Leveraging machine learning, you can optimize information-centric business processes, customize solutions per customer requirement, drive productivity, forecast demand, among a host of other possibilities.
Without a central authority to verify transactions, settlements can be made faster and cheaper using blockchain technology. Blockchain also simplifies logistically complicated cross-border transactions involving different types of financial assets.
Internet of Things
The centralized architecture of the current crop of IoT platforms is being reinvented with the help of blockchain technology to facilitate decentralized and autonomous interaction between devices, towards building a more cost-efficient and trusted IoT.
A consolidated and easily transferable secure record of health data is a potential blockchain-based innovation in healthcare. A shared data infrastructure provides interoperable access to health data, leading to better clinical decisions.
Premium products can be tracked from their point of origin using digital tokens to protect them from counterfeits in the supply chain. Easily redeemable multi-brand loyalty program based on blockchain technologies is another emerging use case.
Digital citizen record keeping over a blockchain network helps avoid procedural delays caused by conventional methods of establishing the authenticity of information across government agencies. The technology helps speed up public service delivery and makes it more transparent.
Using IBM Watson for Cognitive Computing
Replacing costly third-parties in contract enforcement, smart contracts make it possible to have self-executing contracts. Solidity, a contract-oriented high-level programming language developed by Ethereum, eases the development of smart contract-based solutions. Smart contracts for automating crowdfunding, automated auctions, voting, and so on can be implemented in Solidity, which runs on top of the Ethereum Virtual Machine. Leverage QBurst’s capability in Solidity for rapid development, prototyping, and testing of smart contract applications.
What Powers the Blockchain?
Distributed Data Storage
On a blockchain, data is distributed across participants over a peer-to-peer network, and not on a single server. Each node in the network continuously records, time-stamps, and stores transactions chronologically in a blockchain
In a blockchain-powered network, participants authenticate the accuracy of the ledger and approve transactions through consensus. Consensus is achieved by means of different algorithms, and not by trust in an intermediary.
Entities in a blockchain can draw up virtual contracts and automate their enforcement through computer protocols. These smart contracts can be applied for transacting any kind of value without the risk of tampering.
Proof of Work
Blockchain addresses the risk of tampering through proof of work—a piece of data that is computationally difficult to produce but easy to validate. Proof of work replaces the trust of a central authority with trust by computation.
Public and Private Blockchains
Unlike public blockchains, such as bitcoin, which are accessible to any user, private blockchains restrict access to a few approved users. As private blockchains do not require proof of work for participation, the computational overhead is lower compared to public blockchains and are suitable for internal use by organizations.