Blockchain in Different Business Sectors

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Blockchain is now hotcake!

As of late, technology is scaling more recent heights of accomplishment at an unbelievably fast speed. One of several hottest triumphs during this direction may be the evolution on the Blockchain engineering. The new engineering has tremendously influenced the finance sector. The truth is, it had been initially designed for Bitcoin - the electronic currency. But now, it finds its software in the variety of other things likewise.

They can be developed without an intermediary layer and in a secured manner, trusting its data in a distributed network that do not reveal any confidential information about the parties and nature of the transaction. This would serve, for example, to make payments, purchases and different types of transactions safely.

In this way, there are several cases where blockchain is already being used or will be used:

1. Cloud Storage: Cloud storage services such as Tencent, Dropbox or Google Drive are centralized, and by using blockchain, you are trusting the provider to "respond" to the data you store in the cloud.

Imagine that this service is provided in a distributed way using a network based on blockchain to increase security and make the service less dependent, its users can also rent the space they do not use to others as Airbnb does with accommodations.

2. Instant Transactions: That is to say, an international system based on blockchain for instant transactions of payments, savings, transfer and international remittances, lowering costs.

3. Credential Management: The blockchain technology allows users to create their own identity digitally. This ID based on blockchain will soon replace usernames and passwords online. You can use your blockchain identity to access applications and websites, sign digital documents, etc.

4. Patents/Property Registry: One of the first non-financial services that have been given to the blockchain is the inclusion of encrypted information within the transactions. In this way, you can create an impossible to replicate hash that is associated with a single document stored outside the blockchain. An interesting application is the registration of patents or intellectual protection. Any company could prove that it has created a technology on a specific date without having to make a formal application to register the patent before any centralized entity.

5. Registration and Verification: Just as transactions can be stored immutably under blockchain, this technology can be used to store any other type of information.

  • Its possibilities are enormous both in the business sector and the public. For example:
  • In clinics and hospitals: to create a registry with the data and the medical history of the patients.
  • In the property registry: to create a record that shows the owner of each property as well as all transactions of sale made. In this way, any fraud or manipulation is avoided.
  • For vehicle registration.
  • For the protection of intellectual property and the creation of creative digital products, such as music, photos, electronic books, etc. If you have an original work of your creation in digital format, you can encrypt it and store it as a transaction in a block designed for it. As a result, authorship and the date on which it was registered will be registered.
  • Record births and deaths, marriages and divorces, etc.

6. Electronic Voting: The organization of elections in a manually has a very high cost. It includes the creation of voting cells, the distribution of people in polling places, organization, supervision, and counting itself. Electronic voting systems are subject to attacks. It is difficult to register the vote and that it is in turn not public. Blockchain can solve this issues because it would allow a voting system in which the identities of the voters were protected, unforgeable (a hacker would need much more computing power than computers in a distributed network), at a low cost and that, can be public. This system would provide security and veracity, avoiding all the insights surrounding the elections.

7. E- Governance: With blockchain technology, any organization such as clubs, municipalities, regional governments and central government can present their actions in real time.

These institutions can use digital currencies such as Bitcoin, and in this way, all associates or public can view the financial statements and monitor the income and expenses in real time and at a much lower cost.

8. Automatic Execution of Contracts: They refer to software programs that collect the terms of a contract between the parties and are stored in the blockchain, with the peculiarity that they are self-executing when a series of conditions specified in the contract itself are met.

In this way, intermediaries are avoided, reducing costs and bureaucratic delays; as well as any interference by a third party.

The possibilities of this functionality combined with other new technologies such as the Internet of Things and financial technologies are enormous.

For example:

  • You could connect the information of a sales contract with a GPS so that the intelligent contract automatically issues the payment to the supplier and the carrier as the package arrives at its destination.
  • Or make an intelligent contract for the leasing of a vehicle that in case of non-payment of any of the receipts prevents the driver from starting the vehicle or accessing it. And in the future, in case of being a self-contained vehicle, the car could even return alone to the company that owns the vehicle that offers the lease.
  • It could also transform the world of music so that musicians can grant licenses to use their music and receive the corresponding payment without the need for lawyers, accountants, and intermediaries. As a result, artists could receive more money for their work (everything that intermediaries now take) and the sharing of benefits among all parties involved would be much more transparent and reliable.

9. Notary Services: The blockchain allows you to verify the authenticity of any document that has been registered in it, eliminating the need for a centralized or third authority to certify it.

A document certification service attests to the authorship (who created it), its existence (at what specific moment it was created) and its integrity (which has not been manipulated).

Since the blockchain cannot be altered and can be verified by independent third parties, these services are legally binding.

Among its main advantages:

  • It is more certain that, unlike a person who can corrupt, the blockchain cannot be altered.
  • It can be cheaper since the functions are automated.
  • Thanks to the possibility of registering anything in it anonymously, it guarantees the privacy of the registered document and of those who request notary service.

 

Reference: Top App Development Companies

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