In this article we are going to talk about blockchain use cases to analyze everything this technology can offer. Going deeper into its implementation, a brief introduction to its history, emergence, etc.
Blockchain was born in 2008, together with the Bitcoin project . This system is developed from the combination of existing peer to peer (P2P) network technology along with advanced cryptography techniques.
Therefore, the basic custom development services of these networks may not be as revolutionary as discussed, since it makes use of peer to peer connections, which are established.
Share files of any type between two or more computers , but with the peculiarity that none of them has control over the other.
The blockchain, also known as blockchain networks or chain of blocks, appears to solve different problems . For example, it is an alternative to the indirect data exchange of the centralized Internet model. Through Blockchain networks to guarantee the security and transparency of these transactions through direct and decentralized connections.
It is the perfect service to store information in an increasing manner, arranging the data over time without the possibility of modification.
Why turn to blockchain?
The future of blockchain is very promising , the way in which governments and custom software development companies are investing is a clear reflection of this. Since they seek to stimulate innovations, benefit from its characteristics and implement all the applications it offers .
Among its main advantages we can find:
Reinforced security.
Greater transparency.
Instant traceability.
Greater efficiency and speed.
Automation.
Blockchain use cases
Since the data is stored unchanged and each server is a node to verify and store this data, it is used to store large amounts of data . So it can be applied to multiple situations and sectors.
Economic transactions
International payments
Here blockchains are used to process payments internationally without intermediaries , reducing costs and increasing the speed of transfer. Every entry is verified and encrypted. Furthermore, this mutual verification makes such payments secure externally and internally to avoid errors.
Peer-to-peer (P2P) transactions
It refers to the transfer of virtual money between individuals and companies. To avoid hacking or international restrictions, blockchains could be used, for example, Paypal, N26 or Twint already do this.
Smart Contracts
Conventional contracts can involve a lot of effort in time or costs. But with the creation of Blockchain and Smart Contracts to verify these agreements, the transaction is reduced from days to hours.
Insurance
Following the previous line, in the insurance sector both contracts and the settlement of claims can be regulated in a transparent manner . All agreements and claims are thus managed by the blockchain network.
Protection against money laundering
It prevents money laundering thanks to the transparency of the data, and it also records all the individuals who carry out the transaction. By being able to identify and verify customers, these types of fraudulent activities can be prevented and quickly detected .
Production process
Since it is not possible to modify the data of a blockchain, it can be implemented in the tracking of products to see their entire real journey. The items can have a code that compiles their entire history and thus can verify their origin and detect counterfeits.
Public health
Setting up a blockchain means that certain users can be granted permissions to access your data. Which makes it perfect for storing sensitive or private content .
What it offers is the possibility of storing patient histories, disease progression and much more . In addition, it is used for the creation of silos, individual databases that protect each other and are sent on special request.
Likewise, special devices can be connected to a patient's profile and create an interactive medical record. Such as blood glucose measurement and insulin administration, thus being automatically compared, and adjusted by the doctor if necessary.
Energy
The energy sector is one of the blockchain use cases where great advances could be achieved thanks to the transparency and traceability of this custom business software development
Being able to invoice private solar plants more easily, facilitating energy monitoring , managing assets or issuing certificates of origin more easily.
As a practical example we have electric cars , in which energy can be assigned to each car individually.
Accounting
Since everything that happens on the blockchain has to be verified, it is useful for accounting purposes in terms of auditing and compliance. Well, when you make a transaction and send it to the blockchain network, you cannot modify it.
Identity management
Given the security of the system, the impossibility of modification or alteration and its encryption, we can also use the blockchain to store data about individuals . Such as dates, relationship status, residence permit, social security number, etc.
Likewise, it can be used to create a solution that verifies people's identity . Favoring the issuance of documentation, and thus avoiding falsifications such as digital signature or digital identity platforms .
With a sufficient amount of data we could identify and verify a person based on information such as date of birth.
Elections
An electoral system with blockchain as added value enhances the security and integrity of anonymity . Which would allow the vote to be tracked, see if it is counted and guarantees the impossibility of it being modified or even falsified.
Compliance and legislative controls
For this aspect we find the real case of RegChain , created with the help of Irish funds and Deloitte. A solution designed to make the presentation of documents and reports easier and more transparent . This way there is better compliance, greater clarity and more secure and robust data storage.
Cybersecurity
Many problems can be solved and the security of users and data increased, thanks to encryption and blockchain infrastructure .
Internet of Things (IoT)
This blockchain use case can be used in machine and equipment monitoring . Through a record of the activity and condition of machines and equipment as an alternative to cloud technologies.
As well as in supply chain management , using sensors that control status and position.
The future of blockchain use cases
Implementing all these use cases of Blockchain in various sectors , more than a challenge, it is a necessity. Well, it provides different advantages that help reduce the risk of misappropriation of information and improve traceability, security and efficiency in its processes.
We can expect for the future of Blockchain to create a network of trusted data and information repositories. A solution without filters and without censorship, accessible from all over the world, what Web 3.0 has become .
As a technology agency that provides software development solutions , we use blockchain to apply it to different IT platforms and be able to enhance their functionalities. If you are thinking about betting on the blockchain in your business, we can help you shape it, contact us!
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