Blockchain and Distributed Ledger Technologies (DLT) are considered to be transformative for the decades to come. They have the potential to bring great improvements to the European industry – from start-ups to large corporations, administrations and citizens – enabling decentralized, trusted, transparent, user-centric digital services and stimulating new and improved business models to the benefit of society while providing sustainable economic growth.
One groundbreaking technology, many advantages
Blockchain is the best-known distributed ledger technology. A ledger keeps a final and definitive record of transactions. Transactions on a blockchain are not centrally stored, but instead identical copies of all transactions are kept on decentralized ledgers at the same time. Moreover, this data is encrypted. Records, once stored, cannot therefore be tampered with on one of these ledgers without leaving a track. This is an essential difference to databases that are managed by a central operator.
The decentralized nature of record keeping in combination with encryption of data provides users trust, traceability and security for exchanging their data and/or assets. There is high potential for blockchain to be used in many different areas such as in financial services, supply chains, energy, healthcare and the public sector. Keeping this in mind, it shouldn’t come as a surprise that the European Union has already allocated €180 million to support R&I in Blockchain / DLT through Horizon 2020, potentially up to €300 million by 2021.
Sectors currently using blockchain in Europe
If you’ve been wondering which industries/sectors are currently using blockchain in Europe and how much, an infographic from the European Commission has all the answers. From the highest to the lowest percentage, the list looks like this:
– Tech, IT, telecommunications 25.76%
– Government services 19%
– Financial services, FinTech, KYC, AML 14.90%
– Education 8.83%
– Supply chain, transportation, industrial manufacturing 7.58%
– Media, entertainment, publishing 6.07%
– Non-profit or social impact 5.56%
– Energy, environment, utilities 4.30%
– Healthcare 2.53%
The disruptive power of blockchain
Blockchain is seen by many as a major breakthrough and has the power to impact digital services and transform business models in a wide range of areas such as healthcare, insurance, finance, energy, logistics, intellectual property rights management or government services. In the financial sector, blockchain can be used to improve payment solutions, securities and insurance products.
The transport sector can benefit from blockchain for connecting mobility services and autonomous vehicles, while the energy sector can use blockchain to integrate renewable electricity generation in Europe’s grids. In the health and pharma sectors, blockchain can be a real game-changer to trace the origins of goods in a reliable manner. Last, but not least, the public sector can rely on blockchain to protect democracy, improve e-voting and the use of e-identities.
Modex BCDB, the smart solution for business needs
Currently, the majority of blockchain solutions present on the market are oriented towards blockchain as a service, limiting themselves to a rigid view and application of the technology. A company or the CTO of a company can come to the realization, after a bit of study that their business can solve several issues and streamline back-end processes by implementing blockchain.
The problem is that in order for a company to implement blockchain technology only through its own tech team, they need to invest a significant amount of time and resources to study what type of blockchain is most suited for their needs, and commence a lengthy process of learning the development specificity of the respective blockchain, as well as scouting for developers proficient in the technology.
Every enterprise is reserved and unwilling to make changes to its database, and for good reason, as data loss or data corruption constitute major risks. Modex BCDB doesn’t work by deleting the existing database, or data entries. The database is maintained intact throughout the process, data integrity is ensured by calculating the metadata of the records and storing it on the blockchain.
Moreover, the system does not restrict access to the blockchain or to the database, so when a developer needs to make a reporting or ETL transformations, they can always perform warehouse analytics by accessing the database directly. This is because Modex BCDB has been purposely designed to be agnostic. With our solution, clients are able to set up a network, regardless of the type of database employed. In a consortium, each company can maintain what type of database they prefer (Oracle, Microsoft, IBM, Mongo DB), and connect them through a blockchain-powered network to ensure cohesion, availability while protecting corporate interests.
Blockchain company Modex is promoting the adoption of blockchain technology and strongly believes in a future built around blockchain. Modex offers fully integrated services designed to solve the last mile adoption problem of the blockchain and aims to make blockchain user-friendly for every single device or person.
At Modex, we can innovate thanks to our incredible team of experts and we offer services for the entire blockchain technology ecosystem: Marketplace for Smart Contracts, community tools for developers and blockchain as database services for enterprises. In over two years, using cutting-edge technologies and with a clear strategy, Modex has evolved from the world’s first app store for blockchain into a complex ecosystem designed for developers’ needs and enterprises looking for blockchain solutions. Our mission is to spread and facilitate the adoption of blockchain into society and to solve real-world problems using this revolutionary technology