises can get rid of the manual labor and increase their efficiency at a rapid rate.

Also, blockchain can really help get rid of the complex processes and false data along with improving deliveries.

You can also save a tremendous amount of time and increase your productivity level. In reality, the automation process of the blockchain can make up for the losses happening in other departments. Also, employees don’t have to worry about all the small details, and the technology can take off that easily.

Furthermore, employees can also enjoy the ease of use and minimal workload. So, in the long run, enterprises can really increase their brand value.

If you really want to become enterprise blockchain professional, you must enroll in Certified Enterprise Blockchain Professional (CEBP) course now!

Concluding Thoughts: Blockchain and ERP Will Interact For Now

Blockchain with ERP system is a huge stepping stone for the enterprises. ERP systems are absolutely effective even though they come with some issues. However, these issues aren’t prominent enough for blockchain to replace ERPs altogether. So, for now, I think blockchain would work as an additive for the ERP systems.

More so, I don’t think blockchain technology can fully get rid of ERPs yet. Rather blockchain and ERP integration can strengthen the automation and integrity of the supply chain.

As far as the performance goes, blockchain comes with its fair share of capabilities as well. And together, blockchain with ERP, the tech can easily change the supply chain industries for good.

But we can’t forget the fact that ERP systems are quite expensive and companies investing in them can’t drop these systems whenever they want. That’s why ERP companies may keep developing more software in the long run.

Needless to say, Blockchain & ERP integration is revolutionizing how public as well as private organizations are looking to create efficiencies. Given its soaring demand, the demand to develop expertise in this technology is also increasing. There are a few career-boosting opportunities that can help you prepare for your professional future and join the revolution in Blockchain world!

The post Blockchain and ERP: Streamlining Your Business [UPDATED] appeared first on 101 Blockchains.

And this is precisely where you fall in. If you are a blockchain developer, now you have the highest value in the market. But as the tech is entirely new and keeps on having more features, you must stay relevant. Thus, the use of blockchain tools can surely make your life much easier.

Want to become a certified blockchain expert? Enroll in Certified Enterprise Blockchain Professional (CEBP) course now!

Blockchain Tools That Developers Love

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There are many blockchain tools for developer, but you have to know which ones are the top blockchain tools that all developers love. Let’s check out the list, shall we?

18 Blockchain Development Tools That Developers Love

Geth

Let’s start with Geth. Geth is a command-line tool that also runs a full Ethereum node in Go programming language. Basically, it comes with three interfaces –

• An interactive console
• A JSON-RPC server
• The command and subcommand line options

You can use Geth to do a lot of things in the blockchain. These blockchain development tools can –

• Transfer tokens between two addresses.
• Mine Ether token in the network.
• Explore the different history of the blocks in the ledger.
• Create smart contracts and can later run them on Ethereum Virtual Machine.

What Kind of Systems Would Support Geth?

When working with these enterprise blockchain development tools, you can use different operating systems such as Windows, Linux, and Mac. They all support this command-line tool. Additionally, Binary and Scripted also support its installation.

First of all, when you launch it, you can either connect it to a live blockchain network, or you can create a new one and then connect to that. But you need to remember that the second option would depend entirely on its settings.

For any reason, if you didn’t use any default values, then this tool will automatically connect you to the Ethereum mainnet.

Furthermore, with help from these blockchain tools for developer, you can make it function as a console and load certain commands and execute different objectives.

Anyhow, remember that when you will run Geth, it will automatically download the Ethereum distributed ledger, and it may take a long time to process. So, you might have to wait for several hours to days. That’s why it’s best to use an external hard drive to store all the information.

Not sure how to build your career in enterprise blockchains? Enroll Now: How to Build Your Career in Enterprise Blockchains

Drizzle

Let’s move on to the next one in our blockchain tools guide. Drizzle simplifies the writing of front-end decentralized application by offering a collection of front-end libraries. It also offers a Redux library for connecting a front-end to a blockchain. So, you will get fresh chain data for front-end application developments.

Features of Drizzle

• Reactive Ethereum Data Store

A Redux library is actually at the core of Drizzle. Using this, you can synchronize your transaction data, contract data, and many more.

• Generate Store or Use Existing Ones

In reality, you can use these blockchain tools for developer to generate a store, or you can also use any existing store of your own. All you have to do is to import sagas and reducers, and you’re set!

• Offers Underlying Functions

The best thing about this tool is that it extends web3 1.0’s contracts. So, you will get access to every method and property of web3.

• Component Library

In reality, they offer a library of React components that you usually use in dApp functions. So, tasks like generating input forms for smart contracts is an easy task.

• Modular Architecture

The overall architecture of this tool is modular. So, you can add any kind of feature or get rid of any kind of functionality as you wish. Furthermore, it includes two packages for using React; however, the core functions are within the Drizzle module. More so, if you know how to work with Redux, you can quickly develop an Angular library.

The three main components of Drizzle are –

Drizzle – It’s the core library for web3, contract, and account instantiation. Also, it can wire up the necessary synchronizations along with offering added contract functionalities.

Drizzle-react – This component offers a DrizzleConnect helper and DrizzleProvider component for connecting to Drizzle with the React app.

Drizzle-react-components – Additionally, you’ll get a library full of many useful components that would work as a dApp function. Mainly it includes ContractForm, ContractData, and LoadingContainer.

Thinking how much you can earn as a Blockchain Developer? As per reports, Blockchain developer salary is currently on rise, let’s get the insights of Blockchain Developer Salary.

Solc

When it comes to developing on Ethereum, all developers opt for stability. In reality, developers should always opt for it, especially when it comes to smart contract integrations. Solidity happens to be at the core of every smart contract on the Ethereum.

Solidity is basically a trimmed down and object-oriented language and uses a syntax that’s mostly similar to ECMAScript. What the Solc tool can do in this regard is to convert it to a machine-readable format so that EVM can read it and execute it. You could think of it as a solidity compiler that revolves around two main principles –

• C++ coded solc.
• Solc-js that use Emscripten for cross-compiling the solc C++ straight to JavaScript.

Even though the two types of solidity compilers originated from the same source file, still they both can generate a different result. Furthermore, both of their command-line interfaces are different from each other. However, in comparison, solc-js is a bit slower than solc.

The best part is that Ethereum nodes tend to come with an implementation of solc. However, the solc package is actually a standalone module, and you can use it offline as well. Moreover, you can use solc.compile() as well because this one doesn’t need any external node to function properly.

Remix

It’s a Solidity IDE. You can use Remix to write codes and check errors from your browser. In reality, it’s one of the blockchain development tools written in JavaScript. More so, you can use this tool like a compiler, mainly for small smart contracts. Also, if you are just starting to learn about Solidity, you should definitely give this tool a shot.

Once you go into the website’s default page, you’ll get a side screen that would allow you to write code right there in the browser! On the other screen, you can easily deploy your code on the blockchain platform.

Furthermore, the second screen will also help you interact with any functions you have written. It also supports the handlings are done locally or the browser. Anyhow, you can also do testing’s, debugging’s, distributions of smart contracts, and etc.

Also, the code analyzer would help you perfect your codes and get rid of any errors. So, it can be one of the greatest blockchain tools for developer is he/she is a beginner.

Ganache CLI

It’s actually an extremely fast Ethereum RPC client for development and testing. I have to say, this is yet another one of the good blockchain development tools out there. It was previously known as Testrpc but later came to be as GanacheCLI. In reality, it’s a NodeJS bundle that you can also customize.

Basically, it can replicate an entire Ethereum network on your computer. Also, you can call a function from the blockchain without any Ethereum nodes running on your PC.

Additionally, it offers these features for you to try out –

• Almost instant mining of transactions.
• No transaction fees.
• Customizing the mining speed or gas prices as you please and as many times you want.
• Recycling, instantiating or resetting all the accounts in the testnet for a defined amount of Ether.
• Very easy and simple Graphical User Interface from which you can overview all the events in the testchain.

Other Features

• You can see the status of all the accounts, including their private keys, addresses, balances, and transactions.
• Oversee the log outputs of Ganache blockchain along with responses and debug information.
• Just with a click, change the mining clocks.
• Get a block explorer to give you more clarity on how your system is working.

Also Read: How to Land a Blockchain Developer Job

Truffle

Another one of the blockchain tools for developer is the development environment where you can test frameworks and asset pipeline for Ethereum – Truffle. Apparently, Truffle is quite popular among developers because it can make the development of the Ethereum framework a simple task.

Features

• Lifecycle Management of Smart Contracts

Apparently, this tool can manage your contract artifacts and also includes support for any custom deployments, complex Ethereum applications, and library linking.

• Contract Testing

You can test your contracts automatically and ensure that they develop quickly.

• Scriptable Migrations and Deployment

You can use this blockchain tool to write simplistic and manageable deployment scripts to anticipate your contracts change as time goes by. It will let your app to evolve and be relevant even in the future.

