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It’s been a little over ten years since the inception of the blockchain, cryptocurrency, and particularly Bitcoin. Blockchain has made lots of progress in all these years, and many projects are underway while others continue to amaze people with their benefits. Many decentralized applications have been developed to facilitate trading and provide traders with other valuable features.
The ease of access is probably one of the best things about blockchain and the crypto market. However, the large number of blockchain applications can confuse an investor looking to get involved with the market. You usually have to choose between public and private blockchain projects when doing due diligence. That’s why knowing more about different blockchain projects and their uses can help you choose the right option when the time finally comes.
Some companies prefer switching to newly launched blockchain projects. However, with improper guidance, you’ll easily get taken away by the widespread number of options. Let’s go through some of the best blockchain projects which can help you realize your blockchain development dreams.
Top Blockchain Projects in 2022
Due to the widespread acceptance of blockchain technology, many developers are actually working on projects related to the same. Every deficiency in the modern world is now being resolved with the help of blockchain technology and newly developed applications.
Let’s start with a brief list of the latest blockchain technologies in 2022.
Baidu
Just like most other industries, China is leading the world in blockchain-related innovation as well. Baidu is a Chinese search engine, and in collaboration with Du Xiaoman Financial, they have created over 20 blockchain-based solutions. Libra Chain is one of their biggest Blockchain solutions.
The Libra chain is being used as a framework for different courts in china. These courts are fully online and mainly deal with internet-related disputes and litigations. With the help of this Blockchain-based network, over a 35million pieces of evidence have been filed in these courts.
Credit Suisse
The settlement process used by Credit Suisse is another prime example of the usability of Blockchain protocols. It is one of the biggest banks in Switzerland, and they have developed its own Paxos Settlement Service and use Ethereum-based technology to back its transactions. This solution is proving to be one of the best entries in the e-banking sector.
The Paxos Settlement Service helps settle trades in real-time. This eliminates any third parties from the trade, making it swift and way faster than conventional banking settlements.
IBM
IBM is one of the first companies to invest in Blockchain-related projects on a large scale. The company, with the help of the latest Blockchain technology, has developed Digital Health Pass. This application was specifically made for COVID-19 as it helped officials with verifying the tests and temperature readings of a person.
Moreover, customers can use the health pass by setting their own criteria. For example, if a cinema needs to verify the vaccination of every person entering their premises, they can easily set the criteria and use the health pass application to screen every person. The project is based on the IBM Blockchain.
Microsoft
Microsoft, being one of the biggest companies around the globe, has also taken advantage of Blockchain technology already. Have collaborated with another company to develop specific applications with the help of blockchain.
The application made by Microsoft focuses on managing royalties and content rights. Different branches of Microsoft and developers like Ubisoft and Xbox have benefited the most from this technology. This system is used to replace the traditional payment system and manages royalty payments automatically.
Samsung
Samsung, through its IT wing, has also developed lots of blockchain-related applications for its customers. They basically use the Nexledger blockchain to accomplish their tasks.
One of the notable mentions amongst Blockchain projects of Samsung is a one-stop medical claims solution. Using this application, patients can easily launch medical claims from a counter, on their smartphone, or through a Kiosk.
Tencent
Another big company that is interested in Blockchain technology is Tencent. The company has developed its own Blockchain to work on, and it has proven to be very beneficial for them. Their blockchain application is focused on sending tax invoices to around 10 million people in China. They have worked on a few other projects involving blockchain as well.
One of their solutions, FISCO BCOS, is currently being used by over 1000 companies around the globe. It is also being used to screen border crossings between China and Macao and has scanned over 17 million crossings till now. Some of their applications are also being used in Chinese courtrooms for easily filing evidence.
MetLife
MetLife is working on developing an insurance solution for its customers. They’re currently working on a bunch of different ideas, and the Vitana project is a highlight, focusing on parametric insurance.
As a matter of fact, this application is being made to bring the insurance process on the Blockchain and to add a bunch of new features to the same. Currently, this project is primarily focusing on diabetes in pregnant women as it is a very harmful medical condition, and financial assistance is required by women to eradicate their disease. So, pregnant women can avail their insurance service to keep a source of financial support within arm’s reach if any such condition arises.
BHP
While BHP is a large-scale mining company based in Australia, it is leading its industry in Blockchain-related innovation. The company is using Blockchain to digitize most of its operations. They’re currently using the technology to verify suppliers, corporate governance, and various other tasks.
BHP has also developed MineHub, and used the platform to execute an Iron Ore deal with a Chinese company. MineHub is one of the biggest blockchain projects by BHP.
Daimler
Daimler is amongst some of the leading luxury car manufacturers around the globe. The company is actually using Blockchain technology to track the CO2 emissions caused by their cobalt supply chain process. This measure has been taken to track and minimize CO2 emissions in their manufacturing process and to promote transparency. The application is also designed to track any other materials which come with their cobalt supply chain.
This is one of the biggest blockchain projects aimed at minimizing CO2 emissions and making the world a cleaner place.
LVMH
The company deals in luxury goods and is based in Paris. They are using Blockchain technology to track their products. They are even using AURA to avoid selling counterfeit products from luxurious brands.
The AURA project launched by LVMH has already registered around 10 million products. This solution is proving to be very helpful in the fight against counterfeit products and helps save brand integrity.
AP Moller-Maersk
This company has developed the TradeLens application, which is one of the most popular Blockchain-based projects. The shipping company uses its application to keep its supply chain under check. Due to the idea behind its creation, TradeLens has become one of the most praised and successful Blockchain applications around the globe.
