Outline one real-world business use case of blockchain detail the following: What is the application use...

Outline one real-world business use case of blockchain detail the following:
1. What is the application use case?
2. What type of blockchain system is this (public, private etc.)
3. How is the application better than the existing environment?
4. What are the special concerns that must be kept in mind for this application?

Expert Solution

Application use case-

Supply Chain Management.
Digital Identity.
Voting.
Fundraising (Security token offerings).
Healthcare.
Notary.
Food Safety.
Intellectual Property (IP).

Type of blockchain system-

There are 3 primary Blockchain-

Public blockchains like Bitcoin and Ethereum.
Private blockchains like Hyperledger and R3 Corda.
Hybrid blockchains like Dragonchain.

The application better than the existing environment are-

Best application of blockchain technology is Smart Contracts. Smart contracts are digital contracts which are embedded with an if-this-then-that (IFTTT) code, which gives them self-execution. In real life, an intermediary ensures that all parties follow through on terms.

Special concerns that must be kept in mind for this application-

Blockchain has an environmental cost
Lack of regulation creates a risky environment
Its complexity means end users find it hard to appreciate the benefits.
Blockchains can be slow and cumbersome.
The “Establishment” has a vested interest in blockchain failing.

ekkarill92 answered 1 year ago

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