Blockchain’s applications extend far beyond cryptocurrencies like Bitcoin, revolutionizing industries from healthcare to energy.
These public companies are at the forefront, turning blockchain’s potential into tangible solutions. Investors and innovators should keep an eye on these trends as blockchain’s adoption continues to grow.
Here are five industries going beyond bitcoin to advantage of the promise of blockchain.
Supply Chain Management
Blockchain is revolutionizing supply chain management by enhancing transparency, traceability, and efficiency.
Companies like IBM (NYSE: IBM), Oracle Corp (NYSE: ORCL), and VeChain are at the forefront of this transformation. They use distributed ledger technology to combat fraud, verify authenticity, and streamline operations.
For example, IBM’s Food Trust network enables businesses to trace food products’ origins and journey in seconds rather than weeks, which is critical for preventing contamination or managing recalls.
Walmart Inc (NYSE: WMT) is a notable participant in this initiative, leveraging blockchain to track its food supply chain from farm to table. This reduces operational costs, demonstrating the potential for blockchain to redefine supply chains globally.
In addition to IBM and Oracle, Amazon (NASDAQ: AMZN) and Everledger are also leveraging blockchain to revolutionize how goods move through supply chains.
Amazon Web Services (AWS) offers blockchain solutions like the Amazon Managed Blockchain service, enabling businesses to build decentralized applications for supply chain optimization. This tool is beneficial for tracking inventory, verifying suppliers, and ensuring product authenticity in industries like retail and pharmaceuticals.
Everledger, a private blockchain company, specializes in traceability for high-value assets, such as diamonds, fine wine, and luxury goods. Its platform records each item’s unique characteristics and provenance on a tamper-proof ledger, helping to combat fraud and ensure ethical sourcing.
For example, Everledger’s partnership with the diamond industry provides consumers and jewellers with a clear view of a diamond’s journey from mine to market.
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Decentralized Finance (DeFi)
The rise of decentralized finance (DeFi) has expanded blockchain’s reach into the heart of financial services. Public companies such as Coinbase Global Inc (NASDAQ: COIN), Galaxy Digital Holdings (TSE: GLXY), and certain of Ethereum’s ecosystem partners are pioneering solutions that eliminate the need for intermediaries in lending, borrowing, and trading. DeFi platforms, built primarily on Ethereum, use smart contracts to enable secure, automated financial transactions.
For instance, Coinbase Ventures invests heavily in DeFi projects like Uniswap, which facilitates decentralized trading, and Compound, a platform for earning interest on cryptocurrency. By bridging traditional finance with blockchain innovation, these initiatives are unlocking financial services for millions worldwide, particularly in underbanked regions.
Furthermore, public companies like Block Inc. (NYSE: SQ) are playing significant roles in the DeFi ecosystem. Block is a leader in digital payments. It has also embraced blockchain and DeFi technologies through its investment in Bitcoin and its development of decentralized financial services via its Cash App and the Bitcoin Lightning Network.
Twitter co-founder, Jack Dorsey, founded Square and took it public in 2015. He later renamed it Block in 2021. Block has a deep involvement in fostering decentralized financial tools reflects its broader vision of facilitating financial inclusion and creating a decentralized economy.
In addition to public companies, several innovative non-public companies are making strides in DeFi.
Aave, a decentralized lending protocol, allows users to lend and borrow cryptocurrencies without relying on traditional financial intermediaries. Built on the Ethereum blockchain, Aave offers features like “flash loans” and collateralized borrowing, offering flexibility for users in a decentralized setting. Similarly, SushiSwap operates as a decentralized exchange (DEX), enabling users to swap tokens directly with one another, bypassing the need for centralized exchanges like Coinbase or Binance.
Healthcare Data Management
Blockchain offers a secure, immutable solution for managing sensitive healthcare data, reducing fraud, and improving patient outcomes. Companies like Change Healthcare, now part of UnitedHealth Group (NYSE: UNH), and startups like Medicalchain are deploying blockchain to ensure seamless and secure sharing of patient records among healthcare providers.
