Blockchain projects have been implemented by a number of companies today. They are widely known to be an innovative approach to handling modern world problems.
But what exactly do these blockchain projects entail?
Does blockchain projects guarantee better returns to investors?
Blockchain being an emerging technology aimed at revolutionizing business operations has taken the world by storm. If you have heard of the term Bitcoin, you probably know what blockchain technology is.
In 2009, all of us witnessed the birth of a new finance counterculture. A culture that propagates the idea of a decentralized and trustless system. We called it the cryptocurrency culture.
Although cryptocurrencies eventually gained overwhelming popularity in the business world, many organizations began focusing on the underlying technology that drives it. This record-keeping technology could be found behind any kind of cryptocurrency network and was known as blockchain technology. If you aren’t familiar with the term, then you can read more about it in our article.
Top 10 Real World Blockchain Projects
Now, many of us would have encountered blockchain technology in our everyday lives without realizing it. Its ability to create a secure and transparent ecosystem has made it a front runner in the minds of several innovative organizations. In this article, we will take a look at some of the top blockchain projects that have been implemented today.
Most of us are familiar with ride-hailing apps like Uber and Lyft. When these apps first came out, they made waves in society as they provided a convenient and cost-efficient method for people to book and pay for cabs. However, several drivers have encountered problems with such ride-hailing services. Arcade City aims to protect driver rights by cutting out the middleman. The peer-to-peer service is based on Ethereum blockchain and is facilitated through an algorithm instead of fallible humans.
Arcade City drivers accept their own form of payment, form guilds with other drivers, and can have open conversations with users within the app. Arcade City offers a private way to resolve disputes with its institution of guilds. Each individual’s motive to use an app varies. When these different individuals are united by a common goal or purpose. This marks the formation of a guild within an app.
Although anyone can sign up as a driver with Arcade City, guilds often require certain criteria to be met prior to joining. Each guild function based on underlying charters and social policies. So, the desire to join a guild so as to become its member is absolutely voluntary and is controlled by those existing policy practices. Every driver who is a part of the guild must meet the standards lay down by the guild. Any driver who doesn’t meet the standards of the guild can be asked to leave. Likewise, any dissatisfaction with the company itself can be addressed by these guilds, rather than a court of law.
Moreover, unlike most ride-hailing applications, Arcade City does not take the responsibility of setting fares. Instead, each driver is supplied with information regarding local supply and demand can set their own rates. This places the driver in charge and helps us establish a closer connection between the end consumer and driver. It likewise forestalls disputes that may emerge between the driver and the organization.
ODEM aims to use blockchain technology to make education more affordable, accessible, transferable, and verifiable. It primarily focuses on education and skill acquisition and intends to curb the growing rate of unemployment in the world.
Academic transcripts and diplomas are often provided to graduates in hard copy. This means that they can easily be lost, stolen or damaged. Replacing them takes a lot of time and effort. With ODEM, students can gain complete autonomy over their academic credentials. When a graduating student is offered access to their certificate on the graduation day, they will have the provision to retain its ownership forever.
Blockchain technology enables virtual documents to be forwarded to employers or other institutions easily. It also facilitates quick electronic verification without payment of additional fees to the college registrar, long waiting times, or the fuss of traditional mail. Digital credentials consist of a unique tamper-proof digital identifier which corresponds with the electronic signature of the issuing institution. The encryption framework lets people access their virtual records and check its legitimacy.
ODEM’s technology for recipient-controlled credentials is rooted in the Ethereum blockchain, a specialized distributed ledger that compiles transaction data on a global network of thousands of computers. The transactions, or blocks, are encrypted and added to previous data blocks, creating a chain of transactions. Once recorded on the ledger, a block cannot be tampered with or modified. The ODEM platform offers a decentralized file storage system that allows access to the Ethereum blockchain for the safekeeping of academic records. The technology makes it easy for future employers to verify qualifications with ease.
ODEM has a Skills Wizard feature that can be used to create a career profile for potential employers to go through. The platform also works hand-in-hand with employers who are interested in hiring new and highly skilled talents.
Blockchain technology can improve the health industry to a great extent with its secure and immutable nature. With enhanced data usage, several problems that are encountered in this industry can be solved. Medicalchain uses blockchain technology for the secure storage of medical records. The use of a distributed ledger for healthcare enables doctors, hospitals, laboratories, pharmacists, and health insurers to have more immediate access to health records, which could potentially save lives. It ingests MedTokens and is working on a complementary telemedicine platform MyClinic.com.
Medicalchain also allows the user to give healthcare professionals access to their personal health data. It also records interactions with this data in an auditable, transparent and secure way on Medicalchain’s distributed ledger. Lastly, Medicalchain is a platform for others to use to build applications that complement and improve user experience.
Users will be able to leverage their medical data to power a plethora of applications and services.
Finding suitable accommodation is one of the key aspects of travelling. With such a wide variety of hotels to choose from, it can be a challenging task to find the right one. GOeureka uses blockchain technology to help consumers find the best hotel that meets their specific needs. GOeureka is known to have around 400,000 hostels in different famous places around the globe.
This website works like a typical hotel aggregator where you provide a location, check-in and check-out dates and the number of people. However, unlike other hotel booking sites, GOeureka aims to improve user experience by leveraging the blockchain to increase transparency and cut costs. This helps solve the problem of hidden additional fees in the hotel booking industry.
