In today’s rapidly evolving digital landscape, businesses are constantly seeking innovative ways to stay ahead of the competition. One such groundbreaking technology is blockchain, which has the potential to revolutionize various industries. But how can companies effectively harness this technology? Enter blockchain integration for businesses.
Imagine a world where transactions are transparent, secure, and tamper-proof. This is not a distant dream but a reality that blockchain technology promises. For businesses, integrating blockchain can streamline operations, enhance security, and build trust with stakeholders. According to IBM, blockchain for business is built on a shared, immutable ledger that increases efficiency among trusted partners by enabling smoother transactions and improved trust.
At Web3devs, we specialize in providing tailored blockchain solutions that align with your unique business needs. Whether you’re a startup or an established enterprise, our expertise can help you navigate the complexities of blockchain integration. In this blog post, we will explore the steps, benefits, and best practices for seamlessly integrating blockchain technology into your existing systems.
Are you ready to transform your business operations and stay ahead of the curve? Keep reading to discover how blockchain integration can be a game-changer for your company. From understanding the basics to implementing advanced solutions, we’ve got you covered.
Understanding Blockchain Integration for Businesses
Blockchain technology has emerged as a transformative force in the business world, offering unprecedented levels of transparency, security, and efficiency. For businesses looking to stay ahead in a competitive market, understanding the fundamentals of blockchain integration is crucial. This section delves into the core concepts of blockchain technology and its significant impact on modern business operations.
What is Blockchain Technology?
Blockchain technology is a distributed ledger system that enables secure and transparent record-keeping. Unlike traditional databases, blockchain stores data in blocks that are linked together in a chronological chain. Each block contains a list of transactions, and once a block is added to the chain, it cannot be altered. This immutability ensures the integrity of the data.
One of the key features of blockchain is its decentralized nature. Instead of relying on a central authority, blockchain operates on a peer-to-peer network where each participant (node) has a copy of the ledger. This decentralization enhances security and trust among participants, as there is no single point of failure.
Benefits of Blockchain Integration for Businesses
Integrating blockchain technology into business operations can yield numerous benefits:
Enhanced Security: Blockchain’s cryptographic algorithms protect data from unauthorized access and tampering.
Transparency: All participants in the blockchain network have access to the same data, ensuring transparency and reducing the risk of fraud.
Efficiency: By eliminating intermediaries and automating processes through smart contracts, blockchain can significantly reduce transaction times and operational costs.
Traceability: Blockchain provides an immutable record of transactions, making it easier to track and verify the provenance of goods and services.
Real-World Applications of Blockchain in Business
Blockchain technology is being adopted across various industries to address specific business challenges:
Supply Chain Management: Blockchain enhances supply chain transparency by providing real-time tracking of goods from origin to destination. This reduces the risk of counterfeiting and ensures product authenticity.
Financial Services: Blockchain streamlines financial transactions by enabling faster and more secure cross-border payments. It also facilitates the creation of decentralized financial products and services.
Healthcare: Blockchain ensures the integrity and privacy of patient data, enabling secure sharing of medical records among healthcare providers.
Real Estate: Blockchain simplifies property transactions by providing a transparent and immutable record of ownership and transfer history.
Challenges and Considerations
While blockchain offers numerous advantages, businesses must also consider potential challenges:
Scalability: As the number of transactions increases, maintaining the speed and efficiency of the blockchain network can become challenging.
Regulatory Compliance: Businesses must navigate complex regulatory landscapes to ensure compliance with local and international laws.
Integration with Existing Systems: Seamlessly integrating blockchain with legacy systems requires careful planning and technical expertise.
Despite these challenges, the potential benefits of blockchain integration far outweigh the obstacles. By leveraging blockchain technology, businesses can achieve greater efficiency, security, and transparency in their operations.
Steps to Integrate Blockchain into Your Business
Integrating blockchain technology into your business can seem daunting, but with a structured approach, it becomes manageable and highly rewarding. Here, we outline a step-by-step guide to help you navigate the process from initial planning to full implementation.
