.png)
6-WEEK ONLINE CERTIFICATE PROGRAM
.jpeg)
With each blockchain success story, companies across the world become more optimistic about the technology and its future within the global economy. In fact, many companies have already begun the transition to adopt blockchain technology, including several global industry leaders.
A wide variety of industries, including technology, entertainment, logistics, and even government, have made serious inquiries into the possibilities of blockchain. As more businesses and entities continue in their adoption, the strength of the network across industries and international borders will only grow. Several exemplary companies have already taken the first step and have provided the world with valuable lessons. As more blockchain case studies become available, more companies will undoubtedly continue their own adoption of this technology. Continue reading to learn more about how companies are relying on blockchain technology for crucial operations.
The following three blockchain case studies exemplify the uses of blockchain in everyday business practices that are gaining more momentum as time goes on.
Both Ethereum and Algorand are strong Layer 1 competitors with robust blockchain networks. However, Algorand moved to improve one of the most critical scalability factors that characterize leading candidates: transactions per second (TPS).
At its peak, Algorand is capable of processing up to 1,300 TPS. This velocity is in stark contrast to Ethereum and even Bitcoin, which can process at 13 and 5 TPS, respectively. Most importantly, this means that costs to transact with Algorand are much lower than with Bitcoin or Ethereum.
Many experts point to the impending Ethereum upgrade, highlighting the Layer 1 player’s anticipated efforts to improve scalability as part of most blockchain technologies' trilemma. The move to a proof of stake (PoS) verification system from proof of work (PoW) should help improve the TPS and, in turn, the scalability of Ethereum. However, many are not sure it’s enough to compete with the already-existing benefits of Algorand.
The real question remains: will enterprises continue to choose Ethereum and other, older blockchain technologies for their reliability and high asymmetrical security? Or will they opt for a cheaper solution that may put more stock in scalability? Time will tell.
Musicians today face a steep mountain of paperwork, processing, and verification when they create a new song. Much of this occurs in the “old-fashioned” way, with paper contracts and outdated verification systems that only slow down the process. In some cases, these requirements for protecting intellectual property can even impact a musician’s earnings.
However, the Amazon Managed Blockchain (AWS) allows creators to leverage digital rights management (DRM) features with their music. The Amazon Managed Blockchain, combined with digital rights management, helps creators and record labels manage copyrights more efficiently. Building upon an already-established network and with less paperwork to handle, the entire process is subject to fewer bottlenecks.
Sony leads the pack in this effort, which relies on AWS to create a blockchain that hosts the content rights and efficiently verifies the copyright processes that follow. In most cases, AWS’s services cost much less than competitors, with fewer integration hiccups. In addition, verification is immutable, and musicians benefit directly through increased revenue due to the savings AWS provides.
Poste Italiane is just one of many organizations working with Hyperledger to integrate blockchain into their business model. As the mainframe through which all Italian mail flows, Poste Italiane joins FedEx in modernizing its approach to providing blockchain logistics services to Italy’s citizens.
There are many goals that blockchain can help Poste Italiane accomplish, like increasing security and transparency and providing loyalty programs for customers that use Poste Italiane. Efficiency improves as well, along with supply chain tracking and logistical oversight.
Along with many outdated services and industries impacted by the advent of blockchain, postal services can easily leverage the benefits of a blockchain to fulfill modernization efforts. For example, Swiss Post is also working on integrating with blockchain to modernize and improve its workforce.
The long-reaching effects of integrating blockchain and the postal service can easily be seen in the laws passed by the Italian Senate vis-á-vis blockchain technology. With the laws providing structure and popularity providing progress, it’s only a matter of time before many other industries adopt a business model with blockchain at the core.
For business professionals interested in learning more about the applications of blockchain technology and the value add to businesses and users, the Wharton School created the Economics of Blockchain and Digital Assets course to help financial professionals navigate the new environment created by blockchain. The blockchain certification course features more than 80 videos, 7 industry-leading case studies, 3 crypto valuation models, and more. For more information on the program or to enroll, visit our information page to learn more.
--
This article is for marketing purposes only and does not intend to represent the opinions of the program.
.png)