This approach addresses longstanding challenges related to interoperability and data breaches. Change Healthcare, for instance, uses blockchain to streamline insurance claims processing, enhancing transparency for both patients and insurers. By securing patient data and improving collaboration across healthcare networks, blockchain has the potential to transform the industry’s operational landscape.
On the private side, there’s BurstIQ.
BurstIQ provides a blockchain-based platform for securely managing and sharing healthcare data. The platform allows patients, healthcare providers, and organizations to create and control access to health data. This ensures that information is shared only with authorized parties.
BurstIQ’s solutions are designed to meet strict privacy regulations, such as HIPAA, and offer an immutable record of all interactions with the data. BurstIQ’s aim is to improve data interoperability, reduce fraud, and streamline healthcare workflows, ultimately empowering patients and enhancing care delivery.
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Energy Trading and Renewables
Blockchain technology is driving innovation in energy trading and renewables by enabling secure, transparent, and efficient transactions. Publicly traded companies like Brookfield Renewable Partners (NYSE: BEP) and Shell PLC (NYSE: SHEL) are integrating blockchain into their energy operations.
Shell has been a pioneer in applying blockchain to track renewable energy trades and verify carbon credits. Through partnerships like the Energy Web Foundation, Shell is creating platforms that facilitate peer-to-peer energy trading and provide transparency in sustainability efforts. Blockchain ensures accuracy in these transactions, helping companies meet regulatory standards while building trust with consumers and stakeholders.
Brookfield Renewable Partners uses blockchain to optimize energy trading and streamline operations. The company has explored blockchain solutions to enhance its renewable energy certificate (REC) management. It’s also therefore ensured that every megawatt-hour of clean energy generated is properly accounted for. This transparency is crucial for businesses aiming to meet their sustainability goals.
Private companies like Power Ledger are also significant players in this space. Power Ledger offers blockchain-based platforms that enable peer-to-peer energy trading, allowing consumers to buy and sell excess solar power directly. By bypassing traditional utility companies, Power Ledger empowers individuals and businesses to participate in decentralized energy markets, fostering greater efficiency and sustainability in the sector.
Private companies like LO3 Energy are at the forefront of blockchain innovation in energy. LO3 Energy has developed platforms like the Brooklyn Microgrid, which allow communities to engage in peer-to-peer energy trading. These systems let individuals with solar panels sell excess power to their neighbors. This helps create localized, sustainable energy markets and reduces reliance on centralized utility providers.
Digital Identity and Authentication
Blockchain is redefining digital identity by providing a secure, decentralized solution to manage personal data.
Digital identity and authentication are critical components of modern life. Blockchain provides a secure and decentralized solution to safeguard personal data. Traditional systems store information in centralized databases vulnerable to breaches, whereas blockchain enables individuals to control their digital identities, ensuring privacy and reducing fraud.
This is particularly important as online services grow, requiring robust, verifiable, and portable identity solutions across multiple platforms. Blockchain offers a way to build trust in digital interactions while minimizing the risks of identity theft and unauthorized access.
Identity and access management company, Okta Inc (NASDAQ: OKTA), has integrated blockchain technology into its portfolio to enhance secure authentication. Okta’s product allows users control access to their data through cryptographic keys. This innovation allows businesses to implement secure, user-friendly logins while reducing the storage and transfer of sensitive information, aligning with privacy regulations like General Data Protection Regulation (GDPR).
Privately-held Civic is another standout in blockchain-based digital identity. Civic’s app provides users with a decentralized digital wallet to store and manage personal information securely. It eliminates the need for repeated identity verification by enabling users to prove their identity with blockchain-based attestations, reducing friction in onboarding processes for online services.
The adoption of blockchain in digital identity and authentication is vital to creating safer, more reliable systems that empower individuals and foster trust in digital ecosystems.
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2024-12-07 02:30:00