By following these steps, you can ensure a smooth and effective integration of blockchain technology, enhancing your business operations and staying ahead of the competition.
1. Identify the Use Case
The first step in integrating blockchain into your business is to identify a specific use case. Determine the areas where blockchain can add the most value, such as supply chain management, financial transactions, or data security. Conduct a thorough analysis to understand the potential benefits and challenges of implementing blockchain in these areas.
Consider questions like: What problems will blockchain solve for your business? How will it improve efficiency, security, or transparency? This initial step is crucial for laying a strong foundation for your blockchain integration strategy.
2. Develop a Proof of Concept (PoC)
Once you have identified the use case, the next step is to develop a Proof of Concept (PoC). A PoC is a small-scale prototype that demonstrates the feasibility and potential of the blockchain solution. It allows you to test the technology, identify any issues, and gather feedback before proceeding to full-scale implementation.
During this phase, focus on validating the core functionalities and assessing the practicality of the blockchain solution. This will help you make informed decisions and refine your approach as needed.
3. Choose the Right Blockchain Platform
Choosing the appropriate blockchain platform is critical for the success of your integration. There are several platforms available, each with its own strengths and weaknesses. Popular options include Ethereum, Hyperledger Fabric, and Corda. Evaluate these platforms based on factors such as scalability, security, and ease of integration with your existing systems.
Consult with blockchain experts or development companies to make an informed choice that aligns with your business needs and goals.
4. Design and Develop the Blockchain Solution
With the PoC validated and the platform chosen, you can proceed to design and develop the full-scale blockchain solution. This involves creating the architecture, developing smart contracts, and integrating the blockchain with your existing systems. Ensure that the solution is scalable, secure, and user-friendly.
Collaborate with experienced blockchain developers to build a robust and efficient solution that meets your business requirements.
5. Test and Deploy the Solution
Before deploying the blockchain solution, conduct extensive testing to ensure it functions as expected. Use testnets to simulate real-world scenarios and identify any potential issues. Address any bugs or vulnerabilities to ensure a smooth deployment.
Once testing is complete, deploy the solution in a controlled environment. Monitor its performance and gather feedback from users to make any necessary adjustments.
6. Train Your Team and Stakeholders
Successful blockchain integration requires that your team and stakeholders understand the technology and its implications. Provide comprehensive training to ensure everyone is familiar with the new system and can use it effectively.
Conduct workshops, create documentation, and offer ongoing support to facilitate a smooth transition and maximize the benefits of blockchain integration.
7. Monitor and Optimize
After deployment, continuously monitor the blockchain solution to ensure it performs optimally. Gather data on its impact on your business operations and look for areas of improvement. Regularly update the system to incorporate new features and address any emerging challenges.
By staying proactive and adaptive, you can ensure that your blockchain integration remains effective and continues to deliver value to your business.
Best Practices for Blockchain Integration
Integrating blockchain technology into your business operations can be a transformative endeavor, offering enhanced security, transparency, and efficiency. However, to ensure a successful implementation, it is essential to follow best practices that encompass planning, collaboration, and continuous improvement. Below, we outline key strategies and actionable steps for seamless blockchain integration.
1. Comprehensive Planning and Strategy
A successful blockchain integration begins with thorough planning and a well-defined strategy. Identify the specific business processes that will benefit from blockchain technology. Conduct a detailed analysis to understand the potential impact and challenges. Engage stakeholders early in the process to align objectives and expectations.
Define Clear Objectives: Establish clear goals for what you aim to achieve with blockchain integration, such as improving supply chain transparency or enhancing data security.
Conduct Feasibility Studies: Assess the technical and economic feasibility of blockchain solutions for your specific use cases.
Develop a Roadmap: Create a detailed implementation roadmap that outlines key milestones, timelines, and resource allocation.
2. Collaborate with Experts and Stakeholders
Collaboration is crucial for the successful integration of blockchain technology. Work with experienced blockchain developers and consultants to ensure the technical aspects are handled proficiently. Additionally, involve stakeholders from various departments to gather diverse insights and foster a collaborative environment.