• Management of Network

You don’t have to manage any network artifacts once you start to use Truffle. Moreover, it will take care of those while you concentrate on dApp development.

• Highly Powerful Interactive Console

Well, interacting with contracts has never been easier. In reality, Truffle would allow you with a simple interface that can have your time and let you interact with your contracts.

• External Script Runner

You can use this blockchain tool to bootstrap all your contracts and run on the network without any issues.

EtherScripter

If you are a newbie in the blockchain development niche, then Ether scripting can be a difficult task for you. But with this type of blockchain analysis tools, you can code basic contracts quite easily. In reality, this blockchain tool would offer you a very interactive and fun interface to write all your codes.

Furthermore, you can simply drag and drop all the functions to make the smart smarts. It’s quite simple to use. However, at this moment, you can only use Serpent programming language in this type of blockchain analysis tools.

MetaMask

Another one of the great blockchain management tools is the MetaMask. With MetaMask, you can not only serve Ether or any other ERC-20 tokens on the network, but you can also interact with your decentralized applications. More so, it also lets you run it from your browser!

Furthermore, it’s extremely easy to add MetaMask as a Firefox or Google Chrome add-on and start using it right from the browser. After you install the app, you’ll get an Ethereum wallet added to your browser. It will store all the ERC-20 tokens for you.

For developers, this type of blockchain analysis tools won’t need any live Ethereum node to run. So, interacting with the Ethereum network space is a simple task.

Also Read: Top Blockchain Skills You Must Have

Embark

If you want a blockchain development framework for your decentralized applications, then Embark can really help you out. In reality, this type of blockchain management tools will let you manage your dApps, along with giving you all the necessary tools to create and deploy a new one.

Additionally, you can create an independent html5 app that would use decentralized features. Furthermore, you can also create new smart contracts here and launch them in the JS code. The best part about this type of blockchain management tools is that they lookout for any changes you make in the contracts. If so, it will automatically modify contracts and then update the decentralized applications linked to them.

Smart contract migrations are also a plus point of this blockchain tool. In reality, for working on the platform, you can use any traditional language such as Meteor, Angular, React, and many more.

Gorli Testnet

You know the best way to fully test your network without going live would be to harness any testnets. And this where this type of blockchain analysis tools comes in. Gorli Testnet is one of the popular ones out there. Here, you can deploy your dApps and experiment with smart contracts.

More so, you can use it across all client blockchain implementations and get high reliability and availability. Anyhow, Gorli is actually a proof-of-authority cross-client testnet that works with Parity, Pantheon, Geth, EthereumJS, and Nethermind.

However, it’s open-source and is a community-based project.

Parity

Parity is another one of the blockchain management tools that’s built for mission-critical use. It’s a client for Ethereum that uses Rust programming language. More so, this blockchain tool offers the core infrastructure needed for reliable and speedy services.

You can build your very own customizable blockchains for enterprises, private use, or for research purposes, as well. You’ll get –

• Modular and clean code base and customization
• Minimal storage and memory footprint
• Use Warp Sync to synchronize in hours
• Very advanced CLI-based client
• Different and pluggable consensus protocols
• High level of access control and privacy features
• Fast transactions

The best part about this blockchain tool is that it’s 100% reviewed, and the developers do routine codebase checkups to get rid of any bugs or issues.

Hyperledger Caliper

It’s a blockchain benchmarking tool. It allows you to benchmark your blockchain solution using predefined standards. In reality, with this type of blockchain analysis tools, it can get really easy to know whether your blockchain platforms are up to the standards or not.

Once you predefine your set of use cases, it can start working its magic. In reality, you’ll also get reports on transaction latency, Transactions per Second, resource utilization, and many more.

However, you have to know for Caliper to help you out; you need to build your blockchain solution on Hyperledger.

But as you can see, it does not have any default set standards. But why is that? Well, blockchain technology is quite diverse, and every single platform is different. It’s utterly difficult to analyze all the platforms under the same pre-defined set.

So, instead, you can set up the standards based on your industry and then run the tool to see how it performs. That’s why it’s one of the handiest blockchain management tools for the developers.

Tierion

Tierion offers an environment where you can turn your blockchain into a global platform and verify files, data, and business processes. These kinds of tools for blockchain will help you construct a valid database and help you distribute those data to the ledger.

Furthermore, this blockchain tool also offers ChainPoint that can produce receipts and record data. And so, you don’t need any intermediates to verify the information. Anyhow, with the help of this blockchain tool, you also can combine the Tierion API and ChainPoint to timestamp every data to finalize the verification process.

It’s capable of producing millions of proof every second. Furthermore, this type of blockchain technology tools offer accuracy by –

• Getting all the data from the Network Time Protocol servers
• Using available data from the National Institute of Standards and Technology
• Linking anchor nodes to the Ethereum or Bitcoin blockchain

EthFiddle

If you are a developer that started with Solidity, you may know that there aren’t many blockchain technology tools for working with this language. However, to help you out and offer you similar tools like JSFiddle or Go Playground, the Loom Network introduced EthFiddle.

EthFiddle is one of the tools for blockchain development that offers rapid testing and prototyping. It’s actually a Solidity IDE on your browser. In reality, this blockchain tool is capable of testing, creating, debugging Solidity codes for your smart contracts.

Additionally, you can also share the permalink of your code with just a click. So, you see if you are new to the Solidity environment, you might want to give EthFiddle a try.

Preparing for a Blockchain Developer Interview? Here’re the top Blockchain Developer Interview Questions you should go through to crack the interview.

Web3.js

Web3.js is one of the tools for blockchain development that helps you to develop clients for interacting with Ethereum blockchain. Basically, it’s a library that is Ethereum-compatible JavaScript API. And it implements Generic JSON RPC spec for interacting with a remote or local Ethereum node.

So, with this, you can do tasks like sending Ether between address, write and read smart contract data, develop smart contracts, and many more.

As the blockchain tool runs on JavaScript language, you can use it in any kind of web browser. But you’ll need Ethereum node that can access the Ethereum network via HTTP for using this type of blockchain technology tools. I can suggest using MetaMask extension with Web3.js for connecting to the Ethereum network.

Status

Status is another one of the tools for blockchain development.  In reality, it’s a multi-purpose communication tool that comes with a decentralized crypto-wallet, peer-to-peer messenger, and Web3 browser. Basically, it’s a mobile Ethereum client that lets you access the ecosystem from anywhere.

As for the messenger, you can join any public channels and send and receive messages from another user. Also, the high level of encryption makes it impossible for anyone to get access to your messages.

Furthermore, with the help of the blockchain tool, you can interact with your decentralized applications and use the integrated wallet.

From the browser, you can directly access the networks, marketplaces,  and many more. Also, with the extension tool, you can add up features to this mobile client.

Infura

Infura is a standards-based, scalable, globally distributed cluster and API endpoint for IPFS, Ethereum, and any other infrastructures. In reality, this type of tools for blockchain development is made only for developers. So, you can quickly use this tool to connect your app with their instant access APIs.

Apparently, this blockchain tool supports JSON-RPC over WebSocket interfaces and HTTPS offering subscription and request based connections. More so, with just a single URL, you can start using Infura. The team behind the tool would take care of all the upgrades and network changes so that you can focus on your creation.

Mythx

There’s a high demand for smart contract development and decentralized applications. However, there aren’t many blockchain technology tools that offer a full suite. This is where MythX comes in. Basically, it’s a security analysis tool for Ethereum based smart contracts. More so, with this blockchain tool, you will get dynamic and static analysis all in one tool suite.

There are many products for you to test out, such as Truffle, Amberdata, Alethio, Visual Studio Code, Remix, and Embark. So, you can easily couple this blockchain tool with the other tools.

Furthermore, it can detect security issues quite efficiently and is highly scalable.

Enroll Now: Ethereum Development Fundamentals

Conclusion

Blockchain technology tools can really save your time and make your blockchain development process easier. As a developer being efficient in blockchain adoption is a must, and a deep understanding of the popular blockchain development tools can help greatly.

In this guide, I’ve given all the tools that developers are loving these days. So, now that you know what these different blockchains tools are, it’s time for you to dive in and start developing.

If you want to know more about Blockchain, enroll for blockchain certification and courses now! 

The post Blockchain Tools That Developers Love appeared first on 101 Blockchains.

In reality, commercial real estate holds a significant role in the overall world economy. According to MSCI, the global real estate market increased from $8.9 trillion in 2018 to $9.6 trillion in 2019. Although it seems like the industry is doing quite well, it actually consists of many frictions and liquidity issues.

The market is now too volatile to invest in and only available to the high class. Interestingly, multiple blockchain-based real estate companies emerged over the years, and now they intend to disrupt the way this industry works.

The threat is real, affecting the traditional ways of real estate, which will soon become obsolete. Therefore, the only way this industry can survive is through integrating blockchain into their business models.

