The Algorand blockchain is the first open, permissionless, pure Proof-of-Stake blockchain which, without forking, provides the necessary security, scalability and decentralization required for the global economy. This blockchain technology enabled traditional finance and decentralized financial businesses to utilize its platform for decentralized applications and transactions.
The industry applications of the Algorand blockchain are extensive. These applications range from its application in asset management and crypto currency exchange to copyright and identity management. In this article, we will be going through the major industry applications of the Algorand blockchain.
Asset management involves the development, operation, maintenance and sale of assets in a cost-effective way. Every individual and organization need to keep track of their assets to enable them determine which of the assets are available and which of these assets can be used to gain optimal returns.
In a bid to ensure effective asset management, the digitization of assets was developed. However, in today's economy, there are numerous issues when it comes to asset digitization. These include lack of access to global digital markets, difficulty of access control and lack of constant transferability.
To solve these challenges, Algorand began asset tokenization on its platform which provides users with increased core security, simplified usage and transaction finality on a high performance blockchain. Asset management companies are using the Algorand Standard Asset (ASA) mechanism to represent assets including fungible and non-fungible assets on the Algorand blockchain.
With plagiarism on the rise, copyright management has been a huge task for authors and publishers over the years. To tackle the plagiarism challenge, collective copyright management companies are partnering with technology providers to develop new technologies that promote inclusivity and transparency.
At the forefront of these technology providers is Algorand which is using its blockchain platform to provide a new ecosystem for copyright management. Collective copyright management companies such as SIAE are using the Algorand high performance blockchain for reliable management of the metadata and transactions necessary for proper rights management.
In the traditional exchange industry, transactions are executed through trusted and legal frameworks. However, these transactions are limited as only few exchange companies enjoy the trust and legality required for these transactions.
To ensure that exchanges become incredibly fast and secure, Algorand created Atomic Transfers, a technology that provides a trustless solution in Layer-1. Through Atomic Transfers, Algorand is providing individuals and organizations with a secure way to exchange crypto currencies, fiat currencies and digital assets without a need for escrow or reliance on hash time-locked contracts.
With Atomic Transfers, many transactions are grouped together and either all transactions are executed or none of them is executed. This is a new way of technical execution of transactions that is smooth and fast.
Nowadays, the popular trend in the global world is the use of e-commerce platforms for wholesale and retail transactions. With an increase in the breach of data of e-commerce platforms, the Algorand blockchain has now become the new hub for these platforms to operate as it provides the necessary security required by the platforms. The Algorand blockchain enable the use of decentralized currencies such as stable coins and crypto currencies to create more opportunities in which e-commerce platforms can operate.
GAMING AND SPORT
The Algorand blockchain technology is also revolutionizing how online games and sports are accessed. With FIDE Online Arena taking the lead, sport agencies and game developers are leveraging the Algorand blockchain to remove friction in the new era of decentralized and transparent gaming while expanding access to players and sports enthusiasts globally.
The Algorand blockchain is being used to record official game ratings and titles data in real-time, bringing reliability and transparency to the rating system of these games. This helps to ensure full transparency and automation in the digital game world.
The advancement of blockchain technology is transforming the healthcare sector as well. Due to its scalability, security and transparency, the Algorand blockchain is currently being used for contact tracing of the spread of pandemics such as the COVID-19 disease. It has also been put to use in the enhancement of consultations with medical practitioners.
Although not fully explored yet, the Algorand blockchain can also be put to use in telemedicine to facilitate remote patient examinations and medical screenings.
SUPPLY CHAIN MANAGEMENT
Supply chain management involves the control of the flow of goods and services and includes all processes required for the transformation of raw materials into final products. These processes enable suppliers to develop and implement supply chains through transactions that are as efficient and economical as possible.
The supply chain management industry includes a range of existing supply chains that depends on intermediaries to provide trust and execution. This dependence leads to unnecessary delays and costs in the delivery to the consumer.
To address these delays and inefficiencies, Algorand developed its smart contracts at Layer-1 (ASC1) to automatically enforce custom rules and logic around how assets, goods and services are transferred. With these trustless execution contracts on the Algorand blockchain, suppliers are now able to break existing barriers and deliver goods to consumers with unprecedented speed, less complexity and significantly lower costs.
To sum up, the industry applications of the Algorand blockchain cannot be overstressed. Apart from the aforementioned applications, the blockchain is also in use in the charity and social impact sector, identity management, crowd funding and a host of other sectors.
Media Kit | ALGORAND: https://www.algorand.com/what-we-do/media-kit
Asset Management Overview: https://corporatefinanceinstitute.com/resources/knowledge/finance/asset-management/
ALGORAND: What we do: https://www.algorand.com/what-we-do/technology
ALGORAND USE CASES: https://www.algorand.com/use-cases
Supply Chain Management: https://www.investopedia.com/terms/s/scm.asp