Engage Blockchain Experts: Partner with blockchain development firms or hire in-house experts to guide the technical implementation.
Involve Key Stakeholders: Include representatives from IT, legal, finance, and operations to ensure all perspectives are considered.
Foster Open Communication: Maintain transparent and open communication channels to address concerns and gather feedback throughout the process.
3. Focus on Security and Compliance
Security is a paramount concern when integrating blockchain technology. Ensure that robust security measures are in place to protect sensitive data and transactions. Additionally, stay informed about regulatory requirements and ensure compliance with relevant laws and standards.
Implement Strong Encryption: Use advanced cryptographic algorithms to secure data on the blockchain.
Conduct Regular Audits: Perform regular security audits to identify and address vulnerabilities.
Ensure Regulatory Compliance: Stay updated on regulatory changes and ensure your blockchain solution complies with local and international laws.
4. Continuous Monitoring and Improvement
Blockchain integration is not a one-time effort but an ongoing process. Continuously monitor the performance of your blockchain solution and make necessary improvements. Gather feedback from users and stakeholders to identify areas for enhancement.
Monitor Performance Metrics: Track key performance indicators (KPIs) to evaluate the effectiveness of the blockchain integration.
Gather User Feedback: Regularly collect feedback from users to identify pain points and areas for improvement.
Stay Updated with Technological Advances: Keep abreast of the latest developments in blockchain technology to incorporate new features and improvements.
By adhering to these best practices, businesses can ensure a smooth and successful blockchain integration, unlocking the full potential of this transformative technology. For more insights and expert guidance on blockchain integration, explore our other resources at Web3devs.
Unlocking the Future: Why Blockchain Integration is Essential for Business Growth
As we have explored throughout this blog post, blockchain integration for businesses offers a multitude of benefits that can transform your operations. From enhancing security and transparency to improving efficiency and traceability, the potential of blockchain technology is undeniable. By adopting a strategic approach to blockchain integration, companies can not only solve existing challenges but also position themselves at the forefront of technological innovation.
One of the most compelling reasons to consider blockchain is its ability to provide a decentralized and immutable ledger. This ensures that all transactions are secure and transparent, reducing the risk of fraud and data breaches. Additionally, blockchain’s capability to streamline processes through smart contracts can lead to significant cost savings and operational efficiencies. These advantages make blockchain a valuable asset for any business looking to enhance its competitive edge.
Key Takeaways:
Enhanced Security: Blockchain’s cryptographic algorithms protect data from unauthorized access and tampering.
Transparency: All participants in the blockchain network have access to the same data, ensuring transparency and reducing the risk of fraud.
Efficiency: By eliminating intermediaries and automating processes through smart contracts, blockchain can significantly reduce transaction times and operational costs.
Traceability: Blockchain provides an immutable record of transactions, making it easier to track and verify the provenance of goods and services.
As you consider integrating blockchain into your business, it’s crucial to follow a structured approach. Begin by identifying the specific use cases where blockchain can add the most value. Develop a Proof of Concept (PoC) to test the feasibility and potential of the blockchain solution. Choose the right platform and design a scalable, secure, and user-friendly solution. Finally, ensure continuous monitoring and optimization to keep up with technological advancements and evolving business needs.
At Web3devs, we are committed to helping businesses navigate the complexities of blockchain integration. Our tailored solutions and expert guidance can support you in unlocking the full potential of this transformative technology. Are you ready to take the next step? Contact us today to explore how we can help you seamlessly integrate blockchain into your business operations.
Blockchain technology is much more than just cryptocurrencies!
Blockchain technology is a rapidly growing, exciting and versatile technology that can be used for a vast array of applications and is already reshaping many industries, including medical and financial systems on a global scale.
The application of Blockchain technology is ever expanding and gaining trust and prominence across an increasing growing number of business sectors and industries with large financial investment and development time pouring in. Blockchain MVP development is crucial for validating the value proposition and identifying strengths and weaknesses of blockchain applications.