That’s why, in this guide, I’ll follow through on how this technology is disrupting real estate and how blockchain for real estate initiatives is the best approach at the moment.

Enroll Now: Enterprise Blockchains and Trade Finance Course

Blockchain For Real Estate: What Are the Biggest Problems of Real Estate?

Not Open to Everyone

Well, frankly, the real estate industry has always been an investment choice only for the rich only. However, previously middle class could attempt to use this as an option, but it’s way out of their reach. There aren’t many assets that can act as an alternative to real estate for the middle classes. But why is the situation so harsh now?

In reality, a lot of barriers are in place to prevent the majority of the population from getting access to real estate. For example, credit scores, international bank accounts, accreditation, citizenship, financing, access to the right sponsor, cash requirements, and fund managers are some of the major barriers.

Also, this industry deals with a lot of middlemen, which raises the difficulty level for the general population.

Lack of Transparency

The level of dishonesty and corruption plagues this sector heavily. As there is no concept of transparency within the business process, it deals with tax evasion, scams, money laundering, and so on.

Globally every year, $800 billion to $2 trillion dollars are laundered. And a significant portion of it is through real estate schemes. More so, the estimation of money laundering happening in real estate is around $1.6 trillion.

Obviously, it’s a massive issue that the government is having trouble dealing with. So, if the business model starts to incorporate transparency, it can fight back the corruption.

Very High Fees

This is mostly a concern for investors who are interested in investing in international real estate. But to do that, they have to pay a huge amount of fees in various stages. For example, there are broker fees, exchange fees, taxes, attorney fees, transfer fees, investment fees, and so on.

Also, as the number of middlemen in this sector is quite overwhelming, they all take their own cuts, raising your overall budget for the investment. More so, you also have to keep in mind that you will need to use accountants and consult lawyers to keep your tax records clean as well.

So, overall, it becomes a costly investment option.

Low Liquidity Levels

Well, I think everyone knows how difficult it is to liquidate real estate assets. It’s one of the major reasons why this sector really needs to change. Here, by liquidity, I mean how quickly you can convert your real estate asset to cash. Due to the high fees and high-value point of real estate assets, there aren’t many buyers around to help you sell your asset when you need it.

So, finding a buyer for it is a lot harder than other types of assets. The problems are the barriers to entry, low availability, too many regulations, lengthy processes, and so on.

All of these problems discourage potential buyers from investing in real estate.

High Pricing Commitments

This is yet another issue that prevents the middle class from ever consider real estate as a good option. In reality, this type of investment needs a lot of capital upfront. Not a lot of people can afford that. More so, only a handful of higher classes can show that much capital upfront.

In many cases, investors have to search for other expensive alternatives to reach pricing commitments. Also, as the market is volatile, it’s a considerable risk to bet this much money on an asset. Although you may have an excellent credit score in your own country, you can’t use that for international markets.

Slow Transaction Speed

The horror of buying real estate starts with the insanely slow transaction processes. Not only is this sector massively inefficient most of the time, but it also makes a lot of errors in the process as well. Also, finding the right property takes a lot of time too.

Apparently, it takes about 6 months on average to find a property and then another 6 months to go through all the procedures to acquire it. That is a massive amount of time to waste in investment schemes.

If you keep all of this in mind, you’ll see why this sector needs a disruptive force at the moment.

Enroll Now: Free Blockchain Fundamentals Course

What Are the Benefits of Blockchain In Real Estate?

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There are some benefits to using blockchain in the real estate sector. Let’s check out what these are –

Increased Transparency

It’s no doubt that blockchain is perfectly capable of offering the transparency that the real estate sector needs so badly. As you already know, the real estate sector deals with a lot of corruption. But with the help of transparent systems, this can finally stop. If real estate companies start to use blockchain for their solutions, the customers can see just where the money is going.

Also, as the main database will remain public, no one can alter or even remove any transactions once it gets into the blockchain.

We believe this is the best solution at the moment.

No Data Silos

Data is all scattered around the real estate agencies. Therefore, you will never find any single source of point where you can get access to all the information necessary for your purchase. It’s even more essential for enterprise companies. If there is only a single database containing all the information from various stakeholders, then the efficiency of the company will increase greatly.

Blockchain can offer that. In reality, blockchain can offer tamper-proof shared logs that can compile every single information about a property. So, using blockchain in real estate can quickly solve a massive issue and increase the overall revenues as well.

Want  to learn about the practical implementation of blockchain in the financial sector? Enroll Now: Blockchain in Finance Masterclass

Efficient Transaction Processes

In reality, the transactions happening daily in real estate are through wire transfers and need a lot of time. More so, in many cases, the KYC verification or other documentation takes a lot of money. But with blockchain, transactions can happen within minutes.

Even in the worst-case scenario, it can complete a process within a day, whereas previously it took days to finish. So, the investors or customers will become more eager to invest and not shy away from it.

But you need to ensure that your blockchain solution can meet up with your company’s daily demand. If it can’t, then you’ll end up with a slow system.

Limited Intermediaries

The best benefit of using blockchain in real estate is the reduction of the overwhelming intermediaries. In reality, too many intermediaries give rise to complexity and added cost. Blockchain is effective in eliminating the middlemen from the equation. So, by going fully digital, you won’t have to deal with the unnecessary middleman cuts.

Also, any new listings on the platform will go through a thorough verification process. So, there is no scope for scams or fraudulent activities in the sector. Not only it’s more efficient for the investors but for the large real estate companies as well.

Want to know more about the benefits of blockchain technology? Why don’t you check out our guide on the benefits of blockchain technology?

Probable Use Cases of Blockchain In Real Estate

Increasing Liquidity

One of the best use cases of blockchain in this industry is the increased liquidity. In reality, using blockchain can create a platform where real estate companies can offer their services and properties for buying and selling.

More so, individuals investing in real estate assets can also list their properties for better reach. Public blockchain platforms can welcome anyone to list out their assets. However, they will have to go through an authentication process to check their background and eliminate any scams.

But having a platform for buying and selling properties will help connect potential buyers with sellers more efficiently.

Better Property Search Process

Searching for the perfect property is a real nuisance because there aren’t many platforms that offer legitimate options. Nowadays, people are more interested in searching online rather than go there in person. So, it’s only common sense to look for platforms that offer this feature.

But in most cases, these platforms offer minimal access to properties. More so, in many cases, they have expensive subscription fees. Also, another issue of this type of platform is the lack of updated content. In most cases, they don’t even update whether a property is already sold or not.

Therefore, using blockchain can help tremendously as brokers can directly control the data, and consumers won’t have to deal with third parties. That’s why blockchain for real estate can offer better property search options.

Full Transparency in Title Transfers

There are so many horror stories revolving around buying homes. From property history to foreclosures, there are too many scopes of making errors every step of the way. Due to all of this, a home purchase can come back and cause a lot of issues to the new homeowner. In reality, without full transparency in the title transfer process, many face even legal issues once they buy a new house.

This is where blockchain can really come in handy. Using smart contracts in real estate, they can streamline the process of the title transfer. Both the buyer and seller can see for themselves who is the property’s current owner, and future buyers can also view who owned the property over the years!

Automated Property Buy and Sell

Again, the process of buying and selling properties takes up a lot of time. During this time, the pricing can change, along with the fee of the brokers. With all of the issues, the sector is falling behind drastically. So, using smart contracts in real estate can ease the process of buying and selling properties.

In reality, blockchain technology can automate the whole process of buying a house. The consumers can go to a platform where potential sellers will display their assets. Once they pick one, they can go over to take a look physically or get a tour virtually. After that, all they have to do is set up the parameters and process the payment, and they are done.

All of this can take only a few days to finish.

Preventing Title and Deed Fraud

Another one of the blockchain real estate use cases is the prevention of deed and title frauds. You won’t believe how much issues deed fraud is causing over the last decade. In reality, this kind of fraudulent activity is increasing at a rapid rate, specifically in internet property sales.

More so, people can sell off their assets to another party without your knowledge, which is quite scary to start with. But as blockchain can store all of the property information and owner information, and legal documents on the ledger, there’s no way any third party can take control over your assets.

Fighting Wire and Email Fraud

Did you know that real estate-based wire and email scams are rising at 480% every single year? That is way too many victims with more significant losses every year. More so, this sector is quite an expensive option to start with, and then this type of crime makes people more reluctant to invest in it. In reality, criminals can pose as agents or companies to scam people into giving them money.

As there isn’t any proper security protocol in place, many agents even get their identities stolen and then get caught up in the criminal charges. But blockchain can reduce this number drastically. We don’t know whether it can fully get rid of the problem, but it can surely fight heavily against it.

Read More: List of 20+ Blockchain Technology Use Cases

Decentralizing Multiple Listing Services

Another one of the great blockchain real estate use cases is the use of decentralized MLS. Typically, in MLS, corporate brokers come together to form a database for properties. Here, they can share information with each other to make a potential sale. So, once a property gets sold, the commission is split between the brokers.

