What is Blockchain and why does it matter？
Blockchain is a shared, unchangeable series of codes that facilitates the process of recording transactions and tracking assets in a business network. Assets can be tangible (houses, cars, money) or intangible (intellectual property, patents, copyrights). Almost anything can be tracked online via blockchain, which some are arguing makes it a valuable alternative to physical ledgers.
In the modern era, interactions over the internet, whether casual or professional, are limited primarily by speed and accuracy. Blockchain promises to improve both aspects, as, when optimized, is instant, shared, and completely transparent, accessible only to “authorized network members.”1 In addition to tracking assets, blockchain networks can track all kinds of orders, including processing payments via cryptocurrency. This network is collectively viewed by all users, meaning that there is no opportunity for scam, slowdown, or manipulation.
Blockchain in finance: Debium
Issue being addressed
The financial sector is an industry that has been experimenting with blockchain solutions for years. Blockchain appears to be well suited for the financial sector because this sector is directly related to transaction processing in an industry that is historically hampered by fraud. Blockchain technology helps reduce traditional fears over finance networks by eliminating “middlemen” and employing digital identities and multi-step verification to ensure safety and trust.2
Business model
Debitum is a blockchain-based financing solution for small businesses. It aims to decentralize the process of financing the development of promising companies. Debitum also involves other decentralized participants, such as risk assessors who calculate a uniform risk score for all loans.3 For banks and financial institutions, it also means the elimination of paperwork and the requirement for cataloguing. All payments will be more secure, faster, and become unstoppably traceable. Because the company uses blockchain, transactions are possible even from international sources. 4
Reason for inclusion
With the help of this platform, investors can compare business assets based on profitability, while small business owners have the opportunity to develop their projects without the inherent burden of traditional financing bureaucracy.
Blockchain in healthcare: BlockPharma
Issue being addressed
Counterfeiting and unlicensed practice are common pitfalls in the healthcare industry, and the use of counterfeit drugs or malpractice can be deadly for consumers without verification. Blockchain, through its immutable verification processes, prevents counterfeiting by allowing supply chain participants to verify and authenticate drugs, track their origin, and check their supply chain history.5 Another aspect of the health care system that blockchain is trying to revolutionize is how electronic medical records are maintained and managed, keeping a general log across systems and companies.
Business model
BlockPharma has developed an application programming interface that can be plugged into a pharmaceutical company’s information system. When a pharmaceutical company publishes product information or QR codes, subsequent transactions are recorded on the blockchain.6 This will improve the traceability of drugs and alert laboratories when fake drugs are detected, as duplicate codes or codes that are not found on the blockchain will be discovered instantly.
Reason for inclusion
This is one of the most promising blockchain startups in the field. Here, the best of blockchain networking, cryptography, and machine learning algorithms join forces to prevent counterfeiting in an industry that normally requires products to be consumed to be verified.7 Consumers also have the opportunity to use this French drug tracking solution, and through their mobile Blockpharma application, they can instantly verify the authenticity of every drug they purchase, eliminating fears in poorer countries that their medicine is unprotected.
All URLs were viewed on 7-17-2022.
1 What is Blockchain Technology? – IBM Blockchain | IBM https://www.ibm.com/topics/what-is-blockchain
2 Blockchain in Finance & Fintech: The Future of Financial Services | ConsenSys https://consensys.net/blockchain-use-cases/finance/
3 Debitum – Global small business financing https://debitum.network/en/what-we-do
4 Debitum Network – Crunchbase Company Profile & Funding https://www.crunchbase.com/organization/debitum-network
5 Blockchain in Healthcare | HIMSS https://www.himss.org/resources/blockchain-healthcare
6 Blockpharma | Solution blockchain de traçabilité des médicaments https://www.blockpharma.com/
7 BlockPharma – Crunchbase Company Profile & Funding https://www.crunchbase.com/organization/blockpharma