Major city banks, logistical companies, the education sector, electronics manufacturers, and multi-sector giants such as Microsoft are all taking advantage of Blockchain technology to deliver state of the art solutions and solve some of the world’s most demanding problems.
So, what are the benefits of utilizing blockchain technology?
Fully automated processes
A tamper-proof ledger
Help to cut costs related to data storage
Eliminates the need for any third-party authentication
Vastly improved security and trust of with transaction
Increase transaction speed and higher volumes
Developing a blockchain solution as an MVP can validate the value proposition, showcase unique blockchain features, and provide a low-risk method to test ideas before full-scale implementation
How can we help?
Since its inception, we’ve been at the forefront of Blockchain technology, keeping our finger on the digital pulse to ensure we are aware of all the latest developments, its benefits, and how we utilize it to deliver only the very best products to all of our clients.
At Web3dev, our awesome team of blockchain specialists can help you design and build a viable POC (proof of concept) all the way through to setting up your fully-fledged decentralized application (dApp). Our development process for creating a blockchain MVP involves several stages, including defining the product, developing core functionalities, deploying the solution, and incorporating security measures and user feedback to ensure continuous innovation.
No matter what your business, get in touch today and see how Blockchain technology can be utilized to launch your idea. MVP development is crucial for testing core functionalities and gathering user feedback, which is essential for enhancing scalability and performance in the blockchain industry.
Are you ready to make your move?
Get the ball rollingdiscussing everything and anything from Hyperledger’s, C++ and Solidity with our knowledgeable and friendly team of blockchain developers, we’ll help you every step of the way to understand the vast and exciting languages of blockchain and how your ideas can merge with this diverse array of technologies.
The development team at Web3Dev specialize in a wide range of Blockchain Development languages including:
Solidity
Java
C++
Ruby
Python
Scala
GoLang
Rust
Identifying the core features is crucial for a successful MVP, ensuring it addresses user pain points and fulfills key market needs.
Each project is unique with different goals and challenges and so we can get the best picture of your idea, we’ll be focusing on important elements such as
Your business needs
Your projects budget and time frame
Obstacles and potential risks
Strategy and deployment
Updates and support
The development team at Web3Dev specialize in a wide range of Blockchain Development networks including:
Ethereum
Stacks
Algorand
Solana
NEAR
Aurora
Radix
Polkadot
More…
Once we have a clear picture of your objectives, we will work with you to identify the most suitable technologies for your Blockchain application so that when the time some to showcase your project, everything is ready to present to likes of consumers, business partners, and potential investors.
All our solutions are tailored to meet your distinct needs and can be deployed across both mobile and web platforms ensuring that your product is easy to engage with and does exactly what you need it to do.
From research and development all the way through to deployment and support, effective Blockchain development requires both skills and procedures and that is why as a business, we have invested a large amount of time and resources into both. This helps us deliver your project in an easy to digest manner, that all parties involved can understand and ultimately be a success for you and your business.
Blockchain Development of MVP
Blockchain Development of Working Product
Blockchain Development of Crypto Payment Gateways
Blockchain Development of Record Keeping on Public blockchain
There’s no escape from the blockchain buzz. The debates happening online are hot: will consumers favor decentralized services? Or will blockchains remain reserved for cryptocurrencies?
Unsure which side to take?
This post will help you develop a better understanding of the blockchain technology and the value it may bring for your business.
What is Blockchain Technology
The blockchain can be compared to an endless ledger containing thousands of transactions, duplicated and stored across a network of computers. Essentially, blockchain is a type of distributed database that maintains records in a secure and decentralized manner. No one in particular owns or controls this ledger. It is powered by the community choosing to interact with it.
A blockchain protocol is a set of standards that govern the operation of blockchains, adapting basic blockchain principles for different applications, such as private and consortium networks like Quorum. These protocols enhance security and efficiency, making blockchain a valuable tool for various industries, including transparent voting systems.
Blockchain is an open-source technology. Anyone with enough skills can use this technology to code a distributed ledger and invite others to participate. You can include specific rules and permissions for using your ledger for different groups of users. All the records on the blockchain can be made public or stored privately with a permissioned access. You can also indicate who can add and validate new entries (blocks) on the blockchain and propose rules for deciding on their validity. No matter which setup you chose, the information on the blockchain will remain easy-to-aduit.
