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Real World Applications of Blockchain

Blockchain applications go far beyond cryptocurrency and Bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently. [1]

Blockchain is being applied in areas such as healthcare, media, the NFT marketplace, and logistics. Its impact extends beyond cryptocurrencies, shaping how we interact, verify information, and establish trust. [1]

The recent interest in Blockchain has been in the areas that require multiparty cooperation or data exchange. Blockchain applications in supply chain tracking, trade finance, digital assets and identity management are going beyond the pilot stage. There has been a fair bit of activity in using blockchain platforms for building certain functions of ERP, such as vendor management and supply chain management (SCM). [2]

Alex-Paul Manders, a partner at Information Services Group, an IT advisory firm, has recently said that the evolution of blockchain platforms to date has promoted heightened awareness of decentralized finance, or DeFi, for driving new business models that pose significant threats to traditional banking, finance and supply chain finance. [2]

Some noteworthy Blockchain startups are as follows [3]:

  1. Fluree: Founded in 2016, Fluree operates from North Carolina, U.S.A. Their focus lies in creating a high-performance layer 1 blockchain. So far, they’ve secured $6.5 million in funding.

  2. TabTrader: This startup provides a platform for cryptocurrency trading. Keep an eye on their developments as they navigate the dynamic crypto landscape.

  3. MeetKai: Leveraging blockchain, MeetKai aims to enhance conversational AI and natural language understanding. Their technology has exciting potential in various applications.

  4. Virtually Human Studios: Known for their NFT-based virtual racing game, “CryptoCarz,” Virtually Human Studios combines blockchain and gaming in an intriguing way.

  5. TransitNet: Focused on decentralized identity solutions, TransitNet aims to revolutionize how we manage and secure our digital identities.

These startups span different facets of the blockchain ecosystem, from cryptocurrencies to decentralized finance (DeFi), NFTs, and beyond.



References:

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