This is a ripe market, but without a proper networking base in place, criminals can hack into this system as well. More so, using blockchain in MLS can decentralize the process, making it impossible to manipulate.

Fractional Investing or Ownership

This is another creative take on blockchains use cases. Using blockchain technology, real estate companies can offer fractional investment options. Typically, it means that multiple owners can own a portion of a property that is not affordable individually. So, if the middle classes want to invest in a high pricing property, then they can share the ownership with others.

In reality, it’s an excellent solution for buying and selling real state assets because it can include more people than usual, increasing the overall liquidity options.

You can use smart contracts for real estate to facilitate the transactions and save time.

Token-based Ownership

This is one of the brilliant blockchain real estate use cases. In reality, it’s a different take on the whole real estate assets. For example, you can invest in a multitude of assets using tokens. So, here, the tokens will represent a value for the assets. So, it’s not like you will own a specific property rather than you will invest in the tokens that will represent a collective of said property.

Thus, it’s more similar to investing in gold, which has very little risk associated with it. In fact, there are already multiple projects in place for this type of application.

Enroll Now: Certified Enterprise Blockchain Professional (CEBP) Course

Preventing Mortgage Fraud

Mortgage fraud is one of the main concerns of real estate industries. In fact, the increase in property value is only increasing the percentage of this type of fraud. So, the industry will cont8nue to have losses that can go up to billions. Just in the USA, this fraud causes a loss of $2.5 billion every year! Can you imagine that?

But if you start to use blockchain for real estate, then you can prevent this type of fraud right from the start. As everything will get monitored online, no one can sneak through the system without detection.

Transparent Property Inspection

There’s a lot of problems regarding property inspection. In reality, property inspection causes more losses to the buyers than sellers. For example, many scams in real estate companies showcase a fake property to the buyer. In many cases, buyers only invest in the property not to use it but to sell it when the price rises. So, they may not even know that the property they invested in doesn’t even exist.

But once you convert to blockchain for real estate, you can get transparency in a property inspection. Theirs is no way to cheat the system here, and you will see the right property that you will invest in. More so, you can also see past history any issues in the property just from the platform.

Cutting Real Estate Costs

This is by far the best use cases of blockchain. Once companies start to incorporate blockchain into their networking system, they can make the whole process automated and then cut down the cost drastically. More so, it will not stay limited to only the organizational level, but it will also help the consumers as well.

When blockchain takes the place of the middlemen, you won’t have to pay extra fees to buy the properties. The drastic change in the intermediary model will ensure lower cuts, and it will also save a lot of time.

Want to implement blockchain technology in real estate? Start your journey with our ultimate blockchain implementation strategy now!

How Organisations Are Using Blockchain For Real Estate

Lantmäteriet

Lantmäteriet is a Swedish government real estate agency that’s working with blockchain technology. At present, it’s working on a new solution that will facilitate their land registry process. More so, it will also get rid of any discrepancies and make the process more seamless.

Brookfield Asset Management

Well, Brookfield Asset Management is one of the biggest real estate enterprise companies in the world at the moment. At present, they have taken a keen interest in blockchain, and they plan to work on a solution to integrate it into their internal networking system. They believe they can reduce their costs drastically using blockchain for commercial real estate.

Link REIT, Hongkong

Link REIT in Hongkong is working with Allinfra for a blockchain project in real estate. However, this is more of a pilot project where they are checking how blockchain is working at the moment for this sector.

JLL

JLL is also working on blockchain real estate projects. Using the technology, they are going for Spanish commercial real estate valuation. More so, they believe that they can use it to construct and finance projects as well.

Westfields

Another one of the good examples of blockchain real estate projects is Westfield’s solution. They are working on a solution that is focused on offering real estate bank guarantees. Also, it will mainly introduce leaseholders in the retail sector.

Coldwell Banker

Coldwell Banker is one of the real estate giants that is working on blockchain-based solutions. In reality, they are using blockchain for listing out agents, sellers and offering transaction processes. Also, they want to streamline their transactions and contracts from a single platform.

National Agency of Public Registry

National Agency of Public Registry of Georgia is one of the examples of using blockchain for commercial real estate applications. In reality, Georgia is working on a solution that will enhance their real estate transparency and cut costs and increase efficiency.

Prologis

Prologis is working on a solution-focused on logistics real estate. This is yet another great addition to the blockchain real estate projects list. At present, they have joined forces with Blockchain in Transport Alliance (BiTA) to develop royalty-free data standards for the logistics companies.

Mata Capital

Mata Capital is a French real estate fund management company. They are currently working on blockchain solutions that will focus on optimizing and modernizing the process of maintaining and distributing funds of their investor registry.

Dubai Land Department

Dubai Land Department is working on blockchain for commercial real estate options. In reality, they are working on a solution that will focus on recording all of their local real estate contracts on the ledger. More so, they plan to secure all related government documents on it as well.

Blockchain is not only limited to real estate companies. Many other sectors are also using blockchain to facilitate their business processes. Learn more from the list of top 50 companies using blockchain technology.

Conclusion

Blockchain for real estate is a field that needs more exposure in the world. This sector is full of corruption and criminal activities. However, the importance of this sector is all-time high now. So, without proper guidelines in place, there is no way this sector can bloom effectively and get rid of the corruption for good.

It needs a change, and blockchain is definitely up to the task. Therefore, it’s only a matter of time when real estate companies will see blockchain’s worth and start mass integrating the tech.

If you are in the real estate industry and want to explore blockchain in detail, we will recommend checking our free blockchain course.

The world is changing. So, why should you fall behind the race, right? Start your journey now!

The post Blockchain for Real Estate: How This Disrupts the Market appeared first on 101 Blockchains.

DeFi is using blockchain technology to ensure that our financial system is fully decentralized, distributed, and secured, unlike traditional means. In reality, it’s one of the fast-growing sectors in the crypto space.

Feeling intrigued? Let’s check out some of the popular decentralized finance applications on the market that you can try out today. So, let’s start!

Enroll Now: Introduction to DeFi Course

What Are Decentralized Finance Applications?

Before we start looking into DeFi applications, I’ll briefly explain the concept behind Decentralized Finance.

Decentralized finance is the peer-to-peer finance system or network that is powered by decentralized technologies. In simple terms, it’s actually the shift from a centralized and traditional financial system to a more decentralized and peer-to-peer network.

Decentralized finance companies are bringing an entire ecosystem full of applications starting from borrowing and lending platforms to tokenizing assets. So, in this case, decentralized finance applications are nothing more than blockchain or distributed applications developed specifically for the financial industries.

Also, most of these applications are using Ethereum as the underlying technology. In reality, our traditional financial system mainly runs on centralized infrastructure, which is highly flawed. On the other hand, decentralized finance applications get rid of the issues that come from the centralized infrastructure.

So, it’s a great approach to digitizing this sector without any issues with the legacy systems.

Therefore, if you only have an internet connection, you can access all these Defi apps built to streamline all your financial needs.

The breakthrough of DeFi is really changing the scenario of our financial systems. Now we can use crypto assets in so many ways that were never possible with real-world currencies. The paradigm shift in the economic infrastructure presents us with a lot of opportunities and gets rid of risks and trust issues.

Also Read: Decentralized Finance Technology – A Comprehensive Guide

What Are Best Decentralized Finance Applications in The Market?

From synthetic assets to DAOs, decentralized finance companies are unlocking opportunities for a completely new economic model around the world. More so, the vesta mount of use cases of this sector is proof that this is more than just a bunch of DeFi projects.

It’s an integrated effort to develop a complete ecosystem of finance that shifts from traditional centralized services. Therefore, let’s look at the best decentralized finance applications to understand what benefits you can expect from these.

So, let’s start!

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Asset Management

Decentralized finance applications will help you be the sole custodian of your information. Therefore, it includes managing your crypto asset as well. There are many crypto wallets that will help you securely and efficiently interact with applications for selling, buying, transferring, and earning interest on your assets.

So, in the DeFi projects space, you will own your data, not any third parties or any government agencies.

• MetaMask: MetaMask offers the security and usability needed for a getaway to blockchain applications. However, it’s also a wallet, and it can handle account management along with connecting any individual to the blockchain. More so, it even offers hardware wallets, which is totally isolated from the site.
• Gnosis Safe: Using this application, you can fully customize and manage all your crypto assets. It even allows you to store them on multiple devices. For example, it offers EOA-based wallets, hardware wallets, paper wallets, or even a combination of these three.

Compliance and KYT

Basically, in the traditional finance companies, know-your-customer guidelines help counter-the-financing-of-terrorism (CFT) and promote anti-money laundering (AML). However, as the system is fragile, hackers can hack through the system and easily bypass all the security protocols.