Let’s illustrate this with an example. Your friend Dave wants to purchase a used car. He wants to avoid buying a stolen vehicle or a car that got in too many accidents. If the car’s history was recorded on the blockchain, Dave would be able to review the string of ownership back to the moment when that car was brought in from the dealership; check out accident records and get to know if the past owners “forgot” to pay some fines.
The best part is that no one can tamper the records in any way once they are validated on the blockchain. If the previous vehicle owner was in a major accident, he wouldn’t be able to “erase” that fact from the ledger.
So the blockchain is a tamper-proof, distributed digital ledger of transactions. It can be programmed to record, store and exchange any types value exchanges. All the records are stored in a distributed manner, meaning there’s no single point of failure a hacker could exploit.
All the transactions are also protected by the state-of-art cryptography – a mechanism more secure than the standard “username/password” systems we use to safeguard our data and assets online.
How Does Blockchain Work
The blockchain networks are built from three major components:
A cryptographic keypair (public + private key, stored in a blockchain wallet) enables a secure digital identity reference. The keypair helps ensure that Jane is exchanging data with Joanna, not John, without exposing Jane’s private details. By signing your transaction with your private key you also place an “ownership stamp” on it, meaning the transaction can be traced back to you if needed. Blockchain platforms like Ethereum and Hyperledger Fabric support blockchain technology and its applications, enabling features like smart contracts and providing tailored solutions for different industries.
A decentralized, P2P network. Instead of a central authority, a community of blockchain users decides whether your transaction is valid and can be added to the blockchain. Blockchain users can maintain anonymity while transactions remain transparent through the public ledger. The community uses mathematical verification to evaluate the history of the individual blocks that are proposed to be added and the “sender” signature validity. Once enough users verify that your transaction is valid, it is processed and recorded on the blockchain.
The network servicing protocol. The block, packed with transactional data, digital signatures and a timestamp, is broadcasted to the network’s participants. The block verification process requires tremendous computing power. Public blockchains encourage the community to service the network by offering a reward for their effort – cryptocurrencies such as Bitcoin or Ether. Recording transactions in this manner establishes secure, immutable records across decentralized networks, enhancing data integrity and reducing the risks of fraud.
The original vision of the Bitcoin blockchain was to “create a system for electronic transactions without relying on trust”. Bitcoin programming language still remains limited to handling financial transactions, mainly cryptocurrency exchanges. Digital currency, such as Bitcoin, relies on blockchain technology to facilitate secure and peer-to-peer transactions, although they are distinct entities.
The majority of business blockchain applications are now powered by Ethereum, or custom forks of the platform’s original blockchain. Unlike Bitcoin, Ethereum blockchain is more versatile and can be used to code different types of blockchain apps – document exchange networks, blockchain voting systems or even a car-sharing app. We’ll get to more examples in the next section.
Ethereum founders have introduced Turing-complete Virtual Machines (VMs). These Ethereum Virtual Machines enable blockchain developers to deploy code on the Ethereum blockchain without the need to allocate additional resources such as computing power or maintain network bandwidth. EVMs are fully programmable and function just like your laptop.
The EVM’s programming language, Solidity, allows developers to code any types of smart contracts – autonomous applications, automatically executing pre-coded agreements whenever the indicated condition is met. For example, Dave and John can create the next agreement on the Ethereum blockchain:
When Dave’s account has a positive balance of $10,000;
And if the car’s title and registration papers have been signed and forwarded to him;
Than $10,000 should be sent to John’s account.
If either of those conditions is not met, the deal does not take place.
Smart contracts eliminate the need for a “middleman” to broker the sale or overview a non-financial agreement that two parties have made. The blockchain represents a “shift from trusting people to trusting math” when conducting any exchanges – a more secure way of collaboration between the two parties, who don’t trust each other.
