4 Real World Applications for Blockchain Technology
Blockchain technology is swiftly transforming business landscapes across industries as we speak. Initially envisioned primarily for cryptocurrency, its potential use cases extend to healthcare, real estate, media, financial management, and accounting.
At Tech Brains, we have successfully employed blockchain technology across four major industry verticals.
With a strategic vision and customer-focused perspective, we co-create blockchain solutions that amplify trust, eliminate risks, and increase operational agility in businesses by employing smart contracts.
1. FinTech – Peer-to-Peer Lending
Transparency, verification about lenders and borrowers, and establishing trust are keys to success in the P2P lending space.
The advent of Blockchain and distributed ledger of transactions has resulted in numerous possibilities and the way financial transactions work.
Tech Brains employs 3 different smart contracts for the following processes.
- Match the borrower and lender processing their respective data through an AI-powered matching algorithm.
- Check the credit-worthiness of the borrower based on data metrics, categorize them, and suggest suitable interest rates.
- Auto-pay loans to the lenders’ wallets, based on the money available in the crypto wallet and credits, charge late fees and ban borrowers if EMI is not paid.
By employing Smart contracts, we add transparency, reduce delays, and expedite approvals in the P2P Lending system, thereby eliminating the need for middlemen.
2. Trading Exchange (Crypto Trading)
Crypto-trading platforms use ethereum-based blockchain as the core functional element to transactional data. All nodes of the supported crypto-currencies are integrated and smart contracts are created for the following tasks:
- Keep track of the prices as the transaction grows.
- Notify admins that transaction of a particular currency is growing/declining.
- Notify end users about the remaining funds according to transactions.
- Keep track of multiple orders (buy/sell/Stoploss/trailing stop loss) placed by a user in one go.
- Track the secure swapping of funds based on the criteria defined by the system.
- Maintain Tokenomics of this trading exchange after launching.
3. Real Estate
A double-blind blockchain is a powerful use case in the real estate industry. Buyers and sellers can be matched with the use of Smart Contracts and matching algorithm.
The match notification can be sent duly to both the buyer and seller respectively, withholding other details until the fee is paid. The smart contract unlocks the details upon fee payment and establishes communication.
Asset documents and other details are verified and stored in the Blockchain. Ownership of the asset is transferred to the buyer after the deal is processed and payment completed.
The platform charges a commission fee for staging the deal. Data about each deal will be saved in the blockchain to serve as insights for future investments and price determination.
4. Ad Exchange
Blockchain has significantly disrupted the digital advertising industry.
Thanks to blockchain, we now have decentralized and distributed marketing platforms for advertisers and publishers..
Advertisers describe the inventory with the following details and publish them under a special url in their registered domains.
- Creative content (Banner, text, video, pop-up)
- Information about Intended audience
- Public/Private info
Publishers use blockchain to discover advertisers and crawl their inventories. When a user visits the publisher’s site, the inventory database is analyzed to find the banner with the highest expected pay-out decided by the advertiser.
Smart contracts are employed for the following
- To validate an inventory before display to the user.
- To collect information about the displayed ads periodically, analyze received events, and decide payment.
- To incentivize publishers to display the most matching ads and maximize their yield.
- To analyze each incoming payment for the publisher to download.