The emergence of Blockchain technology opened diverse opportunities to different sectors of the global economy.
Blockchain was originally used by Satoshi as a medium to facilitate payment in a secure and decentralized environment, but today, it has grown to be inclusive of (but not limited to) insurance, agricultural, commercial and entertainment utilities.
USE CASES FOR BLOCKCHAIN TECHNOLOGY.
1) Artists can use the blockchain for more transparent analytics of their music or video streams. Companies like Ditto Music are already integrating the Blockchain technology with their music services.
2) The use of BAAS is another important advantage . BAAS stands for ‘ Blockchain as a Service’, it is significant for the use of Blockchain to facilitate services offered by companies/firms.
Companies like Amazon and Microsoft are already applying the BAAS method in their organizational practices.
3) The Blockchain technology is transparent and irreversible and as such can be a better mechanism for carrying out the operations of a supply chain.
Aerospaces and Medical industries employs the services of VeriTX ; a digital commerce marketplace on the Blockchain, used for buying and selling of digital and physical assets.
4) ‘Trust’ is an underlying emotion built by Blockchain technology among businesses. Related companies can now consolidate their operations across industries using the blockchain.
Partnering with other firms without the fear of compromise or corruption of data and with proper data controls is an important benefit of using the blockchain technology.
5) Your data is personal to you and should be protected. This is possible with the Blockchain because data is decentralized and platforms will require your permission to access your data.
More and more, companies are exploring the advantageous use cases of Blockchain for profit. But what if, through consensus mechanism and the current existing features of the Blockchain, we can create sustainable impact and development without dehumanization… A Blockchain for benefit? The answer to this question is the 5ireChain.
All You Should Know About The 5ireChain.
The 5ireChain is a fifth generation blockchain co-founded by Pratik Gauri, Vilma Mattila and Prateek Dwivedi, aiming to solve the Sustainability issue of Blockchain technology.
They indicate many building blocks that can be combined to further create tools and schemes that are going to make our shift from the fourth industrial revolution to the fifth.
5irechain intends to be the leading blockchain ecosystem to solve sustainability
issues with its core technology, “Proof of 5ire”. It integrates sustainability & social impact at the consensus mechanism level by economically rewarding companies for their sustainable practices.
The 5ireChain brings an ideal shift from a for-profit to a for-benefit economy where innovation in services towards humanity is acknowledged and rewarded.
5ireChain use cases include the introduction of E-governance, management of self-sovereign digital identities and the development of smart cities. They aim at being the world’s first sustainable blockchain infrastructure where user centric decentralized activities can be built on.
5ireChain supports its tokens and NFTs and allows users to build their own tokens or migrate their existing tokens.
Insurance services are also offered by the 5irechain and they are working with the UN to tokenize the 17 SDGs and bring them on-chain to ease its achievement.
5ireChain has raised a total funding of about $11.1m and has multi partnerships with notable brands like Xp.Network, CoinPublic Ventures, etc, 5irechain is set to usher in and boost the next revolution.