Smart contracts have propelled the creation of Dapps – decentralized applications that are built on the Ethereum blockchain or another platform that allows coding smart contracts e.g. Qtum or NEO-One. Smart contracts are an open-source technology – the agreement information thus remains public. Thus, some businesses may choose to keep certain parts of the application in a centralized environment or choose to create a private fork of the blockchain to limit external access to the information recorded on the ledger.
Types of Blockchain Networks and Private Blockchain Networks
The blockchain can be coded with different permission structures to match your business needs.
Public blockchain allows anyone to propose new transactions and have those recorded on the blockchain as long as they are valid. Any user can participate in the consensus process and help validating new blocks. Public blockchains are fully decentralized, as there’s no single “authority” overviewing the consensus process. The two well-known examples are Ethereum and Bitcoin blockchains.
Pros
Zero infrastructure costs – the blockchain is supported by the community.
Reduced costs for deploying and running a decentralized application.
Completely eliminates the need for any intermediary to deliver your service e.g. a server or cloud services provider.
Consortium blockchain limits the number of users who can participate in the consensus process (and add new blocks to the blockchain) to a selected few. This type of blockchain can be compared to a company board – each member (node) has one vote. To add a new block, at least 8 out of 15 members should vote to “sign it”. Consortium blockchains can have a public or a restricted right to be read. Examples: Energy Web Foundation, Corda and Azure Multi-Member blockchain.
Pros
Lowers transaction costs and data redundancies.
An effective replacement for an outdated legacy system e.g. to improve document processing and eliminate manual compliance mechanisms.
The private blockchain is fully centralized. A private blockchain network operates on a closed network tailored for specific use cases, primarily focusing on business and organizational needs, with centralized management for enhanced security and control. Permission to write new transactions is limited to one node. The recorded information can be either public or have permissioned access. Private blockchains do not use the same secure consensus mechanisms (proof-of-stake/proof-of-work) to validate transactions. Instead, the process is done by someone internally. Some argue that a centralized consensus mechanism, in turn, may make the network less immutable and transparent.
Private blockchain networks are closed systems managed by a single organization that allows customization of access and security settings. The controlled nature of these networks means that authority dictates membership and privileges, leading to a partially decentralized framework.
In a recent post, Paul Frazee proposed an interesting solution that may eliminate the need for a decentralized consensus without compromising blockchain immutability. His idea is to replace miners with a single host, which would maintain a secure ledger. This secure ledger will include information about the host state and its activity log, including all requests and their results.
The host is designed to follow a predetermined set of business rules – stored as code on the ledger or outside of it. This ledger is public to read: all users can monitor all the activities and compare the inputs against the published code. Whenever any deviation occurs, the users are instantly notified and can take respective action.
A blockchain network, thus, can be made accountable by a very hard-to-forge public log. For example, such system can be used to help regulators monitor compliance and conduct company audits only when some unusual activity is registered without involving a large pull of external validators.
Private blockchains are primarily designed to facilitate B2B operations and are making their way into supply chain management, government management, healthcare and the financial industry. Examples: IBM Hyperledger and Multichain.
Pros:
A higher level of data privacy, essential for certain industries.
Transaction validation costs are lower and processing time is faster as each transaction needs to be validated by one node, rather than thousands as it is on public blockchains.
Business Use Cases of The Blockchain Technology and Smart Contracts
Global blockchain technologies market has reached $339.5 million in 2017. By 2021, it is predicted to hit $2.3 billion.
So what exactly the blockchain pioneers are up to?
Blockchain smart contracts hold a strong potential in the nearest future. Any industry still stuck with paper contracts and guilty of accumulating piles of reporting documentation can greatly benefit from this technology.
Distributed ledger technology (DLT) enhances security, authenticity, and efficiency in various industries by providing a decentralized database system that prevents data tampering and ensures all parties have synchronized access to transaction records.
CB Insights further indicates around 36 big industries that can be disrupted by blockchain – advertising, messenger apps, education, hedge funds, cloud computing and more. For the sake of this article, we’ll focus on just a few curious business use cases.
