After the 20th century cemented itself as a period of unparalleled growth, development, and innovation across every field, the 21st century continues the evolution. Thanks to today’s groundbreaking technologies, we can disrupt the future with innovative tech products and services. Blockchain, one of these technologies, has the potential to create a stable framework and efficient infrastructures which can support the rapidly changing world we are living in. Here are some industries that can benefit vastly after the time-consuming, archaic processes are replaced by blockchain technology.
Recently, Modex has launched eConsultare, the first blockchain-based platform for e-governance in Romania that enhances the level of trust and transparency by directly involving Romanian citizens and other representatives of the civil society in the decision making process. By harnessing the power of its innovative blockchain solution, Modex has made an important step towards the democratization of the decision-making process by creating a secure platform which facilitates online consultation on matters of public interest. The main beneficiaries of the eConsultare platform are the Ministry of Environment, representatives of the civil society, as well as Romanian citizens who can reject or accept government initiatives through direct vote.
The first of its kind in Romania, the newly unveiled public consultation platform has been designed to increase the degree of democratization of the decision-making process while facilitating open and interactive participation from citizens. The goal of the eConsultare platform is to directly involve citizens in the process of establishing and verifying the feasibility of proposed projects, ensure transparency in central and local public administration while giving citizens the opportunity to become active participants in defining and addressing community issues. More details about eConsultare.ro.
Healthcare is one of the world’s largest industries, consuming between 10% and 20% of gross domestic product (GDP) of the most developed nations. In this complex system of interconnected entities and heavy regulatory boundaries, patient data is highly fragmented. Moreover, the cost of healthcare delivery is continuously rising due to inefficiencies in the system and dependence on intermediaries. With these drawbacks in mind, the need for a technology system that can remove the middlemen and cut costs while maintaining trust and transparency becomes obvious.
The healthcare industry is plagued by inefficiencies, errors, bureaucracy, and high administrative costs. From managing patient data to tracking drugs through the supply chain, blockchain could solve some of the healthcare industry’s biggest problems, including compliance, interoperability, speed, privacy data and security issues. Blockchain could also enable new patient-centric business models, bringing patients to the center of the healthcare ecosystem by giving them the power over one of their most valuable resources: data. Find out here how blockchain technology and our flagship solution, Modex BCDB (Blockchain Database), have the power to reshape healthcare.
Education is one of the building blocks which helps lay the foundation of modern human organization. It is an ongoing process which accompanies us since we are born, and as a second shadow, it follows us all throughout our lives. As infants, we absorb every information that surrounds us, which in turn helps us develop and become members of our community, enabling us to interact with each other. From early childhood, we pass a certain threshold where education takes a more formal and structured approach, where control is handed to well-defined institutions such as kindergarten, grade school, high school, university, whose sole purpose is to help individuals find their path and place in the ever-changing social, political and economic structure.
Education still follows a rigid structure based on the broadcasting model, where the teacher takes the role of emitter which broadcasts information to the receptors, students who need to take notes and learn the information by heart. New advancements in technology hold the potential to address some issues present in the academic environment such as student data privacy, recognition of extracurricular activities, mobility and accessibility of information. On a grander scale, the role of technology is not just to solve a problem inherent to the current system. Although it can easily achieve this, it should also open new perspectives for every party involved, the institution, the teacher and the student. How? More details, here.
Today’s vehicles are evolving from a mode of transport to also serve as a new kind of moving data center with on-board sensors and computers that capture information about the vehicle. The advantages blockchain can bring to the automotive ecosystem, both in facilitating collaboration among participants and enabling capabilities for new mobility business models, have gotten the attention of automotive executives.
Major car manufacturers are looking at blockchain as the next big thing and are investing in it. Launched in May 2018, MOBI (Mobility Open Blockchain Initiative) brings together major automakers and leading blockchain/technology startups and premier organizations such as IBM, Accenture, Bosch and ConsenSys. NGOs and academic institutions such as the World Economic Forum and Blockchain at Berkeley are also involved. MOBI will explore how blockchain can be used in the new digital mobility ecosystem to meet customer demands. Some of MOBI’s initial projects will focus on secure mobility commerce, usage-based mobility pricing and payments, and vehicle identity, history and usage. Additional details, here.
Internet of Things (IoT)
The ability to communicate information and deliver an appropriate response in a timely fashion has been one of the main factors that enabled human civilizations to flourish or to dismantle. This dynamic has accompanied us since time immemorial, but due to the explosive rate in which technological advancements have emerged over the past decades, a shift in this age-old paradigm has already materialized.
However, the sensor industry and IoT are still vulnerable to various type of attacks (for instance, DDoS – distributed denial of service). Blockchain, a relative newcomer in the tech scene (compared to IoT) can provide a viable solution to the security vulnerabilities of IoT. By design, blockchain is a decentralized, digital, tamper-proof ledger of transactions which secures data through complex cryptographic algorithms. This short description immediately provides an answer to a major issue of IoT, its centralized data storage structure. By taking a closer look at the inherent capabilities of blockchain technology (more info on this topic), we can determine that besides strengthening security, it can add considerable value to IoT and the sensor industry in general.
