penang incubator for blockchain

focus innovation on blockchain technology that helps businesses accelerate digital marketing

by 25 startups

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FINTECH

To improve and automate financial services and processes, blockchain is widely used in the fintech industry. Ninety percent of banks in the United States (US) and Europe have adopted blockchain innovation. Like Bitcoin, Blockchain in the Fintech industry supports security, decentralization, clarification of transactions, etc., to promote the growth of this sector. In the Fintech industry, Blockchain is mainly used in Real-time Transport Protocol (RTP), Know Your Customer (KYC), trading, and digital identity.

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real estate

It is obsolete if it still uses the traditional form of real estate transactions. Today, blockchain smart contracts enable real estate tokenization. Potential impact on retail and commercial real estate sales, streamlined payments, and expanded access to funds and investment opportunities are making business enterprises and professionals appreciate blockchain technology. Implementing blockchain into the real estate industry will enable better property management and platform marketplace, fraud protection, and affordable costs.

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SUPPLY CHAIN

Supply chains play an important role as the cornerstone of the global market and macroeconomy. However, many companies spend a lot of money to ensure the supply chain runs smoothly and efficiently. Blockchain can help improve this problem with its transparent systems. Blockchain is used for supply chain financing, supply chain planning, food safety, and financial management.

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Edtech

Due to the COVID -19 pandemic, EdTech, also known as Educational Technology, saw a massive boom. This sector faces constant challenges, including latency, fraud, the loss of personal data, and others, but all these problems can be solved by using blockchain. As a result, many education companies have started using Blockchain for their student records and e-transcripts. Automated learning platforms, combating fraud on resumes and credentials, etc.

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agriculture

Blockchain helps with trust, transparency, speed and security for the agriculture sector after the implementation of IoT and AI. It is capable of ensuring food safety through food chain traceability. In addition, blockchain can also promote control of agricultural production, fair pricing, small business insurance, and transparency of subsidies.

FAQ

The best way to explain blockchain is as a distributed database shared by nodes on a computer network that stores information electronically in digital format. Blockchains play a critical role in cryptocurrency systems like Bitcoin. It serves as a secure decentralized ledger for Bitcoin transactions in peer-to-peer networks. Blockchain technology provides cryptocurrency with guarantees regarding the fidelity and security of a record and establishes trust without third-party clarification.

Blockchain has become important for businesses, especially for banking and finance with its key functions. Below are the key features that have made Blockchain one of the best solutions to business challenges:

  • Immutability: Creates more opportunities for the business platform in the highly competitive market with a more functional system.
  • Transparency: Blockchain, like public blockchain, is able to provide transparency due to its nature.
  • Digital freedom: As the backbone of least centralized authority.
  • Truly decentralized services: Able to provide a greater and fairer service.
  • Excellent use cases: Not limited to just one specific use case.
  • Better security: Use of cryptography to add an extra layer of security to data stored on the networ.
  • Cost-effective: Lower price compared to other technologies.
  • Improved efficiency: Better security, elimination of intermediaries, and overall better processes.