Therefore, DeFi takes this system to a new height. Without focusing on customer identities, they are focusing on customer addresses. So, instead of know your customer, the applications focus on know-your-transactions (KYT). This helps to prevent risk in real-time and gets rid of any options for financial crimes.

• Codefi Compliance: This application offers KYT processes that help businesses to assess any risky behaviors from the very start. Therefore, it can offer CFT and AML checks to identify any fraudulent activities or even terrorisms.
• KYC-Chain: KYC-Chain is another application that offers you an array of features. You will get KYC and AML checks, identity and verification, crypto wallet AML, scalable and secure network, and access to the Selfkey network.

DAOs

DAO is actually a decentralized autonomous organization that focuses on decentralized and transparent business models. Basically, these types of organizations are based on blockchain technology and are incredibly different from traditional organizations.

Anyhow, there are applications that focus on managing financial operations, fundraising, and maintaining decentralized governance in DAOs.

• Maker: MKR holders actually governs the MakerDAO protocols. And this will include adjusting policy for Dai, improving governance, selecting different collateral types, offering security and transparency.
• Compound: Compound is also another application for DAO, where the decentralized community is the COMP token holders. More so, they can propose or even vote on upgrades related to the primary protocol.

Wondering how DAOs actually work? Go through the decentralized organization guide to get your answer.

Data and Analytics

Decentralized finance applications come with unprecedented transparency for network activity and transactional data. That’s why using DeFi protocols can help you in data analysis, discovery, and profound decision-making opportunities. The explosive popularity of these applications is leading to the development of various dashboards and tools. In reality, some of them can even help you assess any platform risks, track the value of your assets, and compare them for the liquidity process.

• Codefi Data: Codefi Data is a suite for data management and analytics. You can use this solution in the investment ecosystem, such as public blockchain tokens, digital assets, decentralized finance protocols, and so on. Other than this, it also offers performance metrics and security.
• DeFi Pulse: It’s a DeFi live tracker. Here, you can find all the latest rankings of DeFi protocols and their analytics. Typically, they track the total value that is locked into the smart contacts of these applications.

Derivatives

Using Ethereum based smart contracts, DeFi is now introducing a new type of tokenized derivatives. Usually, these derivatives are directly linked to an underlying asset, and the performance shifts based on that asset.

More so, you can use DeFi derivatives to represent any real-world bonds, currencies, commodities, and even cryptocurrencies.

• bZx: It’s a margin lending protocol based on Ethereum blockchain. Furthermore, you can use this application to build other platforms that offer borrowing, lending, and trading facilities. So, even if you are a borrower or lender, you will be the one in control of the keys.
• dYdX: dYdX is a great application that will let you trade, borrow, lend, and even manage your assets directly. More so, you can use your crypto holdings as collateral for borrowing other assets. Tracking your performance and your assets is quite easy as well.

Infrastructure Development

Applications of decentralized finance offer composability. In reality, it means that it allows different components within a system to easily communicate, connect, and interoperate. Using this technique, communities are building upon what other developers have already built, making it one of the most prominent and powerful networks at this moment.

You can think of building DeFi applications like building with Legos. There are lots of tools dedicates specifically to the infrastructure development of blockchain platforms. More so, these are definitely some of the best tools that developers tend to love for their blockchain solutions.

• Truffle Suite: Truffle Suite is a combination of development tools that will let you create a new infrastructure from scratch. It contains three tools for compiling, testing, debugging, and deploying – Truffle, Ganache, and Drizzle.
• Infura: Using Infura, you can immediately connect your application to their APIs and use their support for interface to run your app. The best part is that you can do it with only 1 single URL. More so, they offer management services so that you can focus on project development.

There are many other blockchain tools that can help you develop decentralized solutions. Check out blockchain tools that developers love to learn more about these.

Decentralized Exchange

Another popular use case of DeFi is the well-known decentralized exchange applications. Mainly these are cryptocurrency exchanges that don’t need any central authority. More so, it allows users to transact directly with other peers and ensure that the control remains only to the users. Thus, it helps to reduce any price manipulation, any kind of theft, or hacks.

Furthermore, these decentralized exchanges offer liquidity for certain projects, mainly when it comes to rival centralized exchanges.

More so, some exchanges may use decentralization to a certain extent without fully getting rid of the centralized servers.

• AirSwap: AirSwap is a great peer-to-peer trading decentralized finance application. In reality, it uses Ethereum as the underlying technology. More so, you won’t need any fees, deposits, or sign-ups to trade. It also offers a secure and easy to use interface that promotes liquidity of the assets.
• Uniswap Exchange: This is also based on Ethereum and offers automated liquidity protocol. The formula they use is quite unique, and they use non-upgradeable smart contracts for that. Therefore, you can access trusted intermediaries, great security, censor resistance, and prioritize decentralization using this.

Enroll Now: Certified Enterprise Blockchain Professional (CEBP) Course

Gaming

Decentralized finance applications are in the gaming world as well. More so, using these applications, gamers can now unlock the opportunity to handle their in-app purchases without any risks of credit card hacks. More so, these applications now offer unique incentive models, which is hard to come across in typical gaming experience.

This will surely enhance your gaming experience without worrying too much about your finances.

• PoolTogether: It’s an audited savings game where there is no-loss for you. Additionally, it uses Ethereum to make it completely decentralized. All you have to do is use Dai to get tickets from the pool. Every single Dai in the pool will get interest, so it’s a win-win situation for everyone.

Borrowing and Lending

Borrowing and lending use one of the most prominent use cases for the applications of decentralized finance. In reality, users can lend their cryptocurrencies to a lending pool and earn interests based on that. Based on their criteria, many applications match the borrower and lender, getting rid of any trust issues along the way.

• Aave: It’s an open-source protocol that creates different kinds of money markets. Here, you can earn interest based on your borrowing and depositing assets. More so, depositors are responsible for increasing the liquidity, and borrowers can borrow any asset in undercollateralized or overcollateralized fashion.
• Dharma: Dharma offers a suite of developer tools and smart contracts that helps in lending and borrowing crypto-assets. More so, the application offers access to 2000+ tokens, where you will need no Gas fees for trading. You can even withdraw anytime you want.

Identity Management

You can pair applications of decentralized finance with blockchain-based identity systems to give users access to a global economic platform. More so, this will help users get access to their own identity and use it as portable identification whenever they need it.

On top of this, you can expect high security for your financial information and your personal documentations because no third party can get access to it. You can even choose to share partial information to your clients without disclosing your personal data.

• Civic: Civic is a decentralized identity ecosystem. Here, you will have to verify your identity once, and then you can use it as much as you want. Furthermore, you can choose which company you trust to share your information. So, you don’t have to overshare anything else.
• uPort: At uPort, you will be getting a self-sovereign identity with just a few clicks. In reality, this tool will offer any individual to share their data in a secure, simple, and private way. It comes in two variations – the public and private sectors.

Insurance

DeFi is surely talking over the insurance industries as well. Due to the lack of proper management and security, this sector deals with contract breaches and false insurance claims. Also, the process of insurance claiming takes a lot of time. That’s why a number of innovative decentralized application in this spectrum is using blockchain to protect and cover contracts and help to streamline insurance claims faster.

• Etherisc: DIP Foundation supports the ecosystem, and it contains oracle providers, product builders, resellers, risk pool keepers, claim adjusters, underwriters, and relayers. Anyhow, it’s a great application for building risk transfer solutions solely for the insurance industry.
• Nexus Mutual: Nexus Mutual is a unique application that gets rid of the concept of insurance companies. Here, you can share the risk with other parties in a pool without needing any company to back it up. More so, they offer a backup solution for any disaster like faulty smart contracts or DAO hack.

Enroll Now: Enterprise Blockchains and Trade Finance Course

Margin Trading

In reality, margin traders can borrow funds from a lender and utilize their trades in a typical finance system. However, in DeFi, this trading is fully decentralized and offers non-custodial lending protocols. Due to the fact that smart contracts are connected to the majority of this type of application, many call them “autonomous money markets” at the moment.

• Fulcrum: Fulcrum is a decentralized finance application for tokenizing margin trading and lending processes. It doesn’t need any KYC and AML, and it offers non-custodial solutions. The automated renew and no rollover fees help to maintain a seamless experience.
• DDEX: DDEX offers instant borrowing, interest in lending from the start, and 5x leveraged trading. More so, all the smart contracts are audited and secured along with accessible mobile devices.

Stablecoins

Stablecoins fall under the spectrum of DeFi as well. Mainly these are cryptocurrencies, but they are pegged to any kind of stable asset. It can be fiat money, or gold, or even other cryptocurrencies. In reality, stablecoins are here to reduce the volatile nature of cryptocurrencies and make them a good source of digital currency. At present, many central bank digital currency (CBDC) protocols are using stablecoins.

