Although still in their infancy, blockchain and distributed ledger technology (DLT), have proven to be a powerful catalyst for changing outdated business models. Innovative blockchain solutions have made their way into mainstream markets over the years. They have positively impacted many prominent sectors, bridging DLT and real-world applications.
Blockchain-based solutions are transformative in many industries including IT, finance, marketing, and IoT. Blockchain's distributed nature, peer-to-peer networking, security, and transparency are all being recognized by
entrepreneurs around the world. Businesses can create more transparent and open environments, and automate many of their manual processes by incorporating blockchain.
Many promising and innovative blockchain projects have successfully combined traditional business models and open-source or permissionless technology over the past few years. This has laid the foundation for a more inclusive and accessible world.
These are the three most prominent blockchain-related projects of the next generation.
The Amazon Of Decentralized Databases
Bluzelle, also known as the Airbnb Of Databases, aims to establish a new standard for a decentralized internet. It uses blockchain technology to create a decentralized database that collects and secures data through distributed ledger technology.
Bluzelle allows anyone to store structured data, and then use it via smart contracts for dApps without any censorship. It also ensures maximum scalability. Bluzelle, built with Cosmos SDK and based upon Tendermint’s Byzantine Fault-Tolerant technology is a potential powerhouse that could play an important role in shaping the future decentralized web.
Bluzelle is decentralized, meaning that there are no central authorities to oversee or manage its operations. Bluzelle relies on network participants to share their redundant storage with others, allowing them to receive compensation in BLZ tokens.
This innovative project has one of the best aspects: there is no competition with existing decentralized storage solutions. Bluzelle is a new ecosystem that works with existing programs such as Sia, iExec, and Substratum. Bluzelle isn't trying to eliminate legacy databases from the market, but rather to set a new standard in blockchain technology.
BOTLabs, a German Blockchain company, developed the KILT Protocol. It is one of the first projects to use the Substrate blockchain framework. KILT is a new solution that protects data privacy and gives users greater control over their data.
The KILT Protocol is an open-source, blockchain-based protocol that issues self-sovereign, revocable, and anonymous claims-based credentials in Web3. This technology allows users to prove their identity online without the need for companies to collect passwords or user information.
Users must provide lots of personal information in order to sign up for online services, products, and apps. OAuth2, which is used by big brands such as Amazon, Google, Facebook, Apple, and Facebook to centralize user data, is the basis of the market. The user is unable to control the data that is stored across brands. Additionally, data silos that are centrally managed can be vulnerable to cyberattacks. This could lead to identity theft or misuse.
KILT Protocol is a protocol that allows for the creation of a permissive standard for managing credentials in a distributed format. This is possible by creating a universal model that allows people, objects, or organizations to claim random attributes validated before claims are stored in self-sovereign credentials, certificates.
It already supports several real-world uses, such as the recent Defi Polkadex project, DNA testing with Degenics, or the national digital registry for distributed energy resources for Germany's Federal Energy Agency.
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Bringing Smart contracts into the Outside World
It connects off-chain and on-chain applications with a blockchain monitoring and workflow automation system. It supports both B2B as well as B2C models and offers various analytics and monitoring tools for blockchain across industries.
The platform's use cases extend beyond the blockchain universe. Our apps can do off-chain tasks such as financial accounting, tracking transactions for compliance, and crawling for insights on competing blockchains.
Smart Triggers are smart contracts that are deployed in the environment. They rank highly among PARSIQ's most important features. These triggers are critical in expanding the functionality of smart contracts on-chain to the outside world and supporting a variety of real-world uses cases.
Smart Triggers are usually activated by external blockchains. It can allow for creative combinations of classified events. This can be observed by replaying transactions via our instrumented virtual machines. PARSIQ and Autonio Foundation partnered recently to allow Autonio's NIOX trading platform to make informed decisions in certain areas using Smart Triggers technology.
NIOX's new feature allows them to seamlessly connect off-chain and on-chain data in order to create alert systems that can be used for complex trading strategies that are triggered by specific triggers. PARSIQ's infrastructure, middleware, and data processing solutions are used to provide blockchain-based real-world solutions. This feature is currently used by Web3 and Web2 projects.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment, or financial advice.