A Star Is Born? Take it easy, not so fast. Part 13

Applications

„Grown-ups never understand anything by themselves, and it is tiresome for children to be always and forever explaining things to them" ― Antoine de Saint-Exupéry.

Most practical use cases of the blockchain, can be find in the financial sector.

Cryptocurrencies: Blockchain application as transaction log for various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Monero (XMR).

Business Networks: Blockchain Smart Contracting and Applications Data exchange such as Ethereum (Smart Contract Applications), Hyperledger and Multi chain.

Banking: Blockchain inspired applications in financial transactions such as Corda and Ripple.

Blockchain technology is used by various FinTechs.
In 2016 financial service provider Bitbond got a licence of the Federal Institution for Financial Services Authority (BaFin) in Germany and handles the lending business between individuals (P2P lending) using the blockchain technology.

R3 is leading a consortium of world-leading financial institutions involved in the implementation of a blockchain-based system for handling financial transactions between financial institutions. They rely on the blockchain solution Corda.

Ripple provides a communication protocol for banks based on the blockchain technology similar to the SWIFT protocol (Society for Worldwide Interbank Financial Telecommunication).

Blockchains can be used in all areas that involve the collection, proof or transactions of any kind of contract or object.

Due to the specific characteristics of Blockchain - in particular distributed consensus building, digital transfer of values, automation and irreversibility - the technology on the one hand has the potential to question the entire business model of many organizations and institutions.

On the other hand, it also offers the possibility of new business models that can not be achieved without Blockchain, at least not economically.