• Dai: Dai is a stablecoin that is pegged against USD. Here, 1 Dai = 1 USD. The stablecoin uses Ethereum based platform, and MakerDAO is governance behind it. In reality, there is no discrimination when it comes to Dai as it offers stable pricing all the time.
• Gemini Dollar: Gemini Dollar is also pegged against the U.S. dollar. Here, it’s in a 1:1 ration to USD. More so, it offers high scalability and usability in any environment, getting rid of all volatile nature of traditional cryptos.

Enroll Now: Stablecoin Fundamentals Masterclass

Online Marketplaces

Online marketplaces are another great use case of DeFi. The applications of decentralized finance help users exchange products directly without any third party. More so, it also promotes globalization when it comes to online marketplaces. You can even do freelance gigs on these applications if you want to.

• Gitcoin: Gitcoin is a marketplace for your development work. It’s an open-source marketplace, which means all your development work here will be for the public. It offers workshops, a growing environment for your projects, and certain payouts to help you keep contributing.
• Ethlance: It’s a different take on the blockchain, which is kind of similar to popular platforms like Upwork, Fiverr, etc. But instead of getting paid in money, you will get paid in Ether. At the moment, they are not taking any cut from your payouts, so any money you are making from it is completely yours.

Payments

Well, the primary use case of the DeFi application starts off with a peer-to-peer payments system. That’s why most of the best decentralized finance applications offer this functionality to all the users. In reality, blockchain technology is more than enough to ensure a secure and direct connection to other users without needing any third-parties.

But DeFi payments takes it to a whole new level. It’s creating a more open space for safely sending and receiving payments around the globe.

• Request Network: It’s a payments network that uses IPFS and Ethereum. Anyhow, using this application, you can get access to standards, infrastructures for building your very own payments project.
• Groundhog: Groundhog is an awesome toolbox developed specifically for creating subscriptions that are crypto-based. In reality, adding Groundhog to your application is a simple task with only a few lines of code. More so, you can transfer money to this wallet using any crypto wallet or a bank account.

Read More: Ethereum Smart Contracts Ultimate Guide

Prediction Markets

There are many applications of decentralized finance solely built for prediction markets. In reality, these applications can easily analyze the data and consumer behaviors to successfully predict any changes.

In any case, market prices can indirectly indicate certain events. Thus, these applications analyze the situation and can offer you the results around the economic event, election results, and even sports games.

• Augur: Who doesn’t like prediction market apps? Augur is now one of the leading prediction market applications on the market with no limit to what you can bet on. It totally is up to you on how much you want to bet on.
• Gnosis: Gnosis is rather a platform that lets you develop prediction market solutions based on Ethereum. So, it’s more of a developer’s tool where they can get access to resources, information, and financial infrastructures.

Synthetic Assets

These are more or less related to stablecoins. In reality, these assets are a mixture of other assets such as fiat money, gold, or cryptocurrencies for offering a stable value. For example, a certain percentage or fiat money and gold can make up a synthetic asset.

Furthermore, this process helps to absorb any price shock that may happen later in the future. So, if the prices of gold fluctuated, the fiat money can back it up and make the end value stable.

• Synthetix: Synthetix is a unique application that offers a mixture of various assets for a stable value asset. At present, it’s the backbone of derivatives trading with synthetic assets. Anyhow, Synthetix Network Token backs up every single asset on the application.

Also Read: 50+ Top DeFi Projects in 2020

DeFi Applications Are Changing the Future of Our Economy

DeFi apps are slowly but surely changing the economic model of the world. Even a decade ago, imagining a completely decentralized finance system was impossible. However, blockchain technology is slowly paving the way for offering us the next technological revolution.

Although these applications aren’t perfect, these are still managing to replace the error-prone legacy systems.

If you are more interested in learning about decentralized finance, then I would suggest starting out with our Introduction to DeFi course!

*Disclaimer:  The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research and make sure you read our full Disclaimer.

The post 30+ Best Decentralized Finance Applications appeared first on 101 Blockchains.

Like any other technology, blockchain has been making its way to the top revolutionary tech list at present. According to a recent survey, 53% of enterprises believe that blockchain technology is now a critical priority for their company.

However, there’s been a lot of experimentations regarding the tech. Anyhow, as the technology seems to be advancing more towards live projects, it’s better to learn about blockchain implementation strategy while you can.

So, to help you get on the blockchain race, we are offering a full-proof blockchain implementation strategy in this guide.

So, let’s begin!

Before we begin, I would like to tell you about an incredible course that will help you learn all the fundamentals of enterprise blockchains for free. Do you want to learn? Enroll in Enterprise Blockchains Fundamentals – Free Course Now!

Key Principles to Keep In Mind for Your Enterprise Blockchain Solution

Let’s start off with the basics before we jump into the blockchain implementation strategy. To make sure that your blockchain business process is successful, you should keep these enterprise blockchain points in mind. Let’s see what these are –

• Open Innovations Are Always Better
• A Permissioned Blockchain Doesn’t Always Have To Be Private
• Transparent Governance Is the Way to Go
• Common Standards Can Create Increase Interoperability
• Privacy Is a Must

Open Innovations Are Always Better

To ensure that your blockchain business process is open, you need to use the diverse community of open organizations and communities. In the long run, it will make sure that you always have quality codes.

Moreover, it would benefit you even more if you can be part of an open governance system that would foster under open licensing models. Also, if possible, you should avoid any kind of patented technology and use open-source frameworks that would offer sharing capabilities.

In reality, if you can do it properly, it would definitely increase your innovative skills and make your blockchain business process more lucrative. In parallel, you’ll be getting a decreased costing and time to make your blockchain strategy more mature.

For example, the Hyperledger blockchain enterprise project is actually under the Linux Foundation. In reality, developers consider it a greenhouse for offering enterprise-grade technologies and a diverse community of coders. At present, Hyperledger has 14 projects under its wings with three live ones.

A Permissioned Blockchain Doesn’t Always Have To Be Private

The second point to keep in mind is that all the enterprise-grade platforms have to deal with fiduciary and regulatory responsibilities. Thus, the blockchain business process needs to follow the principles of trusted access and permissioning.

Even though the public blockchain platforms does come with a lot of functionalities, still they aren’t suitable for enterprises. More specifically, those that revolve around regulations. In reality, all the organizations need to know who they are dealing with and also make sure that no one is using their platform for any illegal activities.

Therefore, a public blockchain doesn’t actually fit into the descriptions.

On the other hand, this doesn’t necessarily mean that you have to go with private blockchain only. Instead, you can leverage the facilities of permissioned platforms. Mainly these platforms are open for anyone to register, but they’ll need to verify their identity cryptographically.

If you can introduce a common identity standard, then it will be easy to streamline across different platforms with one set of verified credentials.

For example, Steller is a decentralized global payment system, and Sovrin is a digital identity management system. In reality, both of the platforms are open yet permissioned networks. On the other hand, TradeLens is also a permissioned system. It’s a supply chain management network that uses Hyperledger Fabric as the base technology.

Transparent Governance Is the Way to Go

Governance is something that people associate with corruption the most. Thus, if you want to make sure that your blockchain strategy platform can prevent any influences, then you need to go for transparent governance.

In reality, transparent governance can ensure a distributed and unique form of governance system that promotes trust without trusting.

Blockchain implementation companies should always consider platforms that will offer a democratic structure by default. Additionally, it needs to promote the permissioning options and privacy of the users as well.

On the other hand, there needs to be certain rules on who can join the networks, and how can they do it? Moreover, guidelines for specific role-playing in the system need to be specified form the start.

Anyhow, you need to distribute trust anchors across multiple parties because they tend to run the nodes and participate in the validation process. In reality, you’ll need at least three trusted anchors to make the governance model.

Additionally, the governance system should also maintain the financing model of the network. In reality, many solutions are financed with ledger operators or membership fees or a third party.

For example, in Canada, The Verified: Me is an identity network system. Here, SecureKey Inc. chooses Canadian banks as the trust anchors, and they would participate in validating transactions and hosting nodes.

As a result, they use a governance model that offers ongoing balances and checks between the constituent working groups.

Common Standards Can Create Increase Interoperability

You must follow this principle as it will future-proof your networks form the start. Moreover, it would also promote a robust ecosystem and prevent any kind of vendor lock-in situations. In the near future, it will all be about interoperability. So, using common standards to model your blockchain strategy would be an excellent idea.

Blockchain implementation companies should definitely consider this point. Even though most of the platforms are basically siloes, still the technology seems to be moving towards a model where it can support a network of networks.

So, to make sure your solution doesn’t fall behind, you need to keep common standards for a blockchain implementation strategy.

Additionally, the first step would be to have a registry of solutions. Additionally, all blockchain implementation companies should publish their data models and different policies. Also, whenever possible, use APIs that offer permissioned output or have a blockchain strategy on industry standards.

For example, Decentralized Identity Foundation offers a set of principles that would help you to identify digital assets, people, and organizations across multiple platforms. Many collaborative efforts such as Burrow of Enterprise Ethereum Alliance and Hyperledger fosters these principles.

