The blockchain must be one of the most significant inventions of previous years. Not so long ago, only tech geeks and Bitcoin miners had a clue about this technology, but today it has become widely accepted. A short Blockchain technology definition can be formulated as follows: it is a time-based series of permanent records of information that are processed by a group of computers.
All the elements of the blockchain (known as blocks) are protected by complicated cryptography and connected to each other. One of the main and most valuable features of blockchain is that it doesn’t have any centralization and therefore is not controlled by any authority.
This technology used to serve as a backbone for the most popular cryptocurrency – Bitcoin. Due to the high interest to cryptocurrency that effused far beyond the tech community, the potential capacities of blockchain rose into distinction. Businesses and large industries became interested in a new democratized system able to make all processes transparent. Hence, everything that uses blockchain as a basis becomes independent from any centralization and lets everyone be involved and aware of all operations that happen inside of the system.
Of course, the main trends supported by blockchain are transparent and open systems as well as automation of all processes inside of them. What is more, this technology has brought a new understanding of cooperation between people and businesses, when the issue of the human factor is completely absent.
Blockchain Use
The blockchain has already taken its place in a wide range of industries, including banking, healthcare, connected car market, etc. The heart of the business-oriented blockchain is the technology of smart contracts, which executes agreements between parties automatically and ensures that all terms are met.
This way, no middle man is needed to manage the transaction operations or charge fees. Deals become independent and fully-automated. However, it goes even further: smart contracts can protect personal information, process loans, perform scheduling, and more.
In this post, we are going to take a closer look at various Blockchain startups and industries that use this technology. Let’s see how this can change the way we perceive a variety of businesses.
Medical treatment and healthcare
The upcoming DC Blockchain Summit 2019 will definitely discuss new areas of technology’s implementations. No other industry can benefit from blockchain more than healthcare. Patients’ data should be stored safely and accurately. When it comes to all types of medical records, including admittance or operation results, it is absolutely necessary to keep information in order.
Traditional databases lack automation and this may lead to mistakes, loses, and other problems. On the contrary, blockchain treats every modification as follow-on data, which becomes a new block of the system. This way, a new record connects itself to the previous ones and displays its own date and time. Currently, blockchain is already being used by various clinics to:
- Track patients’ medical history
- Keep patients’ records
- Track the medical inventory
- Automate insurance approvals
Banking and finance
If you take a look at the list of events that usually take place at NYC blockchain week, a large conference dedicated to this technology, you will see that a lot of companies pay special attention to blockchain’s role in the banking industry. There is no wonder that this particular sphere is an object of interest because unregulated currency operations are controversial and seem to be a real problem for traditional financial institutions.
At the same time, those banks that are more likely to move with the times put this opposition aside and implement the benefits of blockchain into their systems. Why not? Blockchain can make transactions faster, safer, and cheaper. They have created a membership known as the Unity Settlement Coin that already includes the following banks:
- State Street
- Barclays
- HSBC
- Credit Suisse
- Canadian Imperial Bank of Commerce
Automotive industry
The rising trend of the automotive industry is connected car market, which is expected to grow in the following years. Blockchain technology can serve to regulate the processes in many ways:
- Tracking the location and functioning of cars
- Supporting cloud services to store large amounts of data
- Automating management tasks
- Keeping the information about vehicles secure and encrypted
- Saving data from any cyber threats
Online Gambling Industry
Being a lucrative industry with the predicted annual revenue $143.5 billion by 2020 online gambling attracts many innovators. Those, looking for the advantage over the competition, turn their sights to blockchain technology.
Due to blockchain such opportunities has been unlocked:
- Micro-betting
- Automatic payouts via smart contracts
- The decrease in the cost of money transfer
- Time reduction of the withdrawals processed
- Improvement of the legacy models for online gambling
- Higher rate of confidence and transparency
The Internet of Things (IoT)
In general, The Internet of Things (IoT) includes all devices and objects that are connected to the world web. However, these devices are not only connected to the global network, but also to each other. From smartphones and fitness bracelets to toasters, IoT unites various objects in automated systems and makes it easier to gather and analyze information. Therefore, users can cope with certain tasks easier.
Read also: Best Blockchain Development Companies in 2020
Today, IoT is growing fast and absorbs more and more technologies. It is expected that the income of this industry will exceed $2 trillion in the next three years. No wonder that more and more companies are looking for opportunities to sneak into this market. Blockchain technologies are entering this sphere as well. Blockchain will keep the data protected and make the exchange processes faster. Here is how it can make IoT better:
- Providing verification solutions to IoT companies
- Automating energy industry, including solar cooperatives
- Supporting platforms for law regulations
- Proceeding smart contracts between parties of large infrastructures
Conclusion
The capacities of blockchain technologies are incredible. With their help, businesses can improve almost every aspect of their work. Due to decentralization and advanced encryption technologies, blockchain can improve the security of networks, speed of processes, and decrease the number of errors people usually do.
However, implementing this amazing technology into your business is a complicated task, so if you are considering doing so, then you need some professional help. Our company provides blockchain development services to make your business move ahead of the curve. Whether you need to adjust an existing structure or create a brand new one – we are ready to assist.
