7 Ingenious Applications of Blockchain Analytics for the Real & Crypto-World
“Blockchain Technology”, one of the most-searched internet terms, the term that has gained momentum in the past two years among internet users. But with so much hype, is blockchain solving real-world problems for REAL?
What if we say “Yes”? Read on!
Stepping into the core implementation of technologies, blockchain has changed a lot of things in the healthcare sector.
The HIPAA Compliance reported that the average number of healthcare data breaches in a day in the US was 1.76 by the end of 2020 and expected to surge in the upcoming years. With blockchain technology that uses real-time data analysis, fraud detection in healthcare can be seamless. Further, snowballing hospital expenses, incompetant medical practices, and continual data breaches can be deflated by adopting blockchain technology.
Estonia started using blockchain technology in 2012 for protecting patient records and carrying out transactions. At present, several countries have started to adopt this distributed ledger technology or use blockchain analytics (in other words) to handle health and prescription information online.
Banking and Finance
We live in a century where loans are getting processed with no or less paperwork within 3 to 5 working days. This process is envisioned to become simpler in the near future with effective implementation of Blockchain technology.
How’s Blockchain going to quicken the entire banking process?
- Better operations to ease multi-party involvement
- Self-regulated compliance by making use of unalterable financial records
- Quicker settlement / disbursement of funds
The cross-border transactions have increased due to e-commerce and gig economy. Mckinsey and Company has presented that global countries are spending more than $5000bn in 2021 on cross border transactions. One the other hand, Juniper Research says the spend can be shrinked to $27bn per annum by 2030 with deployment of blockchain analytics. But how?
Security of documents and financial data of the public, government, organizations and institutions become hassle-free when blockchain technology is set in action with the finance sector. Adding to this, real-time tracking of transactions is enabled with a decentralized financing which allows less or no room for illicit transactions. Thereby, the fintech giants view blockchain as a cost-saving operational technology.
There’s another jaw dropping information we’d like to share with you. De-fi or Decentralized Finance is the blockchain-based finance system that does not rely on intermediaries and exchanges like traditional finances but operates on smart contracts on blockchain. The De-fi is coming forward to offer loans with NFTs or ETH as collaterals.
Supply Chain Management
The global supply chain is incessantly working on improving transparency and traceability while experts say that blockchain technology has made it possible to upgrade the whole show out there.
Deloitte, one of the Big4s recommends usage of blockchain to the supply chain participants to:
- Monitor price, date, location and quality in order to improve traceability and visibility
- Bring down risks due to counterfeit and gray market
- Meet compliance requirements with external contracts
IoT is defined as the connection of 3 Ps — Products, People and Places — put together to work through embedded devices transmitting data to one other. The data analyzed from these devices will help businesses make key decisions.
But who or what derails the entire process? DDoS (Distributed Denial Of Service) Attacks predominantly. Such attacks are quite common with internet businesses and manufacturing sectors.
To quote an example:
Dyn, a performance management and web security company, realized a DDoS attack in 2016. The intruders deployed a malware called Mirai to launch botnets through IoT Devices leaving numerous websites in the US inaccessible for several hours. Websites of PayPal, Zoho, Zendesk, Weebly, Reddit, Twitter, Pinterest, Spotify were some of them.
How is Blockchain Technology going to help IoT in this regard?
Being a distributed ledger technology, blockchain is resilient with armored encryption and utmost transparency to the participants in the system. Therefore, attacks can be identified in no time. The data collected from IoT devices are of great value to companies. Added to this, the combination of IoT and Blockchain Technologies will be beneficial to IoT providers, resulting in better business.
NFTs or Non-Fungible Tokens are encrypted forms of arts — digital arts, gifs, images, memes, music, moments, gaming collectibles, cards etc that are being minted on Blockchain Technology. Out of these art forms, the gaming collectibles are worth more than $370 billion in the global market in 2021 as surveyed by NASDAQ.
Each collectible in the form of an NFT is an original version of the work. The creator gets a cut when the NFT is sold to a first-hand buyer, and when followed by a sale done by a second hand buyer, all the three get a commission out of the sale.