Blockchain in Supply Chain Management
There’s this one industry where 80% of documentation is still in paper form – the shipping industry. This over-reliance on paper often results in operational delays, and what’s even worse – fraud. Forged cargo documentation and bills of lading is a multi-million problem.
Blockchain-based smart contracts can have the next advantages for the shipping industry and supply chain management in general:
Quick-processing time – document exchanges can take place in a matter of minutes, not days. A smart contract will also ensure that all the necessary documents are in place before the cargo is shipped.
Transparency – all the parties can review the added information and audit if necessary. Each participant can be aware of the transactions performed by other and can’t state that he “didn’t receive” or “haven’t seen” a certain document.
If paired with IoT Sensors, smart contracts can detect cargo damage in real-time; inform the other party, initiate an insurance claim and issue a refund to the affected party – all without human intervention.
Each new block in the blockchain strengthens the integrity and verification of the previous block, ensuring the overall security and preventing tampering.
Blockchain in Healthcare
The healthcare industry operates gigabytes of data on a daily basis – private patient records; payment and insurance data; clinical trial results etc. The wrinkle? These data exchanges are often ineffective and still happen manually as different providers use different legacy systems, incapable to “communicate” well with one another.
Those outdated legacy systems are also a huge security vulnerability. While the government actively campaigns for the adoption of electronic healthcare systems, most providers struggle to comply with basic HIPAA requirements for data security and privacy. Blockchain users, leveraging cryptography, can maintain secure digital identities, ensuring that data exchanges are both secure and transparent.
Need to speak to someone about blockchain? Book a Session
One compromised patient record costs $380 for the provider, not to mention the additional fines and audit costs incurred by the institution once that breach “surfaces”.
Here’s how blockchain works towards fixing those issues:
The blockchain eliminates the interoperability problem and can become the “industry standard” for seamless and secure data exchanges. In fact, 70% of hospital managers strongly believe that blockchain can become a game-changing solution to this problem. The technology can also help ensure better connectivity for IoT medical gadgets.
Smart contracts can reduce the costs of compliance and regulation. Medical systems can be coded to comply with the set rules automatically.
Service providers can cut down on the reconciliation costs and hire more medical staff instead. Less administrators + more doctors = better healthcare.
Patient data storage can be distributed among several entities. Healthcare providers will no longer be a “single point of failure” if any breach takes place.
Patients will also get more visibility and control over their health data as the blockchain enables them to see how and when their information is being used.
Blockchain as a Service (BaaS)
Not every business may be ready to invest in a blockchain infrastructure built from scratch. And they no longer should.
To match the growing interest, popular cloud service providers like IBM, SAP, Oracle and Microsoft have rolled out attractive BaaS options. Azure, for instance, now supports distributed ledgers such as Ethereum, Hyperledger Fabric, R3 Corda, Quorum, Chain Core and BlockApps.
BaaS platforms can be used to develop private or consortium blockchains or develop blockchain-based add-ons for existing applications. These platforms support blockchain protocol standards, facilitating blockchain development by providing a set of standards that govern the operation of blockchains. Building atop a BaaS platform is a cost-efficient alternative to extended development timelines and the need to assemble a dedicated in-house team of developers.
Back in the day cloud computing have disrupted the way we exchange data and deliver services. Blockchain may soon become the next technology of choice for better collaboration. Interested in how your business can gain a competitive edge with the blockchain technology? Contact our team for a consulting session.
We have thought about this process over the last few weeks. The roadblock with any AI project is clean data in/out. There is no standardization by the SEC or user fillings for these legacy applications. Here is our approach to helping AI learn to make better application submissions. We would create an overall workflow that looks like the following:
With the following architecture. (not the greatest drawing, sorry.)
My concern is that this is all needed to build the data pipeline to get the documents into a system that can then extract info and pass it to an LLM for processing. There isn’t any custom training or tagging, meaning the outcomes are unknown once you do it.
After this phase is done, we’d analyze the performance and then suggest a path forward from there, which would be either: (1) tweak the prompting and continue to use retrieval augmented generation (2) move to fine-tuning an LLM
This could be easy or incredibly complex. It would not be known until we test it.