The application alone has helped with the onboarding of around half of their ships since its launch day. It makes for around 1 billion shipments worldwide, and that is in 2020 alone. The platform is now also being used for marine insurance by taking advantage of blockchain technology.
Boeing
Another big Blockchain project was started by Boeing and is termed as SkyGrid. The application is being used as air traffic control for drones. Their application is even approved by the FAA to provide authorization to low-flying drones in the first phase.
You can also download the SkyGrid application on your smartphone. It is used to store data for inspections. This application can make an automated flying taxi system very much possible in the future.
How can Blockchain Help Businesses?
With all the hype and development around Blockchain applications by popular companies around the globe, one might ask how these applications can actually prove to be better than every existing solution today.
To answer this question, let’s take a look at some of the biggest benefits companies are aiming to achieve by developing Blockchain-based applications.
It is Trustable
While you might, or might not trust a person, you can easily trust blockchain. So, with the help of this technology, trust can be built between different individuals and companies. This makes possible all those data transfers and corporate deals that would’ve otherwise required a third party to be executed.
So, trust is one of the leading reasons why companies around the globe are using Blockchain technology. Various individuals, who have never met physically before, can easily trust Blockchain to execute large transactions. This is a testimony to the trust Blockchain has brought into the international market.
Better Security
Another reason why Blockchain is being used by companies around the globe is for the impeccable security it provides. The security provided by Blockchain comes from the way it operates. The technology creates an unalterable list of every transaction carried out on the platform. The list is encrypted end to end and practically ends fraudulent activities.
All of the data related to a Blockchain is distributed on every computer using the platform. This makes it nearly impossible for anyone to alter the list of transactions done on the blockchain. Moreover, Blockchain can keep you anonymous forever, and this can provide you with better security by keeping all the evil eyes away.
Swift Transactions
Just because all of the third parties and manual procedures are eliminated from every transaction, you can execute a transaction on the Blockchain way faster as compared to conventional processes. In most cases, you can execute a transaction completely within just a few seconds. However, the time needed to execute a transaction. Depends on how large the block of data which needs to be processed actually is. Still, block Jen is believed by experts to be much faster than traditional ways to execute transactions.
For example, you can trace the source of anything in your inventory way faster than the traditional time taken for it.
Immutability
This is one of the simplest yet the biggest benefits of Blockchain technology. Immutability simply means that once a transaction is recorded on the blockchain, nothing can remove it from there. Every transaction is recorded is also stamped with the date and other details, making it practically impossible to delete or even hide from the public record.
Another benefit of immutability is that you can easily trace every transaction back to its origin, even after a long period of time. This allows for easy and effective audits within seconds. For example, companies like Sweden are now using Blockchain to store real estate transaction data. This allows the country to easily track the ownership record of a property, even after it continuously changes hands over the years.
Ability To Be Tokenized
An organization simply means the process of converting the value of a physical asset into a digital token, which can then be traded over the blockchain. While tokenization has already proved to be beneficial in markets like real estate and art, it has many other potential benefits and can be used for business deals in the future. For example, the organization of utilities can help with carbon emission-related transactions in the future.
Decentralization
Blockchain technology is truly decentralized, and there is literally no central authority controlling the whole ecosystem. This provides businesses around the globe with enough trust and courage to trade-sensitive data with each other without the fear of losing it to a central authority.
One of the biggest applications of Blockchain can be in supply chain management, and there are already some applications being developed by large companies around the globe to explore this area. With the decentralized nature of Blockchain, everyone in a supply chain can easily access data from others without going through any central authority.
Minimized Cost
Since every transaction is processed efficiently by Blockchain technology, it can minimize the costs of running a business for companies around the globe. It does so by eliminating lots of manual processing from transactions. Also, the fact that Blockchain can easily settle transactions and clear seamlessly can save financial companies even more money.
You can also cut third parties and middlemen from your company by using Blockchain to do their work for a minimal cost.
Transparency
Transparency and ease of tracking is other reasons why Blockchain is becoming so popular amongst organizations. For example, companies like Walmart use this feature of blockchain to trace the origin of their products. This way, even if a company has to recall its products from Walmart, they can easily trace and return the products from that specific company while keeping other products up for sale.
Traceability can open doors to many wonderful applications, like tracing the origin of a medicine to make sure that it is organic.
Data Control
While blockchain frees you from data control from a central authority, it provides you with an enormous amount of control over your own digital data. Since almost every online platform is looking to steal your data, Blockchain has the ability to keep it safe from them while providing you with every right and tool to protect your data while surfing the internet.
With the help of smart contracts, you can choose to grant someone access to a limited amount of your personal data for a specific period of time. This proves helpful for every human being on the internet on so many different levels.
Driving Innovation
Almost every industry is using Blockchain to trace their long-standing problems and to eliminate the expensive process of tracing those problems manually. For example, you can use Blockchain to verify every piece of data provided by applicants for a specific job. This can easily eliminate the problem of applicants lying on their resumes to get a job. Usually, hiring managers have to manually check every resume and scan them for lies through a tiring manual process. This can be done by putting the data of every graduate on the blockchain. This data can later be accessed by the hiring manager of a company to verify all the details provided on the résumé of the applicant. This will save the manager a lot of time.
Conclusion
The key takeaway from this article is that every business should implement a blockchain-based solution to their everyday routine. This will help the business cut costs by eliminating manual labor and will ensure transparency across the board as well.
Moreover, easy traceability provided by blockchain also makes sure that everyone can easily verify a piece of information presented to them through the blockchain.
Retail stores can use this technology to label their inventory and trace its origin. This will help the store owners to easily keep track of everything shipped to them by their suppliers.
Blockchain technology provides us with transparency, immutability, decentralization, and various other benefits which aren’t otherwise available with traditional applications.
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