The blockchain promptly develops not only in the sphere of cryptocurrencies but also in a set of other areas aiming to cut down expenses, to increase efficiency and to refuse outdated information infrastructures. We considered the most popular options for use of a blockchain and learned what companies put this technology into practice
Control of the identification information
Services of control of the identification information allow users to transfer personal data to a blockchain, thereby creating the digital identifier of the personality (digital identity). Thus, users have wide tools for storage of such information as passport data, birth certificates and spoilage, the driving license, identity cards, logins and passwords and other personal data. And by means of a blockchain, the user can select what information to share and who exactly can have it access. Moreover, having undergone the process of identification of the person only once, the user can be authorized on a network and in other services without repeated information input.
In June of last year, it became known that consulting giant Accenture and the largest IT corporation Microsoft integrated for development and deployment of a blockchain platform by means of which more than 1 billion people will receive operating identity cards worldwide. In addition, at the cryptomarket, there are 20 companies providing different services in the field of control of the personal identification information already now.
Digital assets and tokenization
Any asset which is provided in a digital format is considered a digital asset. Such assets are stored on any medium: from the computer and mobile devices to a media player. In turn, tokenization is a translation process of the rights for an asset in a token which digital “double” is stored on a blockchain.
As tokenization happens on a blockchain, the companies can introduce the new management system assets allowing to increase liquidity, to give an opportunity of control of assets to all participants and even to apply scenarios of collective use. And also more effectively to integrate such components of traditional securities market as depositary, stock exchange, financial settlements center, and the software.
Startups of Vaultoro, OneGram, and Orebits are engaged in gold tokenization where users for cryptocurrency can buy digital assets on this precious metal. The LAToken company makes tokenization of securities and actions through the LAT Protocol protocol which allows to tokenize the rights for assets and to trade in them for cryptocurrencies. And the international Atlant blockchain platform allows tokenizing real estate objects with the subsequent placement of tokens of ATL at the decentral exchanges.
It is rather easy to understand the basic principles of operation of a blockchain: the technology works as the distributed register where it is possible to store any information which will be hidden from not authorized persons thanks to cryptography encoding, and copies of this register will be stored on computers of all users. It is almost impossible to crack such register, and information which contains in it, it is impossible to forge, change or edit.
Thus, the blockchain is ideal for the sphere of finance and, in particular, for carrying out the international payments. The process of international transfers which usually occupies a large number of time off means and parties concerned thanks to a blockchain considerably will reduce the time of transactions, expenditures and also will remove the need for a difficult information structure. So, in September 2016 the British bank Barclays and a startup of Wave held the first successful commercial transaction with use of a blockchain. Moreover, many representatives of a financial sector integrate with alliances and consortia, such as EEA, R3, and Hyperledger, for development and implementation a solutions blockchain in the sector.
Protection of copyright
Copyright infringement is considered one of the largest problems in such spheres of creativity as art, music, cinema, and literature. Thanks to blockchain authors can confirm and protect copyright and the rights of possession of the intellectual property. Moreover, the technology will allow providing safe storage and operational up-dating of information on any objects.
So, the Ascribe company thanks to a blockchain helps artists to confirm the copyright of the created objects of art by means of unique identifiers and digital certificates. Transmission of the right of possession from the artist or the author to the buyer or the collector is also provided. The SingularDTV project launches hostless system of distribution of a digital video content on a blockchain of Ethereum which will allow users to place the works, to monetize and control their distribution.
Smart contracts exist in the form of an algorithm which allows concluding the self-executed contracts on a blockchain. Such type of contracts is ideal for use in commercial transactions as they guarantee money transfer or some other actions as soon as all sides fulfill all obligations specified in the contract. Smart contracts do not require an involvement of intermediaries and are executed automatically that does them by the especially convenient tool for startups.
The JoyToken project develops the protocol of infrastructure for the game industry where smart contracts are used for safety, a possibility of guiding of records and carrying out the audit. And the intercorporate Jincor platform will allow any business to use smart contracts and cryptocurrency payments without any special technical knowledge and big financial expenses.
Also, according to the report of the consulting company Deloitte, the insurance branch actively works on implementation of smart contracts which will allow to lower expenses, to increase efficiency and to automate the most part of processes. Using a blockchain as storage, representatives of the market of insurance can create a uniform and global basis for insurance contracts and announcements.
Internet of things
The Internet of prophetic (IoT) represents a class of devices which can exchange any kind of data among themselves, thereby creating an interaction network. The blockchain can guarantee safety and integrity of data in IoT and also provide a reliable security arrangement.
The Chronicled company in August of last year launched a blockchain platform for the Internet of things which allows the companies and vendors to register and confirm physical objects in a blockchain network. And the Filament company offers a row of own software and hardware solutions for control of industrial systems and the equipment. The principles of decentralization, cryptography protection, and self-sufficiency are the cornerstone of the development of the company.
The blockchain will allow the states to use the absolutely transparent system of the electronic vote, with verifiability the voter. For this purpose citizens will need to be authorized in the system and to vote for the selected candidate by means of an internal coin. The blockchain fixes transaction, automatically creating the register of voices which will be counted on vote completion. Each participant can check as own voice, and make sure of the accuracy of accounting of voices of other voters.
Voatz startup which collected $2.2 million offers the mobile platform vote built on a blockchain. This platform provides the safe accounting of voices and guarantees the authenticity of results. The platform is already used by several universities, political groups, and non-profit organizations for carrying out internal votes. Also, the Follow My Vote platform represents the open source software on a blockchain which allows users to take electronic votes and to participate in them.
Already used vote on a blockchain: the Danish batch of Liberal Alliance for internal vote, the Libertarian Party of the USA of the State of Texas for vote for candidates for inner-party positions, Republican Party of the State of Utah in a voting process for candidates at a stage of primaries and also the NASDAQ exchange with assistance of the local government took vote among shares holders in Estonia.
Anonymous message passing
Such startups as Obsidian, use blockchain technology for safe information exchange in chats, messengers, and social networks. Unlike WhatsApp and iMessage which use terminal encoding, Obsidian applies a blockchain to support of safety of metadata of users, such as mail, phone numbers or any other identifier of the personality. Instead of this Obsidian use accidental metadata from the distributed register and, thus, guarantee the confidentiality of users and their messages.
At the beginning of February of this year, the Embedded Downloads company provided the application of Embedded Messenger working at EOT blockchain. This messenger will allow sending messages from one public key on another, providing the safe environment for the exchange of anonymous postings.
Fight against the DDoS-attacks
According to quarterly reports of Kaspersky Lab, duration and complexity of the DDoS-attacks which the companies faced in 2017 increased. So, in the second quarter 2017, the most continuous attack which lasted 227 hours took place. In particular, experts marked the growth of the number of the attacks directed to platforms, which are carrying out by ICO.
The blockchain startup of Gladius develops the project at the start of the decentral peer-to-peer network working without master server which will provide protection against DDoS of the attacks. Gladius allows users to monetize unused throughput of the Internet networks, integrating them in decentral CDN (Content Delivery Network). Thanks to high throughput the network will reflect the DDoS-attacks, and users will be able to be connected to safe pools of protection.