A distributed ledger that verifiably tracks and stores all transactions blockchain Records transactions across multiple nodes (or computers) so that registered transactions cannot be retroactively changed. This is a big difference between traditional databases, where information is kept centrally, and those that make it impossible for one person or entity to control all nodes.
For a relatively new technology, in 2008 he took the pseudonym Satoshi Nakamoto (the word “Satoshi” means “clear thinking, resourceful” in Japanese) and used it as a core to discover the unknown. was invented only by The technology behind Bitcoin — Blockchain is revolutionary.
The original Bitcoin blockchain was designed as an immutable public ledger that records all Bitcoin transactions. Anyone can see how many bitcoins have been transferred from one account to another at any given time, as it is impossible to change the historical record of this ledger. This prevents people from lying about how much money they have or where their funds come from. from.
You may be thinking, isn’t the crypto scene in crisis right now?
But almost 15 years later, blockchain technology use cases have grown well beyond cryptocurrencies, offering new answers to challenges facing various industries.
One of the first obvious sectors to adopt was the banking and finance sector. The industry has wised at the opportunity by helping banks where blockchain technology is traditionally a pillar to tap into the fintech and neo-banking space.
In 2017, IBM was involved in a project to build blockchain technology for a consortium of seven of Europe’s largest banks, including HSBC and Rabobank. Its purpose was to facilitate international trade for SMEs.
These days, this technology is also used in the day-to-day operations of many large and well-known companies such as Microsoft, Oracle, JP Morgan, Amazon, and Facebook.
However, blockchain technology is not without its drawbacks. Bitcoin mining has been heavily criticized for being energy intensive. In 2020, Bitcoin mining used 75.4 terawatt hours (TWh) of electricity. This equates to higher electricity usage than Austria (69.9 TWh) or Portugal (48.4 TWh) that year. Research in Scientific Reports.
Nevertheless, blockchain cheerleaders have long been vocal about the technology’s potential to benefit all kinds of sectors.Beyond digital currencies and banking, the field is still wide open. I’m here. Cloud he storage and cybersecurity are obvious areas, as the decentralized nature of blockchain helps keep data safe and secure.
There are also use cases such as health and medical records, logistics, advertising, retail, NFTs, and music rights and royalties.in short career The possibilities are also huge: Gartner predicts the business value generated by blockchain will increase, reaching $176 billion by 2025 and $3.1 trillion by 2030, with VCs investing billions in startups in the sector. continue.
While there are many Bitcoin and crypto wallet startups in the blockchain space, there are many other companies doing interesting things with blockchain technology as well. Below, we take a look at four companies with exciting business in the pharmaceutical, digital identity, energy, and commerce sectors.
Based in France block pharma Using the BlockPharma app, it develops a blockchain-based drug traceability and anti-counterfeiting solution that allows users to instantly verify the authenticity of purchased drugs. Improving detection of counterfeit medicines.
energy web is a global non-profit organization that develops open source technologies that help decarbonize the global economy. We have grown the world’s largest energy blockchain ecosystem of utilities, grid operators, renewable energy developers, corporate energy buyers and more. Although we operate globally, we have an extensive footprint in Europe with 27 projects in 15 countries.
Delivering the future of digital identity, Authenticec created the world’s first fully automated digital ID and eKYC system, enabling businesses to instantly trust their customers while allowing users to manage their identities. Born in Iceland’s startup scene, the company is now based in Berlin.
Composable commerce is a development approach in which you select the best-of-breed commerce components and combine or “compose” them into a custom application built to your needs. spliceris a modular, customizable commerce stack with next-generation cloud capabilities that scale with your business.
There are many companies currently adopting blockchain roles.In Dublin, Mastercard is looking for Frontend Engineer, Crypto & BlockchainIn this role, you can build next-generation cryptocurrency tools, law enforcement tools, DeFi platforms, and build middleware services to connect your UI to your backend infrastructure.
The Boston Consulting Group Blockchain Consultant and Senior Consultant in Amsterdam. In this role, you will be required to develop a blockchain strategy and use case identification, as well as validation of blockchain solutions from both business and technical aspects. It also defines roadmaps and business models for blockchain solutions.
In Bordeaux, web and mobile application development company Abbeal blockchain developerUse your web, mobile, or DevOps skills to contribute to client projects and Abbeal’s projects.