Blockchain technology is transforming businesses in every sector. From logistics to finance and wireless technology, established industries are being revolutionized by the incredible potential of blockchain.
The best blockchain companies are ones that capitalize on the promises of emerging technologies to improve an established process of our world. That’s what Web3 is all about: to revolutionize the way we do things we already think of as modern.
You can only learn so much by following companies on cryptocurrency exchange platforms. There’s much, much more to blockchain technology companies than their native tokens.
Learning about all the ways blockchain can revolutionize a business is critical to understanding how companies like Helium are making changes around the world. And it’s part of the big financial promise of our company’s work.
In this blog, we will:
- Review the Basics of Blockchain technology
- Introduce the Sectors Impacted by Blockchain technology solutions, including:
- Explore how the Helium Network is using blockchain to craft a next-generation global wireless network
- Introduce Emrit’s distributed blockchain infrastructure mission
Blockchain Basics: A Review
A Blockchain network is a decentralized one, with many access nodes at the edge of the web, as opposed to one central authority or server. It’s often called a “trustless network” because it requires no trust to remain secure.
Transactions or information transfers happen on this network. They are significantly more efficient than on a centralized network because they can happen across the web, at multiple access points. Each transaction or transfer, once confirmed, forms a new block in the chain. Once added to the chain, it cannot be changed or erased.
In order for a transaction or transfer to be completed, a random node on the network must execute a consensus mechanism that creates an immutable ledger of the action in the network (a new block in the blockchain). It keeps a copy of the blockchain, including every previous block, stored securely.
Consensus Mechanisms in Blockchain
A consensus mechanism usually involves multiple nodes challenging one another for the accuracy of their information and involves one node “winning.” The node that successfully confirms the transaction creates a new block in the blockchain and keeps an immutable copy of the chain. The operator of the node is usually rewarded in cryptocurrency (also called, “mining”).
A consensus mechanism is most frequently be proof of work (which requires nodes to contribute computing power by completing a math problem) or proof of stake (which requires nodes to stake cryptocurrency on the validity of information).
But more forms of consensus mechanism are emerging. Proof of coverage (which involves nodes in proximity to one another challenging each other for the validity of their signal) is a promising new system that underlies the Helium network.
Since each consensus mechanism is based on the validity of information, blockchain technology allows the network to remain secure from outsiders and makes it impossible to breach.
Examples of Blockchain Technology in Action
Blockchain technology is impacting the business world in a variety of sectors. The top blockchain companies are working at the cutting-edge of digital innovation to design and innovate new ways to interact with the metaverse and the real world. From the financial sector and custom software development to artificial intelligence and the healthcare industry, take a look at some of the ways blockchain is changing the world for the better.
Cryptocurrencies have already established themselves alongside fiat currencies (“real” money) as valid units of wealth around the world. All of them are Blockchain-based.
What started with Bitcoin has come to encompass a vast, growing collection of various currencies and digital assets. All of those currencies use Blockchain technology to ensure valid and secure transactions. That’s essential when you don’t have a physical “bitcoin bill” to give to someone.
The Ethereum blockchain was the first big blockchain to emerge after Bitcoin, and they have made a name for themselves as a major business venture in just a few years.
Secure Terms: Smart Contracts in Action
Blockchain isn’t just for cryptocurrency. The technology can be used to guarantee and enforce contractual obligations in any sector. A smart contract is one insured by Blockchain technology.
Take the music industry. Mediachain is an application that uses blockchain technology to allow artists to demand higher royalties from streaming services – and actually be paid on time and in full.
In the logistics world, shipping company DHL is at the forefront of using blockchain solutions to keep an immutable ledger of shipments and maintain the integrity of their service. Blockchain is helping companies up and down the supply chain keep their supply chains functioning properly.
Securing Personal Identity
Blockchain services are not limited to finances or contracts. In fact, they can provide incredible opportunities for securing and storing sensitive information in an unbreachable network.
The impact on the healthcare sector has been immediate: new applications and systems of doctor-patient information transfer use Blockchain to keep privileged, sensitive information like your medical records safe and secure. Depending on what system your healthcare professionals use, you might already be benefitting from a Blockchain-secured network!
Governments are making use of blockchain, too! The Illinois Blockchain Initiative is a state-sponsored program in Illinois that has begun securely digitizing citizen information.
Now for something a little more abstract: there is a whole market for companies that develop blockchain companies. Solu Lab is an example of a well-established company that works as a sort of blockchain consulting firm and specializes in turning ideas into a blockchain company.
A blockchain development company is one that uses blockchain-secured web development to help other companies design their blockchain system. As a worthwhile enterprise, software development company solutions are becoming more sought after, especially as the blockchain ecosystem grows increasingly complex.
The potential of blockchain extends into the realm of connectivity. The Helium Network uses a Blockchain platform to provide a safe, global information-sharing network for IoT devices.
A Helium hotspot is a simple device that sends out a radio-powered signal and thereby provides Helium LongFi wireless coverage. The security of the network’s coverage is guaranteed by the blockchain. Helium miners earn HNT in return for hosting hotspots.
Helium is one of the most exciting Blockchain projects of the moment: its growth potential is enormous, promising, as it is, to establish a global alternative to centralized cell carriers. Indeed, Helium is expanding into the 5G sector. Providing a people-powered network for people, free from corporate greed and blockchain secured? Sounds good to us, too.
If you want to help build the Helium network and earn HNT while doing it, consider investing in a Helium miner. And if you’re looking to get in at a lower price point, join Emrit and take advantage of our profit-sharing model. We subsidize the cost of a miner and split the HNT profits with you.
Summary: Blockchain Is Changing Our World
Blockchain technology may still be growing and evolving, but it’s already having a significant impact on just about every sector imaginable. From financial transactions and secure contracts to impenetrable information databases and transfers, Blockchain has a variety of uses that are destined to change the way we use our digital space.
One of the more exciting blockchain companies to invest in is Helium. By joining Emrit, you can get in on Helium mining and potentially earn a big pay-off in the long run. As a member of our community, you’ll be first in line for future projects, too.
In today’s blog we:
- Reviewed Blockchain basics
- Introduced the sectors of the biggest companies using blockchain
- Explained how Helium and Emrit are taking advantage of blockchain technology
Emrit aims to play a part in the growing possibilities of Blockchain technology. As a distributed blockchain infrastructure company, our goal is to design and distribute hardware and software to build and reinforce Blockchain networks across the internet.
For more on our business, our critical role in Helium mining, and our projects in development, browse our website, join our project, and subscribe to this blog. Be a part of Web3 and the future of digital technology and join Emrit today!