Forbes Data Suggest Entrepreneurs are Leaning Towards Leveraging Blockchain In Business
Blockchain-based solutions have been the preferred choice of new and upcoming entrepreneurs in their startups. It has become a growing trend amid the enterprises to leverage blockchain in their business to bring more transparency and confidence to their business. According to the Forbes 30 under 30 Asia list entrepreneurs have harnessed the power of blockchain in scaling businesses and growing investments.
Blockchain Technology has been gaining attention and adoption from all corners of the globe. Many governments and businesses have either invested in the research to implement the technology in the various fields or have already implemented it.
Some of the major sectors which have benefitted from the implementation of blockchain based solutions include healthcare sector, agriculture sector, supply demand sector, the entertainment industry. Apart from these, there have been several pilot projects on the run to check the impact and then implement it on a larger scale.
How Blockchain is Impacting Various Sectors Cutting Middlemen and Unauthorized Data Thefts
Gourish Singla, who has been working in the Indian healthcare sector and specifically in the genetic testing sector, recalls how he has witnessed companies selling off DNA data of patients without their consent. This is the reason he developed a blockchain based genomics and healthcare platform called Shivom.
The project aims to give more power in the hands of consumers to let them have total control over the private data and whether they want to monetize it or not. Consumers can now upload their DNA sequence from websites like 23andMe or Ancestry.com onto their platform, or purchase Shivom's genetics testing kit.
The users can save their data on Shivom's blockchain in exchange of applications that provide healthcare insight. The Singla led company earns revenue from pharmaceuticals companies who want these data for their drug programmes, and the firm works on the shared revenue model.
The Shivom blockchain generated around $35 million through an ICO sale back in May 2018. Singla is hoping to connect patients, clinicians, researchers, insurers and laboratories from various regions across the country. If he is able to meet his goals, the company might look to position itself in the preventative care sector.
The ultimate aim for the company is to collect diverse ethnic data set which can be used to predict diseases before disorders are detected through medical exams.
Blockchain's Impact On the Entertainment Industry
Gaming is one of the biggest entertainment industry generating billions of dollars, however before DLT came into the picture the games were totally owned by the developers and they had complete authority over every aspect of it. There was no virtual ownership for the gamers even though they spent hundreds and thousands of dollars to purchase in-game virtual assets. However, all that is a thing of past now, with DLT, the difference between virtual and real world is narrowing.
Robbie Ferguson and his brother James cofounded blockchain based Fuel Game which allows the player to become the true owner of their digital assets. Fuel Games' infrastructure claims to guarantee scarcity, inflation, ownership, and tradability. The game has also introduced a digital version of star athletes, who can sell their merchandise in the virtual world. This has created many monetary advantages for the star players, helping them make some profit out of their virtual popularity and skills.
Blockchain in Data Sector
The commodity exchange fraud back in 2015 resulted in losses exceeding billions of dollars and tarnished the image of the Indian capital market. Now a two-year-old startup Elemential Labs has taken upon themselves to bring the trust back to the sector.
The co-founder Anilkishen Dukkipatty, Sahil Kathpal, Raunaq Vaisoha promises to implement blockchain and DLT to ensure immutability of complex financial data. Recently, the National Stock Exchange of India tested an e-voting system on Elimential labs platform
The firm has also worked with prominent institutions like Reserve Bank of India, and the Securities and Exchange Board of India.
Singapore a Major Hub For Blockchain Based Enterprises
Apart from data, entertainment, and healthcare blockchain based use cases are on the rise and the biggest hub for enterprises focused on building a blockchain based business solution in Singapore.
Singapore hosts one of the highest valued enterprise group Qtum which see itself competing against the Ethereum network. Just like Etheruem's approach towards creating a complete blockchain ecosystem, Qtum also hosts several decentralized applications and is currently valued at a whopping $250 million.
Apart from Qtum some other notable enterprises focused on bringing a decentralized solution to various sectors include FutureMoney Ventures, which focuses on investing in disruptive technology, namely digital assets. RateX is another name which is basically a browser extension which automatically finds the best exchange offers for the users.
Blockchain and Distributed Ledger Technology is slowly but surely changing the way people used to look at various sectors. With correct implementation of DLT, many sectors which were plagued by the middlemen and monopoly of few can rise to new highs, providing equal opportunity to everyone as per their respective potential.