(ORDO NEWS) — Blockchain is a digital, distributed and decentralized ledger. It underlies most virtual currencies and is responsible for recording all transactions without the involvement of a financial intermediary such as a bank. In other words, it is a new way of transferring media and storing information.
Why is there a need for blockchain? The new technology has become the quintessence of the views of developers who are convinced that the modern banking system has many huge flaws. In particular, banks act as unnecessary intermediaries and charge extortionate fees for their services, while verifying and making payments takes up to five business days. Blockchain allows real-time payments (even to other countries), completely removing banks from the equation.
Of course, there are other uses for blockchain outside of the cryptocurrency space. The largest companies are actively testing blockchain in small projects and prototypes. How can this revolutionary technology change our world? Here are 20 possible uses for blockchain:
1. Payment processing and money transfers
This is perhaps the most logical use of this technology. As noted earlier, banks are completely excluded from the equation, the system operates around the clock, seven days a week, most transactions go through the blockchain in a few seconds.
2. Monitoring supply chains
Blockchain is great for supply chain monitoring. By eliminating paperwork, companies can accurately and quickly identify inefficiencies in their supply chains and track the movement of goods in real time. In addition, blockchain will enable organizations and consumers to monitor the quality of products as they move from origin to store shelves.
3. Bonus programs of retail chains
Blockchain has the potential to dramatically change the interaction between stores and consumers, allowing for unique bonus programs. Trading networks will be able to develop token-based loyalty programs and manage tokens through the blockchain. As a result, customers will be tied to a specific store (s) of the retail chain. Blockchain will eliminate the scams and wasted costs associated with coupon and discount card bonus programs.
4. Electronic passports
More than a billion people around the world are periodically faced with the need to prove their identity in the digital space. Microsoft intends to help them. The company is currently working on the Authenticator app. It allows you to manage personal data and create electronic passports. Digital identification will open access to financial services for people from underdeveloped countries, and will allow them to start their own business. However, Microsoft’s efforts to create decentralized digital passports are still in their early stages.
5. Data exchange
The IOTA Network has launched a beta version of the blockchain-based Data Marketplace app. It allows companies to exchange or sell unnecessary information. Since the bulk of corporate statistics is not used, the blockchain acts as an intermediary, storing and transmitting it to consumers in various industries.
6. Copyright and royalty protection
The number of users of the World Wide Web is constantly growing, so it is becoming more difficult to protect copyrights for music and other content. Blockchain is a game changer by guaranteeing fair rewards to content creators. Using the blockchain, it will be possible to transfer royalties and royalties to musicians and content creators in real time.
7. Digital voting
Worried about ballot box stuffing and mistakes? Blockchain will end voice fraud. The new technology will not only allow transferring the voting process to the digital space, it is also transparent enough so that anyone who wants to can follow the election results and attempts at manipulation. Blockchain combines the benefits of digital voting with the immutability of the information embedded in it (this is the nature of the technology), ensuring that all votes are counted and counted correctly.
8. Transfer of rights to real estate, land and cars
One of the main goals of blockchain is to take paper documents out of the equation. When selling / buying land, real estate or a car, ownership is transferred. Blockchain allows rights to be stored electronically, providing transparency and clarity in legal ownership.
9. Food safety
Another intriguing use case for blockchain is tracking food from source to your plate. Since the information on the blockchain cannot be changed, anyone can trace the movement of food from the manufacturer to the store. Moreover, in case of outbreaks of foodborne infections, the blockchain will allow much faster identification of the source of infection.
10. Data backup
Blockchain can be the perfect way to back up your data. Although cloud storage is designed to provide maximum security and data integrity, it can face hacker attacks or infrastructure problems. Using blockchain to back up information stored in data centers (or any other – for example, Boeing plans to store data from GPS receivers on airplanes on the blockchain) will help resolve these issues.
11. Tax regulation and control
The importance of transparency and immutability has been repeatedly spoken about. For example, a marijuana company can use blockchain to record sales and demonstrate compliance with local and federal laws. These blockchain sales are indirect evidence that the company has paid all taxes to the government.
12. Workers’ rights
Another promising application of blockchain is the protection of workers’ rights. According to the International Labor Organization, 25 million people worldwide work under duress. Coca-Cola is working with the US Department of State and other organizations on a blockchain ledger with embedded smart contracts – the code that verifies and enforces the terms of the agreement. It will improve labor policies and force employers to comply with the terms of digital contracts with their employees.
13. Medical records
For some time now, the healthcare system has been moving from paper records to electronic records. In this case, the blockchain provides additional security and convenience. The system will not only store patient records, but patients themselves will be able to control access to them using digital keys.
14. Weapon control
Currently, arms control is one of the most discussed topics in the Western media. The blockchain allows for the creation of a transparent and immutable register of gun owners. With its help, law enforcement agencies and the government will be able to control the circulation and keep records of weapons sold privately.
15. Will and inheritance
Blockchain can seriously simplify the lives of older people. Instead of making a will with a notary, it can be registered and stored electronically on the web. Smart contracts will allow heirs to enter into rights depending on the fulfillment of certain conditions (for example, after reaching a certain age). Electronic wills will be transparent and legally binding, removing any uncertainty about who gets what assets after the death of the owner.
16. Trading stocks
At some point, blockchain may replace modern stock trading platforms. Since it takes seconds to verify and register transactions in blockchain-based systems, investors will have access to their funds immediately after the sale and will be able to withdraw them or use them for further investments (in modern systems, funds are credited to the investor’s account in a few days).
17. Management of IoT networks
Networking giant Cisco Systems is developing a blockchain-based application that controls the Internet of Things (IoT). The IoT connects a huge number of networked devices that send and receive data. The app will be able to determine in real time the authenticity of devices, including those that are constantly connected and disconnected from the network (for example, cars and smartphones).
18. Trade and control of contracts in the energy market
Even in the energy industry, blockchain will find its use. As with the stock market, blockchain will help energy companies transact contracts in the market much faster than at present. With new technology, businesses will be able to track their resources and comply with regulatory requirements.
19. Access control
Smart contracts in blockchain networks can be customized to the needs of a particular company or consumer. As an individual, you can use the blockchain to provide access to your home to employees of service organizations, or remotely open a car for repairs. Without the appropriate digital key, all of these people will not be able to access your belongings.
20. Tracking Prescription Drugs
In a world where returns and counterfeit drugs are a real problem, blockchain will allow manufacturers to trace their products by serial / batch number to ensure the authenticity of pharmacy drugs. Merck is currently testing such a system for prescription drugs.
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