Introduced in 2008 as the technology enabler for Bitcoin, blockchain can now address many challenges across a wide range of industries. Its architecture and built-in trust mechanisms make blockchain implementation a perfect way to collect, store and share data. Blockchain, as most other innovative emerging technologies, has long had a status of a misunderstood and overhyped phenomenon, the potential of which was yet to be unlocked.
However, the sharpest minds together with industry visionaries, Itransition included, kept exploring blockchain’s immense potential. After hundreds of failed PoCs and pilot projects, blockchain is finally entering the phase of global recognition. Gartner’s 2019 Hype Cycle for Blockchain Business report states that 60% of CIOs expect to adopt blockchain in the next three years. In fact, a successful blockchain project can be found in almost any major industry. Let’s look at six real-life examples of blockchain implementation.
US Air Force and Others Use Blockchain to Ensure Data Security
Brand: Xage Security
Blockchain implementation area: IoT and security
Xage Security, a California-based cybersecurity firm, leverages blockchain to protect industrial IoT networks. Xage has already served more than 1,000 companies worldwide, ensuring secure data exchange between IoT devices in industrial ecosystems.
Xage’s expertise in blockchain-powered cybersecurity has recently sparked the interest of the US Air Force. Most military networks are centralized systems with thousands of connected devices, which makes them vulnerable to cyber-attacks. Xage solves the challenge using its blockchain-based Security Fabric to store policies stipulating the terms of nodes joining the system and tracking their activity. The company was contracted by the USAF to enable a previously unattained level of data security.
Nonprofits Use Blockchain to Increase Transparency
Blockchain implementation area: Nonprofits and transparency
The level of trust…