To better understand the impact of blockchain technology on decentralization and its advantages and limitations across industries, we reached out to experts in various fields. From a CTO and Co-founder discussing transparency and trust in digital assets to an Industrial Engineer sharing insights on the food industry, here are five perspectives on how blockchain is revolutionizing the way we do business.
- Generating Returns on Digital Assets Securely
- Aligning Parties With Accurate Data in Pharma
- Unique Assets and Scalability Issues in NFTs
- Revolutionizing Digital Identity Management
- Transparency and Scalability in the Food Industry
Generating Returns on Digital Assets Securely
Blockchain enables decentralization by utilizing distributed ledger technology and consensus mechanisms, eliminating the need for a central authority. Participants in the network maintain and validate the system independently, ensuring heightened security against attacks and‌ enhancing transparency and trust.
As one of Southeast Asia’s fastest-growing digital assets innovators, Cake Group empowers investors to generate returns on their digital assets through DeFi services and applications in a secure and transparent way.
We were among the first in Asia to publish our Proof of Reserves using the cryptographically audited Merkle tree method in a continued effort to build trust and provide transparency on user funds. We also provide full transparency on how yields are generated, with real-time on-chain data about customer funds. Users can ensure that their funds are safe and completely accounted for because all transactions can be verified directly on the blockchain.
U-Zyn Chua
CTO and Co-founder, Cake Group
Aligning Parties With Accurate Data in Pharma
Blockchain enables decentralization by storing data across a network of computers instead of one central server. Everyone in the network has a copy of this chain, so they can all independently verify the data.
In pharma, this is huge for things like contracts and chargebacks. Chargebacks involve refunds requested by wholesalers when they sell medications at a price lower than what they bought them for. Managing these transactions can be complex, and without a clear view of all transactions, disputes can arise.
The MediLedger network uses blockchain to implement decentralization in managing these chargebacks securely, aligning all the parties involved with the same accurate data that they can trust, and making transactions more efficient.
Juli Cooper
Head of Marketing, Chronicled
Unique Assets and Scalability Issues in NFTs
Imagine a giant public bulletin board in the town square. Anytime someone buys or sells something, they write the details on a card and pin it on the board. Everyone can see it, and once it’s pinned, it can’t be changed or removed. This bulletin board is like the blockchain: a public, permanent, and unchangeable record of transactions.
Now, imagine the whole town has a role in verifying these transactions—not just the mayor or the sheriff. This is decentralization: no single person or entity controls it. Everyone checks the details together to ensure no one cheats.
NFTs are unique digital assets stored on the blockchain. Think of them like rare collector’s items in the digital world. For example, an artist could create a digital artwork and sell it as an NFT. Because the artwork’s ownership is recorded on the blockchain, it’s clear who owns it and proves authenticity. One challenge with NFTs is scalability. As the number of transactions increases, verification can slow down.
Founder, NFTCommunity
Revolutionizing Digital Identity Management
Blockchain enables decentralization by creating a distributed and transparent network where information is stored and validated by computers, eliminating the need for a central authority. This offers enhanced security and resilience against hacking. However, scalability is a challenge for some blockchain networks.
In digital identity management, blockchain revolutionizes by allowing individuals to control their personal data and securely share it across institutions. For example, healthcare providers can share patient records, ensuring privacy and seamless care. This empowers individuals and improves efficiency for a secure future.
Co-founder, TechNews180
Transparency and Scalability in the Food Industry
Blockchain achieves decentralization by distributing a ledger across multiple participants known as nodes in a network. Transactions are verified and recorded by consensus among these nodes. The advantage is the transparency it brings to systems.
In a decentralized blockchain network, each participant has a copy of the ledger, and transactions are transparently recorded, verified by consensus, ensuring access to the same information, reducing fraud. Scalability is a limitation. Bitcoin has experienced scalability challenges because of its proof-of-work consensus.
Example: A food company using blockchain. The decentralized nature of blockchain allows the company to create an immutable record of every stage of the supply chain from farm to fork. Each participant, such as farmers, distributors, retailers, and consumers, can access the blockchain network, verifying data related to the origin, quality, and handling of products. This enables consumers to trace the journey of a food product, ensuring its authenticity and quality.
Industrial Engineer, DHL Supply Chain