Privacy Is a Must

Last but not least, keep in mind that privacy is a must. In reality, you’ll be distributing all of your user’s data across multiple nodes and sources. So, to make sure that they get full privacy, you need to offer control of who can see their data and who can’t.

Without this principle, blockchain implementation companies can’t promise any kind of privacy. Furthermore, as there isn’t a single user that would own any data that resides on its devices, only the creator would have a sole ownership claim on the data.

Moreover, APIs should extend this permissioned access automatically. Another thing to keep in mind is the regulations of GDPR. In many cases, it would mean you would have to keep all the personal data off-chain.

For example, in IBM Food Trust, the network allows participants such as Carrefour, Walmart, or Nestle to use the shared data to increase their food supply chain efficiency. On the other hand, it also keeps every member’s personal data off-limits.

Anyhow, now you know which principles to follow to make your enterprise blockchain implementation strategy a huge success. Let’s jump into the next segment, where we’ll discuss the steps of developing the perfect blockchain implementation strategy in the market. Let’s start!

Blockchain Implementation Strategy – Framework

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Blockchain Implementation Strategy: Steps You Need To Follow

There are various ways where you can come up with the perfect blockchain implementation strategy. However, we’ll use a path that would help out greatly. Let’s see these blockchain implementation steps –

Step-1: Figure Out the Perfect Application of Your Solution

When and Where Blockchain Makes Sense?

Well, for starters, you need to learn about blockchain. The more you’ll learn about it, the more you’ll know how it works and where you can use it. In reality, blockchain in every aspect of your company might not make any sense. So, specify where you can leverage blockchain.

It will definitely help to build up the next phases of your blockchain implementation strategy.

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Which Inventory Use Cases Can Address Business Challenges?

Here, you need to see the blockchain impact on business. Basically, you’ll be figuring out which use cases of blockchain can address any specific business problem. In reality, there are issues when it comes to businesses.

Usually, they don’t have transparency, they are full of corruption, they lack privacy, and they have security loopholes. Additionally, there are many more challenges to overcome, as well. So, address the challenges and make which uses cases can solve them.

Read More: Top 10 Enterprise Blockchain Implementation Challenges

How Every Use Case Leverages Blockchain’s Strength

Another point that would help you estimate blockchain impact on business is assessing how each use cases leverages blockchain’s strengths. Obviously, not every single-use cases would use all the features of blockchain.

In reality, some might use transparency, some can use distributed nature, some can use security protocols, and so on. Anyhow, this step would definitely let you know about the blockchain impact on business.

Rank All the Use Cases Based On Your Company

Now it’s time to rank all the use cases based on your company. As every company is geared towards a specific industry, you’ll be focusing on something that you can leverage. For example, if you are a manufacturing company, you should focus on tracking and traceability rather than a certification or revenue sharing.

To rank them, use these three principles to help you out –

• Viability: Well, you’ll need to see whether you can expect a return for a use case.
• Functionality: Here, you have to assess whether you can deliver the use case or not. Additionally, make sure that you are aligned with your resources and blockchain investment strategy.
• Desirability: Along with the previous two, try to focus on the use cases that your consumer desires. If you focus on an undesirable solution, you won’t get a proper response from your customers. So, your blockchain investment strategy would be a complete waste.

Top Blockchain Use Cases Trending in 2019

While you are ranking and listing the blockchain use cases that you should prioritize, you should check out the market out there.

A 2019 Survey on 1386 global enterprises might help you out in figuring the perfect blockchain implementation strategy for you. However, you should understand that the survey isn’t speaking for all the companies using the blockchain technology. So, the “true” numbers may vary. For more information checkout the survey from here.

The following table would help you understand the concept better –

Let’s move on to the next step of the blockchain implementation strategy.

Step-2: Develop a Proof of Concept

Re-Confirm Value and Identify Challenges Associated With It

To be in perfect sync with your blockchain investment strategy, you need to re-evaluate the use cases you selected. In reality, make sure you also consider the challenges in blockchain implementation. In any case, you need to understand if the challenges are too much for your blockchain investment strategy.

If it poses a lot of challenges, then it’s best to skip it. Go with the use cases that come with fewer challenges and more benefits.

Select the Right Blockchain Technology Framework

This is one of the major points where you need to be absolutely right. There are various blockchain frameworks on the market right now. Moreover, you need to figure out which type of framework would be suitable for your company.

For instance, there are enterprises that use a private blockchain. On the other hand, many enterprises also use public ones as well. So, pick out the best type that goes with the solution and your company standards.

Blockchain Models

There is no cookie-cutter blockchain model or architecture that you can follow while designing your organizational structure. Each of the models has its own perks and downsides. So, the final decision is totally up to you.

As we are talking about this issue, you should check out the popularity of the blockchain business models that most of the rising companies are focusing on this year. Take a look at a table below –

Select A Team and Align With Stakeholders

Now you know just what to do in your blockchain implementation strategy. Next, blockchain development companies should pick the right people to make an excellent team. Keep in mind that it will all come down to how your team approaches the solution.

By any chance, if your team members aren’t fully exposed to the concept of blockchain, teach them. Additionally, blockchain development companies should offer training sessions for this as well.

Also, select your developers correctly as there aren’t many people skilled in the coding blockchain.

Once you have your team ready, explain your primary strategy with your stakeholder, and keep them aligned.

Develop Technical and Functional Architecture

After you’ve selected the framework type, you’ll be working with start building your technical and functional architecture. In reality, this part is fairly technical, and you’d need to use your developers to program the solution.

But remember not to jump into adding functionalities before you can properly structure a functioning model. Anything you build on a weak base would not work the way you intended. Also, don’t get greedy, keep things minimum, and add the functions you only need.

Define the Minimum Viable Ecosystem (MVE)

After you are done with the architecture, it’s time for you to define the Minimum Viable Ecosystem (MVE). All the blockchain development companies should consider this because it will help to generate value from any solution or products more.

It will also help to scale your system when needed.

Also Read: Blockchain Implementation Guide: Empower Your Business

Build and Test Repeatedly

All is done. Now, complete the developing process and test out your solution. In reality, blockchain development companies need to test out the finished product over and over before rolling it out. Furthermore, by doing it repeatedly, you can find any loopholes or flaws in the code. So, it’s a major point for your blockchain implementation strategy.

Step-3: Post Development Scaling

This step is mostly for giving you a long-tern blockchain implementation strategy. After you have rolled out your solution, you would have to have the blockchain implementation strategy for the long term as well or else you’ll fall behind the competition.

Develop Governance and Operation Models

Start developing your governance model and other operational models to scale up. In reality, governance models will play a huge role in your blockchain implementation strategy – especially for enterprises.

Pilot Your Solution in Live Production Environment

You can also pilot your solutions in live production environments. It will give you a steady stream of revenue and would boost your company’s efficiency rates.

Expand Your MVE by Joining or Creating a Consortium

The best way to scale up is to create or join a consortium. In reality, consortiums promote a collaborative environment and offer a lot of benefits. Additionally, you can get access to any features other companies might use that could be beneficial for your blockchain implementation strategy as well.

To make your consortium a success offer these factors –

• Leadership
• Membership
• Governance
• Funding

Integrate With Legacy Systems

Also, start to integrate your blockchain solution with legacy systems. Here, the more you can offer a stable integration, the more value your solution would get. Additionally, it would also ensure that your product works efficiently without any issues. So, it’s also a major point of the blockchain implementation strategy.

Industrialize Your Solution and Enforce Regulations

Enforce regulations to secure your solution and also start to industrialize. Basically, you’ll roll out your solution as an industrial product. Thus, your consumers can use that solution without changing anything and get readymade blockchain products at their expense.

There are so many IT aspirants who don’t know the relation between Blockchain and Data Privacy and if you’re also one among them, then you must enroll in Blockchain and Data Privacy Masterclass Course now!

Last Thoughts

Blockchain technology has already started to disrupt some industries, and this will continue in the future as well. So, before your enterprise becomes obsolete, you should develop your blockchain implementation strategy as soon as possible.

We’ve given you a complete package to help you get your blockchain implementation strategy started. So, don’t waste any more time and start strategizing now!

Check Out Our Guide On How To Implement Blockchain From Here!

The post Blockchain Implementation Strategy – Enterprise Framework [UPDATED] appeared first on 101 Blockchains.

Blockchain has caught the attention of the different industrial verticals out there. Not only is it changing how business functions, but it also enabling innovation to evolve at a rapid pace.

That’s why you will find a lot of companies adopting blockchain. These same companies are also tinkering with blockchain making it more feasible for more mainstream implementation.

With innovation at the forefront, we are also witnessing the rise in the use of blockchain business models. In today’s article, we will be exploring the blockchain business models.

Decentralization has indeed changed how we perceive the problems around us and uniquely solve them. Not only that, but it also opens up a lot of opportunities for businesses out there. So, how do they approach it? The solution is to find the right blockchain business models and implement them correctly.