Web3devs participated in PayID Hackathon: Make money move like email hosted by Devpost.
Unisend – Send money internationally for free
Inspiration
It’s quite hard, expensive, and slow to pay overseas developers.
What it does
Unisend allows you to send money to anywhere in the world for basically free via an XRP payment rails and PayId. This is done by using Dwolla and Plaid to withdraw money from the sender’s bank via ACH. Those funds are deposited into an exchange. The USD is immediately exchanged for XRP. The XRP tokens to the recipient’s exchange address which is on their PayId. The tokens are immediately sold once the webhook is triggered. From there, the funds are send to the recipients bank account.
How we built it
We used React for the frontend and Express NodeJS for the backend. We utilized numerous APIs including Plaid and Dwolla. These two APIs allow us to withdraw funds from a user’s US bank account via ACH. We also used the Indian banking API to handle their ACH equivalent.
Challenges we ran into
Setting up Dwolla and making it function with Plaid.
Love it or hate it, everyone was waiting to see what Facebook’s new Libra platform would look like when it was revealed today. I spent some time this morning going over their docs and examples and I found some things to be expected and some things that were a bit surprising.
Getting Started
It looks like for now, Facebook has a testnet up and running. The mainnet will be up sometime in 2020, so that gives developers plenty of time to learn the system and create apps on top of it. As expected, there is no way to run a real “node” in the classic sense of the term, where you can contribute directly to the network. You must currently connect to validator nodes. I couldn’t quickly determine what their process is for becoming a validator node, but I have a strong suspicion it consists of being a giant corporation and paying a small fortune. You can run your own validator network locally, but that is just your own network for development purposes and does not connect to the testnet or future mainnet.
Getting started was pretty quick and painless if you’re not afraid of the command line. I was connected to the test network and making transactions between Alice and Bob in less than 5 minutes. A lot of the tools and commands were very familiar and it does seem that Facebook is putting effort into giving developers what they’re used to in the blockchain world and not trying to reinvent the wheel. One really nice feature was that there is a testnet Faucet built right into the CLI. This helps us devs get up and running even faster.
Pseudonymity
One of the big questions looming about Libra was how anonymous was it going to be? Blockchain people love anonymity/pseudonymity, it’s one of the core belief pillars for a lot of people in the industry. And Facebook doesn’t exactly have a strong reputation in the privacy department.
I was happy to see that nowhere in the process of getting set up and making transactions was I prompted with a Facebook login. It seems Facebook so far is taking pseudonymity pretty seriously. So far. Keep in mind this is all currently on testnet. Things could be different when the mainnet launches.
Smart Contracts
As a dyed-in-the-wool Ethereum enthusiast, I was a bit disappointed in Libra’s smart contract capabilities. Ethereum’s smart contracts are the thing that made everything click for me about the potential future of blockchain technology, and it seems Libra’s “smart contracts” are a bit more akin to Stellar Smart Contracts, which are really more like multisig wallets than flexible smart contracts. There’s still a lot you can do with them, though. Everything from custom tokens to full auction websites can be built using this type of contract, but good luck going as far as projects like MakerDAO or Aragon on a limited system like this.
Open Source
Facebook seems to actually be making the effort to build a development community around Libra. Everything is open source, the documentation is excellent, and the developer tools are familiar. Once again, we’ll see if this holds up when they make the transition to mainnet, but I’m hopeful after today.
Conclusion
I’m remaining hopefully optimistic about Facebook’s new Libra platform. It seems like they’re headed in the right direction. And while I would never suggest Libra will overtake a fully open network like Ethereum, I’m sure it will have valid use cases that help move the needle with blockchain technology in general. I think the really exciting use cases of this technology will come from the WhatsApp world. Large sections of the world use WhatsApp to pay for quite literally everything they buy. Adding the possibility for conditional payments on top of that could open up billions of people to the benefits of blockchain technology. I’ll definitely be watching this project closely and learning more and more on the dev side. Let us know if you have the next great idea to be built on this platform and need some devs to put it together.
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