Published: Monday 23rd August, 2021
The terms 'blockchain' and 'cryptocurrency' are synonymous with each other, even though real-world blockchain applications go far beyond only financial transactions or store of value. Blockchain technology, being transparent and trustless, is impacting a wide range of sectors and gradually changing the game on the internet.
This article investigates the rising popularity of blockchain-enabled websites by examining the real-world use cases that are instigating a revolution in the tech sector. Let's also explore some companies whose websites communicate and/or transact with the blockchain in one way or another.
One leading technology used in blockchain web development is web3.js. Web3.js enables client and server side code to interact with the Ethereum blockchain, and any blockchain built within the Ethereum ecosystem such as Binance Smart Chain. Developers download and implement web3 to enable their web-based apps and websites to communicate and transact with the blockchain.
The most common place to download web3.js is from npm (node package manager). The below chart demonstrates how the popularity of web3 is soaring. Weekly downloads have nearly doubled, from 140 thousand downloads to more than a quarter of a million weekly downloads just a year later.
There lies a solid indication of the increasing positive sentiment towards blockchain-integrated websites. But how is technology like this being applied on the web? Generally speaking, in the case of many blockchain platforms, the real magic lies within smart contracts.
Smart contracts enforce the rules of a contract in real-time on a blockchain. They could be thought of as digital, immutable contracts that live on the blockchain and govern transactions and the exchange of information. This removes the need for middlemen and enhances accountabilities for all stakeholders. This is not possible with traditional agreements. Complete compliance from all parties saves organisations a lot of time and money. Because of this, blockchain contracts are gaining popularity in a multitude of industries, such as healthcare, real estate and the public sector.
BurstiQ - located in Denver, Colorado - is enabling the healthcare industry to securely transfer confidential information about patients. Parameters of sharing can be established and smart contracts can even display details of a personalized health plan for each patient.
Mediachain - based in New York - works with the music industry to get musicians the hard-earned money they deserve. By entering into transparent contracts, artists can harness greater royalties and save time on disputes. The music giant Spotify acquired Mediachain in 2017.
Propy is transforming the real estate industry with its roots in Palo Alto, California. Propy host a global real estate marketplace where the registry system is decentralized with blockchain technology. The rich marketplace makes instant title issuances and properties that can be purchased using cryptocurrency. All this functionality is built into the website for the benefit of their client base.
Started by Bitcoin, cryptocurrency money transfer applications are experiencing a boom in popularity right now. Blockchain is extremely popular for transferring financial value and saves a lot of money and time, especially when sending or receiving money internationally.
Wax allows gamers to look for and purchase rare skins, accessories, and even use Bitcoin as a payment method on their online market. Their marketplace pays sellers with bitcoin into their virtual wallet, which they can either keep or exchange for cash.
Circle is a Boston-based company with over $2 billion in revenue in cryptocurrency investments and exchanges. They describe their services as enabling "businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide.".
Chainalysis is a New York based company that builds tools to aid financial institutions and governments to monitor the transaction of cryptocurrency. The intelligent software can detect fraudulent transactions, money laundering, violations of compliance and allows businesses and the public sector to build trust in the blockchain.
The Internet of Things (IoT) is the next industry that will see a boom in the blockchain paradigm. IoT is used in millions of applications which exposes our data and increases safety concerns. An increase in IoT products means a better chance for hackers to steal your data.
HYPR eradicates cybersecurity risks in IoT devices with its decentralized credential solutions. It removes the passwords of a centralized server, and with the help of biometric and password-free solutions, IoT devices become virtually impossible to hack.
Xage is the first service that provides a blockchain-enabled cybersecurity platform for IoT companies. The technology has the power to manage billions of devices at one time and even provides self-diagnostic and healing of breaches. Leading companies within transportation, energy, and manufacturing industries primarily use Xage.
Identity theft fraud is very rampant in modern times. More than 31 5 million people worldwide becoming victims of identity fraud each year, with someone having their identity stolen every two seconds. Fraud on such a massive scale can consist of everything from forgery to hacked personal files.
Civic is a blockchain-based ecosystem that provides individuals with the details about who has their information. Users enter into smart contracts where they can permit access rights about who can share their personal information and how much. If the contract is breached by an unauthorized source, the user is immediately alerted.
Evernym provides an ecosystem that allows individuals to manage their identities over the web by using distributed ledger technology. Evernym stores all private information on chain and acts as a communication medium between individuals and the entities that want to access their sensitive information.
Ocular is an anti-money laundering compliance platform that uses blockchain-enabled security to ensure that the data cannot be manipulated. The technology makes the use of biometric systems to scan the faces of people who apply for passports, licenses, and other IDs issued by the governments. By having biometric systems on blockchain, governments can easily catch identity thefts and forgery.
One of the major problems within the shipping industry is the lack of transparency due to a large number of companies in one crowded space. It is reported that there are more than 500,000 shipping companies in the US alone, causing data transparency obstacles. Blockchain could help to solve some of these problems.
The most popular shipping giant in the world, DHL, is using blockchain technology at its forefront. DHL has a major presence in the United States and is one of the biggest companies to embrace blockchain technology. The transparency of on chain analysis and data availability means that tracking shipping movements can be done quicker, more efficiently and cheaper - leading to benefits for both the organisation, their end-users, and everyone in between.
Maersk is based in Denmark with offices all over the world. They have partnered with IBM to infuse blockchain into global operations. The two companies have pledged to use blockchain to better understand supply chains and track goods digitally across international borders in real-time.
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