Enroll Now: Business Model Innovation Course

Why Do We Need Blockchain Business Models?

Blockchain itself is a new business model. With blockchain, organizations can turn their business into a decentralization platform, which can alter how their business works. It changes the entities, the flow of transactions, profits, and also ensuring that growth is maintained during the change.

From the advent of the bitcoin in 2009, there have been many instances where blockchain failed or at least the blockchain applications failed miserably. It was partially because of how the implementation happened, but it was also because of companies’ flawed business model.

Blockchain-based business models such as The BitConnect business model was nothing but a Ponzi scheme. There are also other models that take advantage of gullible people out there. We will ignore all these kinds of scams and focus solely on legit blockchain business strategy models.

From a technical perspective, we need a blockchain-based business model that improves how businesses work and benefits the end-users.

The blockchain based business model should also start focusing on the entrepreneurs rather than just investors. This will make projects focus on utility rather than value in the market. SuchApp is one of those projects that focus on utility by providing a blockchain-powered messaging platform. This means the blockchain business ideas should work at both the macro and micro level, benefitting the internal company employees as well as the end-users.

Read More: 6 Key Blockchain Features You Need to Know About

Understanding the Traditional Business Model

To better grasp blockchain business strategy models, we first need to learn more about the traditional business model. All the businesses out there that are not using blockchain use, traditional business model.

They essentially provide services or goods and earn profit from there. The consumers buy the product or the service at a prescribed rate.

The rates are set accordingly and consist of all the wages or other expenses that the business has or might have during the process of providing the service or product. Each business has a different way of handling the business. However, they use a basic centralized model.

The model consists of four main entities. It includes the owners or the shareholders, the organization, the customers, and the employees.

Learn how you can implement blockchain to empower your business now!

The Blockchain Business Model

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A lot of things get changed with the blockchain business model. First of all, it is decentralization, which means that there is no need for a centralized authority. However, that’s not always the case when it comes to blockchain business models.

dApps, for example, provides work directly thanks to peer-to-peer transactions. It removes the need for a central authority and any mediators. The ability to create a trusted network is revolutionary, to say the last.

So, what entities are not present in the dApps implementation? Firstly, there are no employees or shareholders. Secondly, it is not owned by anyone, which makes the business model a lucrative prospect for the users. However, if we go in deep, we may say that users are themselves employees or owners, but their roles and impact are changed drastically in this blockchain model.

Making A Profit

But, how the above blockchain based business model make a profit? One way is to use tokens to make a profit. Anyone who helps the blockchain reaches consensus is rewarded with the token which holds value. The value, however, depends on the market condition. Bitcoin, for example, offers miners the chance to make a profit by contributing to the network.

Everything looks great, but what about the organization or business that started the business to earn money? They do so by holding some amount of tokens for themselves.

Initially, the value of the token is set to a predetermined value and is sold to interested investors through ICO. However, the value of the token after being released to the market depends on many factors, including market condition, business valuation, and how the business is doing in the current market scenario.

The crowdfunding process gives the early adopters a chance to invest in the business, giving them a better chance to make profits. During the initial ICO process, the price of the crypto assets or the token is low. This way, the developers or the organization gets the necessary funding to make their project a reality.

You can also download and save this guide as a pdf version of the blockchain business model.

Enroll Now: Free Blockchain Course

Different Types of Blockchain Business models

Now that we have established a basic understanding of traditional blockchain models and how the business makes money from them let’s discuss the top blockchain business models or ideas out there.

P2P Blockchain Business Model

The P2P business model offers a peer-to-peer powered business. Blockchain technology has always been peer to peer. P2P blockchain enables end-users to interact with each other directly. This makes it part of almost all the other blockchain models we have discussed earlier. The P2P business model can be monetized in many ways, including tokens, BaaS, or transaction fees.

IPFS, an interplanetary filesystem, takes advantage of the blockchain business model. Also, there is a mining software that will let users share their unused storage space. You can also download and save this guide as a pdf version of the blockchain business model.

Blockchain As A Service Business Model (Baas)

Blockchain as a service is one of the most popular blockchain business models or ideas out there. It is all about providing an ecosystem for other businesses to manage their blockchain system. In this ecosystem, companies can experiment, test, and do research. Right now, Microsoft (Azure), Amazon (AWS), IBM(BlueMix), etc., offer blockchain as a service (BaaS) and are the perfect example of the decentralized business example.

The end-users (in this case, businesses, startups, or organizations) don’t have to worry about how blockchain works and don’t need to set it up before working on it. BaaS also eradicates the need for hardware, which in turn enables startups, companies, or organizations to focus on their development cycle.

Most of the current blockchain solutions, including Bitcoin and Ethereum, can be served as service. One such example includes EBaas, Ethereum Blockchain as a Service (EBaaS). The service is managed and provided by Microsoft in collaboration with ConsenSys.

Want to know the fundamentals of Blockchain as a Service (BaaS)? Enroll Now: Getting Started with AWS Blockchain as a Service (BaaS)

Token Economy – Utility Token Business Model

The utility token business model is prevalent in the industry. We have also discussed earlier in the post where we try to understand a blockchain business model through the utility token business model’s eyes. Currently, there are tons of startups, businesses, or eCommerce sites that use a utility-based blockchain model. Ripple is also a utility token as it powers the network and facilitates the network activities in one way or another.

Businesses hold some of the utility tokens and release the rest for the network functionality. They make a profit when the value of the utility token changes. The idea of working with tokens can be summarized with the word “Tokenomics.”

The token utility should have three valuable variables. For example, it should have a proper role, features, and purpose.

Want to learn more about Blockchain Technology? Check out our blockchain definition guide to learn more about it.

Blockchain-Based Software Products

The concept of blockchain was introduced in 2009. However, now, the need for blockchain is more than ever. This means that the big old players have to adopt blockchain sooner.

The easiest way for cooperates to do so is to buy a blockchain solution and integrate it into their system. This gives rise to the blockchain companies that create a solution and then sell them to bigger companies. Proving blockchain technology to other organizations can be extremely profitable as they will not only get reasonable payment upfront. Moreover, they will also need to provide support after implementation.

Another potential reason for acquiring a blockchain-based software solution is the lack of talent in the market. Companies don’t want to go through the process of acquiring talent. That’s why it is much easier for them to buy a blockchain solution that fits their requirement.

Check out the top 50 companies using blockchain technology to learn more about it.

Development Platforms

The overall idea of blockchain is still in its native stage. A lot of development and research goes into the blockchain as startups are trying to solve problems uniquely. This leads us to our next decentralized business model, known as development platforms.

Companies nowadays are now focusing on developing apps that can result in a blockchain infrastructure. Those apps can be served using blockchain and cloud to the end-user providing rapid development.

Hyperledger is one of those examples which provides tools, frameworks, and guidelines for blockchain development. The key here is rapid development, and they are trying to do just that.

Want to learn the basic and advanced concepts of Blockchain and Hyperledger Fabric? Enroll Now: Getting Started with Hyperledger Fabric

Network Fee Charge

Another very blockchain business model is to have a network fee associated with the blockchain itself. This type of blockchain business model applies to both blockchain solutions such as Ethereum or dApps that charge a small amount for the user for different activities on the network. For example, the Ethereum network charges developers Ethereum for making their dApp live. The same is valid for NEO, which has a fee for dApp publication.

Blockchain Professional Services

The last blockchain business model that we are going to discuss is the Blockchain professional services. These services are provided by leading expert development companies to startups or other businesses to get them ready with blockchain.

For example, a business would want someone to build their custom blockchain project. In that case, they can hire companies such as Deloitte, IBM, or others to complete the project for them.

The key here is to not invest in the hardware, software, or team building but to directly take the services of companies that have perfected the art of blockchain development. You can also find smaller players in this market.

Overall, it is a great blockchain business model for talented blockchain professionals who want to use their skills to do business.

There are other forms of blockchain professional services as well. For example, many blockchain-powered companies offer blockchain-related services such as consulting, developing legal papers, or auditing the business.

Read More: Blockchain Usage: List of 20+ Blockchain Technology Use Cases

Concluding Thoughts 

In short, a blockchain company generally makes money using one of the following methods. Let’s discuss them below one by one.

1. Network Fee: The company or organization makes money by imposing a network fee.
2. Token Economy: Utility tokens are used for performing different activities on the network. It is a crypto asset which the users need to buy.
3. Blockchain-Based Software Products: Blockchain companies can also make money by providing their solution to other companies.

The business model can also be a combination of different ideas, and it completely depends on what the business wants to do. There is no hard and fast rule on how a business model should function. The companies or organizations are free to experiment the way they want.

If you want to know more about the blockchain business processes, then we recommend enrolling in our free blockchain course. Start your blockchain journey right now!

The post Top 7 Enterprise Blockchain Business Models appeared first on 101 Blockchains.