Deep learning vs neural network

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5 Industries the Blockchain Technology is All Set
to Disrupt
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(No Transcript)
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Remember how bitcoins turned people into
overnight millionaires. While the era fizzled as
abruptly as it erupted, it is the underlying
technology of bitcoins Blockchain that left a
lasting impression. Blockchain is hailed as the
best invention since the Internet, by many. It is
believed to have the potential to change the
world as we know it. It is already showing how
the technology can disrupt industries, making
them more secure, agile and fit for the digital
era. But, before we dive in deeper to know how
blockchain will disrupt industries, lets
understand how blockchain works.
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How Blockchain Works? The simplest way to
explain a blockchain is to imagine a spreadsheet
that is being shared by multiple people. But,
whenever a change is made in the sheet, all other
members know who has made the change and how. The
change is made across all copies of the
sheet. In blockchain technology, there is a
ledger board showing the changes in real-time.
Every record changed/maintained, creates an
unalterable block, which means it cannot be
changed by a single person. And, multiple such
blocks together form the blockchain.
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• A money transaction is a great example to explain
  the power of the technology
• A wants to transfer money to B
• The transaction is seen as a block created online
• This block is visible to every party associated
  in the transaction
• Once all parties approve and validate the
  transaction, the block is made part of a chain
• The transaction is now valid and the block
  becomes part of a chain that cannot be tampered
• It is now a permanent record and the transaction
  is valid

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A Quick Look at 5 Industries that Blockchain will
Disrupt Banking The banking industry could
undergo an overhaul with this technology.
Maintaining records efficiently has been a
problem the finance industry has been facing for
years, leading to fraud, over expenditure and
other problems. For example, this Accenture
report1 explains how blockchain technology can
help reduce infrastructure costs for banks by up
to 30 percent, saving 8B to 12B in annual
costs. With blockchain, banks dont have to
maintain a fragmented database, and a shared
ledger board will be seen among the involved
participants, which will help reduce costs and
also add a layer of security. The payments will
be safer as any tampering with the transactions
will need the approval of all the parties
involved. It will reduce the time taken for the
transaction, especially international
transactions. For example, Waves a blockchain
platform has managed to run 190
transactions/second.
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Now, the most important part smart contracts.
Smart contracts wherein one has to take into
account set rules, penalties and define who the
asset will belong to under certain pre-defined
conditions. Executing such tasks is definitely
complex on paper, and often leads to legal limbo.
With blockchain, every part will be well-defined
and well-coded, and the implementation will rule
out the need for a third-party enforcement team.
Trade will be easier with blockchains real-time
reviewing abilities.
Procurement and Supply Chain In manufacturing,
precisely in the procurement and supply chain
domain, blockchain can play a huge role,
disrupting the industry in a new fundamental way.
One of the biggest problems faced by procurement
officers is traceability and transparency of
assets across the various stages.
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Most companies ask/assign others to do the
purchasing on their behalf. And, companies are
known to negotiate procurement discounts, which
is often based on the volume of purchases. So, it
is very difficult to keep a track of the volumes
across subsidiaries and every stakeholder in the
supply chain network. With smart contracts,
blockchain ensures added transparency offers the
proof about how goods were sourced and if and how
they comply with regulations. Blockchain will
help maintain this transparency across the
various stages of asset procurement. This
essentially means maintaining transparency from
origin to the shelf and creating a trustworthy
factor for buyers.
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Entertainment The entertainment industry has a
major copyright problem. It isnt easy to put out
your music, get a recording deal and then rely on
a music company to record, distribute and
monetize it. It will be more important as we move
forward than ever before. After all, the digital
era means increasing creation and consumption of
content online. This has also created Blockchain
offers a digital public database that stores all
the encrypted records of ownership and also smart
contracts are executed which means nothing can be
changed without the consent of all stakeholders
involved.
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It also helps creators solve the payments issue.
Platforms such as Patreon are focused on helping
creators raise money from their fans, these
platforms are still in the middle as a
facilitating platform. The use of
crypto-currencies helps eliminate any and all
middlemen by securing payment and reducing
transaction costs, freeing up a greater portion
of each sale for the creator, points out
this Forbes report2. For music distributors, the
blockchain would make it simpler to honour
licensing agreements and value artists
contributions.
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Real-estate Blockchain has the capability to
transform the real-estate industry in a way like
never before. When you rent or purchase a
properly, it involves lack of transparency,
varied fees, heaps of paperwork and several
negotiation transactions. Blockchain will
eliminate all of it and ensure that buyers, as
well as sellers, can view the previous records. A
shared database will make leasing and purchase
and sale transactions simpler. It will eliminate
the problems caused due to lack of trust among
entities. Blockchain will bring additional
benefits such as improved property search
process, smarter and expedited lease decisions,
efficient processing of financing and payments.
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Healthcare In the healthcare industry, it has
the ability to securely, keep a comprehensive
track of a patients health records. A patients
medical history could be in fragmented across
multiple health providers and organizations, but
blockchain can hold it all together and help
maintain a trackable, transparent and unalterable
record without the permission of all parties
involved. This essentially means a
blockchain-based platform wherein every change
made to a patients record will be verified,
creating transactions that will keep adding to
the larger blockchain.
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