The commercial aviation industry is a highly complex space, where a large number of entities are involved in the delivery of travel products and services, which is sometimes manifested in a single product from a customer perspective. These actors are often collaborating and partnering to be able to co-deliver value and meet the expectation of customers. According to IATA statistics, from the moment passengers search online for an air ticket to the time they arrive at their destination, the airline is just one of around 26 business partners involved in the aviation chain.
Most leading airlines are already experimenting with new digital technologies – such as advanced analytics, robotics, and artificial intelligence – and now blockchain is poised to provide fertile ground for innovation in the industry. With its ability to manage and share data and facilitate digital transactions, blockchain promises to resolve current issues of trust, security, control, and transparency in a complex ecosystem of industry players. Although the technology is still fairly young, airlines are already exploring applications that improve overall performance. Discover here how blockchain is taking off in the aviation industry.
20 years into the 21st century, countries from all over the world are signaling the fact that the current governmental administrative systems based on the nineteenth-century centralized, hierarchical model are struggling to reflect the high-speed, digital world we live in. In fact, it becomes increasingly clear that legacy governmental structures are unable to cope with the rapid shift towards an increasingly digitized society, the challenges that emerge with it as well as the unprecedented degree of mobility of our globalized world. As a direct result, we see a significant increase in administrative bottlenecks and friction points, a general state of dissatisfaction with governmental performance, as well as a general sense of alienation concerning the citizen-government relationship.
A high-level overview of current governmental models shows an outdated system that is concerned with collecting data and resources (primarily financial) and storing them on centralized siloed data networks that act as a basis for government decisions. Citizens, businesses, and enterprises interact on a daily basis with siloed, hierarchical government organizations to exchange data, pay taxes and fees which creates the need of multiple layers of oversight in public sector organizations for validating transactions and data exchanges between government, citizen and businesses, and even between governmental organizations. Blockchain debuted on the tech scene in the aftermath of the 2007 economic crisis as a framework that could enable a viable alternative to the precarious financial system that imploded, unleashing a chain of events that had global economic ramifications. In this context, blockchain emerged as a technological framework that can guarantee trust between multiple unknown parties over a wide distributed, decentralized peer to peer network. More insights about this.
Retail and inventory management
Loading, unloading and managing inventory in the warehouse – that’s what inventory management is all about. Managing inventory requires a huge amount of time, effort and many people. The problems surrounding managing inventory in the warehouse include food spoilage, dead stock, storage cost, stock-outs, employee errors, etc. Most of the existing systems which keep track of inventories are outdated, so there’s an obvious need for something revolutionary to improve the industry. Here’s where blockchain and Modex BCDB (Blockchain Database) come in.
Given its characteristics, blockchain can be the answer to all these problems. By design, blockchain enables consumer packaged goods brands and manufacturers to connect each party in their value chain — from suppliers and production sites to distribution centers and retail partners — with a holistic and permanent record of every single transaction that takes place. These records are stored and accessible to everyone within the network. This level of transparency and permanency can be helpful for manufacturers that have to manage product origins, traceability, potential recalls and even perishable goods that have a limited shelf life. Here’s how.
Blockchain is about trust. If the Internet is about connecting people, blockchain is about trust and is essentially going to be the Internet of trust. The essence of blockchain lies in its ability to support trustworthy transactions via networked computation in place of human monitoring and control. Here we take a look at how Modex’s BCDB (Blockchain Database) can improve the travel industry. As a mechanism which stores transaction records over a widely distributed network, a significant portion of the research performed on blockchain was, and still is focused on harnessing its potential for the financial sector, payments, and FinTech. Although blockchain and the financial sector seem to be a match made in heaven, important steps were taken towards successfully implementing this technology in healthcare, real estate, supply chain, and cybersecurity. Just to be clear, blockchain is not a panacea that solves every issue, sadly the real world doesn’t work like that, but in some industries, it can bring real value.
On a closer examination, the travel industry seems to be uniquely suited to benefit from blockchain. Why? Because as a whole, the travel industry involves many different players (hotels, airlines and many other service providers) that need to collaborate seamlessly with each other. Hmm, if only there was a technology which could ensure trust among multiple untrusted parties. According to a Deloitte study, from 2009 to 2017 US hotel gross booking grew from USD 116 billion to USD 185 billion. The same study points out that airline revenues also jumped from USD 155 billion to USD 222 billion. The steady increase in revenue over the years suggest that the traveling industry ranks among the most profitable but at the same time the most difficult to manage.