And about the beneficiaries below…
How leveraging Blockchain Technology and Blockchain Analytics helps Arts and Creative Industries?
Beneficiaries: Digital Artists, Meme Creators, Fashion Designers, Hand Painters, Sports Icons, Celebrities.
-The prolonging copyright issue with any form of art is expected to end by bridging their works with NFTs and Blockchain Technologies.
-Fraudulent and malicious activities like copying, wash trading of NFTs in NFT marketplaces, NFT fair price value estimation can all be tracked with Blockchain Analytics catalyzed by Artificial Intelligence. In these processes, predictive analysis comes to play.
-Last but not least, NFTs can help i) creators earn a fortune, ii) buyers to harvest returns after a period of time, iii) collectors to own the brag-worthy rights.
Now that’s all inclusive of what blockchain technology is catering to arts and creative industries.
Crypto games are built on blockchain technology wherein the players can exchange collectibles for cryptocurrencies followed by real-world currency exchange. Some of the gaming collectibles like in-game tokens, gaming skins, accessories that are all being sold as NFTs. Here players can purchase these collectibles to claim authentic ownership. This gives game developers the opportunity to rake in crypto by selling their creatives.
Let us explore the new universe of gaming enthusiasts, Metaverse.
Blockchain-based games like Minecraft allow players to play with their own creativity by designing lands and maps. Here, an individual gets into their own world which is a metaverse built using augmented reality and virtual reality where you create something that is hard to create in a physical world.
Some of the metaverses are Decentraland, Sandbox, Crypto Voxels that are virtual worlds and also video game environments. They allow collectible purchases and display NFTs and digital lands for sale.
One can relate to Facebook’s latest news about a metaverse in the making. The intuitive metaverse is being built to help people with opportunities to buy lands which are far off their urban limits and out of their world. Creators and individuals are also expected to use it as a marketplace to sell their works and much more.
The burgeoning blockchain technology weighs for pros and cons equally and here’s an example. The NFT marketplaces are being flooded with scamsters and malpractices where collectors, buyers and sellers are exposed to washtrading. In 2021, the sale of NFTs is estimated at $500Bn and also world-wide NFT marketplaces are experiencing regular wash trading activities.
How to address wash trading and standardize the NFT market?
We’ve got your back! bitsCrunch uses blockchain analytics to identify buyer-seller patterns in NFT marketplaces and control wash trading. Scour, one of our flagship products, by studying patterns at Rarible currently, is mitigating wash trading by a stupendous 40%.
If you are an artist or creator or a collector, then how do you save your NFTs (creatives) from duplication? How do you know that you are buying an NFT for its actual worth?
As a blockchain analytics company into the NFT ecosystem, we have been responsible for raising the bars of the global NFT marketplaces as a whole, making the best possible use of AI and ML (Artificial Intelligence & Machine Learning). Our wide array of products solve real-crypto-world problems like fair price estimation of NFTs (Liquify), identifying duplication of NFTs (Crunch Da Vinci) and much more for newbies and crypto enthusiasts.
We are steering the blockchain analytics in the right direction to get the best out of it and present it to the NFT ecosystem. Every industry in the real-world that is fundamentally a data-driven ecosystem can leverage blockchain technology / analytics to solve a multitude of problems for a better future.
Have you block-chained your business yet?
bitsCrunch is the Guardian of the NFT ecosystem. We are one of the top 4 AI companies in Munich, Germany that excels in Blockchain technology. We believe that blending a proven technology like Artificial Intelligence with Blockchain technology can do wonders and make the ecosystem much more safer and reliable ! Our mission is to create impactful insights from intricate data sources, by harnessing predictive analytical systems which are empowering organizations with actionable intelligence.
- AI-Enhanced Safety Feature (SCOUR), An AI agent that acts as a watchdog to flag the spoofing transactions that manipulates both volume and price of the assets in the NFT ecosystem.
- Digital Asset Forgery Detection System (Crunch Davinci), An AI model that flags forgeries, copycats and bootleg digital art contents thereby protecting the artists and their creations.
- Fair Price value estimation for an Asset(Liquify), A fair value estimation & analytics for Digital Assets (NFTs) using AI to empower the community to embrace and value their assets in real-time.