Ujo Music is a blockchain-powered beta music streaming and download platform that enables artists to create, publish, license and distribute music while getting compensated for it under the Ethereum network. The platform features decentralized file storage, constellate for metadata, persistent identity, and automatic royalty payments. Artists can sign up and publish their work, allowing listeners to discover and download albums using Ethereum cryptocurrency.
By March 2019, Ujo Music introduced an innovative feature that helps musicians get paid for the live streams of their music through Dai, a form of stablecoin. Full streaming of tracks is currently free, but the platform plans to introduce paid streaming in the future.
Listeners purchase albums and tip artists. Money transactions to purchase music are completed all the more legitimately, utilizing Ethereum cryptographic money rather than adopting platform explicit tokens like Choon’s NOTES token, which has a value specific to the popularity of the platform rather than the popularity of Ethereum itself). The purchase of music (or tipping of artists) throughout the site is securely verified using a Chrome browser plugin called Metamask. This built-in payment infrastructure is at the core of Ujo Music’s mission to provide a blockchain-enabled streaming service with an equal or greater convenience level than existing ‘legacy’ streaming services Spotify, Apple Music and others. Once the setup of Metamask is complete (a hurdle for lay users), users are able to view the ETH-USD exchange rate and purchase directly and securely.
This is a blockchain-secured platform that is designed for real estate record keeping. It provides an enhanced user experience for securely recording, tracking property deeds and land records. The company is partnered with academia, municipalities, and title companies.
Through blockchain’s secure distributed ledger, property holders can legitimately move possession of property right away without having to pay for third-party confirmation. Ubitquity will increase speed and accuracy of title search, along with helping to prevent fraudulent conveyance of property by adding overall transparency.
In the long term, Ubitquity anticipates the creation of a system that incorporates the characteristics of blockchain technology to transform the current processes of registration and transfer of real estate at the national level. Ubitquity’s solution is used to securely authenticate information and data related to real estate properties to assert with certainty that particular property and related information belongs to a particular person or entity.
Augur is a decentralized, trustless oracle and prediction market platform that is developed on top of the Ethereum blockchain. Moreover, it is the first major decentralized application (dApp) developed using Ethereum, making it a major proof of concept for this technology.
The concept of Augur heavily depends on monetizing correct answers — users make bets on the outcomes of future events; those who get the outcome right, win money, while the rest lose. The smaller the likelihood of an event occurring, the bigger the reward offered for predicting its success. Its advanced prediction model generates almost real-time predictive data and its forecasts are often more accurate than those of the leading experts.
As a decentralized application, Augur does not belong to anyone and can not be shut down by a single person, company, or government. Augur is a decentralized take on gambling. There are commonly four stages in the wagering cycle: creation, exchanging, announcing and settlement.
Helperbit is a crypto platform that enables charities to accept Bitcoin and other cryptocurrencies in the safest and easiest way. Being a crypto platform that allows people to donate digital and local currencies to charities and to people in need all over the world, it can trace their donations and the manner in which it is used, offering full transparency of economic flows.
Helperbit changes the regular insurance model that is utilized during catastrophic events, which is credited to a help dependent blockchain network that gives a speedy, just and straightforward discount and empowers clients to modify their premium, allowing also microinsurance. It greatly emphasizes philanthropic global initiatives that increase well-being in foreign countries.
Current project undertakings of Helperbit include catastrophic disaster relief programs, clean water for African people groups, teaching youngsters in Papua New Guinea, North Pole investigations and more.
The goal of Uhive is to redefine social networking as we know it. It achieves this by enabling its users to connect with their friends and family in a secure and transparent manner. It also provides a platform on which they can find new areas of interest and explore them. The Grey World component empowers clients to put on another persona, for upgraded protection and better communication in “profound web chat rooms”.
All efforts will be rewarded when engaging in normal day-to-day social activities on this platform. Every week, the platform shares a substantial portion of its ad revenue with its users through the Uhive token, which comes with an opportunity to earn some tokens for future use. The Uhive utility token is based on Ethereum technology and is an ERC-20 token. The token can be purchased through a Bitcoin transaction, the iOS App Store, the Google Play Store, a transaction on Ethereum, or PayPal. It can also be bought with fiat currencies such as with euro, United States dollars, or the British pound.
In general, Cinemadrom is a platform that can be utilized for financing, creation and movement of film ventures subject to blockchain innovation.
This project has two areas of application:
- The crypto industry: The platform supports investments, cryptocurrency, insurance, mining, and a multicurrency wallet.
- The cinema industry: The platform is ideal for the film market, film studios, distribution, online movies, film agencies, and social networks.
This platform allows cinematographers to get funding for any movie project. This means that they can begin production without having to worry about the financial aspect. Moreover, they can also send their movies through the platform for distribution. The platform also offers distribution companies and cinemas the chance to increase their distribution fees. They can likewise take their motion pictures to the worldwide business markets, which could boost both dispersal and benefit too. Investors can also create a portfolio of their various projects on the platform.
Here, we have covered the top 10 real world blockchain projects.
As you can see, blockchain technology has revolutionized many industries by increasing operational efficiency in a cost-efficient and secure manner. Many businesses around the globe are actively looking to launch innovative blockchain projects to bring wide-scale transformations in their business processes to keep up with these changing times.