Stamping out counterfeit goods
Counterfeiting affects every stage of the product life cycle. Limited visibility across sourcing, manufacturing, and distribution networks makes it hard for manufacturers, partners, and customers to distinguish real goods from fake ones, leading to increased costs, stolen sales, reputational harm, and brand dilution. IoT provides unique identification and traceability, and blockchain provides a tamper-proof chain of custody information. Pairing them can create a shared, distributed ledger capable of recording the origin, location, and ownership of raw materials and products at each stage of the value chain – giving manufacturers, partners, and customers the transparency and authentication they need. Thanks to their ability to immutably track and share genealogy across multiple stakeholders, blockchain and IoT can inhibit counterfeiting in ways that traditional technologies cannot.
Improving the KYC process
For financial institutions, Know Your Customer (KYC) is an important process for anti-money laundering, helping to detect and prevent criminal behaviors around the world. Despite its importance, KYC at many financial institutions is inefficient with tedious processes, duplication of effort and risk of error, so it’s clear that a change in KYC is needed. And blockchain could be the right solution to do that! Nowadays, banks and large financial institutions around the world are struggling to meet the ever-increasing scale and rate of regulatory change. Processes for KYC compliance, in particular, are costly and time-consuming with the added and significant concern of the extraordinary fines for non-compliance today.
For financial institutions, the costs associated with KYC processes are high: $60M – $350M spending/bank and $600+ / KYC on average, which translates into lost revenue opportunities. These processes are also time consuming: 5-100 documents / KYC, approximately 24 days to on-board a new client and a KYC refresh takes almost 20 days. For corporate customers, today’s KYC-related processes might be seen as a poor customer experience due to changing requirements from bank to bank and long on-boarding times. With these factors in mind, it’s obvious that something has to be done to improve and optimize the KYC process. Solution? Blockchain.
Land registry and property rent
Your parents inherited a big piece of land from their forebears and now an interested buyer wants to acquire it for serious money, somewhere between $500,000 and $800,000. The issue is that nobody has any documents of it and nobody can prove whom it belongs to. Of course, your family knows it’s theirs, but they need to show undisputable documents and data in order for the transaction to take place. What can they do? If blockchain would have been used for land registry, they wouldn’t have had this problem in the first place.
The above situation might prove hypothetical for most of us, but for some people around the world is as real as it can be. Worldwide, these land registry-related problems are estimated to be worth $20 trillion. The processes to solve these issues are so costly and time-consuming that the majority of people will, most likely, avoid some serious headaches and leave those pieces of land useless and abandoned. This is where a blockchain land registry can become an essential tool.
A barrier against ransomware
The importance of technology in our daily lives is so undeniable that it has become an integral element in every segment of human organization, ranging from communication, economy, access to information, healthcare, government and so on. This article will focus on the problems raised by ransomware software and describes how blockchain technology can negate its effects. The problem is that many aspects of our lives can act as a double-edged sword, and technology is no exception. It can’t be argued that it has been the main reason why humanity has seen an unfathomable level of progress during the 20th century, but at the same time, it has acted as a means to achieve selfish and destructive goals. Technology is a wide umbrella term that refers to the application of scientific knowledge for practical purposes, machinery, and equipment developed from the application of scientific knowledge, as well as the branch of knowledge which deals with engineering or applied sciences. It is safe to assume that a blockchain-powered database can be an ideal solution to ransomware or other types of data hijacking.
Oil and gas industry
Blockchain seems to steadily remove itself from the somewhat controversial realm of cryptocurrencies and provide real world value to businesses and multiple industry sectors. The major actors of the Oil and Gas industry seek to harness the potential of blockchain technology to cut down on operational time and costs, add a new layer of transparency and replace industry legacy systems with an innovative blockchain-based framework. Efforts towards integrating blockchain in this sphere of activity are already taking place.
February 2019 has witnessed the creation of the first Blockchain Oil and Gas Consortium in the United States composed of giants of the industry such as Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol. Rebecca Hofmann, chairman of the board of directors of the consortium, outlined that the “Oil & Gas Blockchain Consortium is a significant step towards establishing key blockchain standards, frameworks and capabilities for the oil and gas industry”, mentioning also that “blockchain technology is a catalyst for re-imagining the way we do business and this consortium represents a collaborative effort to explore the technology’s potential and leverage learnings to drive industry adoption.”
Modex Blockchain Database (BCDB)
Taking into account the potential of blockchain technology to disrupt many industries, Modex has created a versatile and innovative product – Modex BCDB – which can be used in all the business sectors mentioned above. Modex BCDB is a middleware that fuses a blockchain with a database to create a structure that is easy to use and understand by developers with no prior knowledge in blockchain development. As a result, any developer who knows how to work with a database system can operate with our solution, without needing to change their programming style or learn blockchain. For enterprises, Modex BCDB translates into enhanced data security, secure data sharing, streamlining of operations, and protection against cyberattacks.