Applications of Blockchain: You must have seen someone talk about blockchain applications in research, news, or technology books.
7 Blockchain Applications
We separate the seven main blockchain applications on the market, which have a lot of potential to become actual trends in the coming years, both in traditional companies and decentralized organizations.
The first application we will never forget! The emergence of cryptocurrencies, through the launch of Bitcoin, shook the entire financial market. Those who bet on this technology at the time did very well. Many other digital currencies have emerged and still have much potential to grow.
The decentralization arising from blockchain technology makes these currencies free of regulatory authorities and intermediaries for carrying out transactions, increasing the security of the model. Currently, it is the most remembered and studied blockchain application globally.
Still, many banks and institutions, such as acquirers, have already started introducing blockchain in the financial market.
They are using the technology to increase the security of their networks and increase the number of transactions possible to be processed and verified per second.
This application manages to increase the speed and security of users’ actions in the payment market, one of the most affected by fraud.
In English, the term smart contracts or intelligent contracts was created by Nick Szabo, a computer scientist, in 1996. However, with the emergence of blockchain technology and artificial intelligence, this concept of less bureaucratic contracts, with more excellent reliability became self-performed.
Previously only applied as a facilitator of crypto currency transactions, these new models have evolved through the blockchain network. This platform allows anyone to make their code model used in the most varied types of agreements.
Given the plethora of existing contracts, it is one of the blockchain applications with the most significant potential for popularization.
Using the same blockchain document processing principle of smart contracts, the education area has already started to apply this technology, as we will see in the next subtopic.
A person with a specific academic education accumulates many certifications throughout life, from a basic education diploma to university degrees.
A widespread and severe problem is fraud arising from forged resumes and even practicing the profession illegally.
With the blockchain, institutions could make certifications available on a blockchain network, and thus the organization that needed to verify these credentials would have easy access.
One of the applications that will be widely used by companies worldwide will be cloud storage with blockchain.
Today, many organizations use the services of large companies such as Google and Microsoft. However, in addition to being a very costly service, confidential information is disclosed to those companies that take care of this storage.
Undoubtedly, the decentralized system and blockchain can help increase data security. Another benefit would be that the “peer-to-peer” network can reduce costs compared to centralized servers.
Updated Supply Chain
The globalized world has brought many facilities in terms of logistics. More and more industries and societies work with products from different parts of the world. This trend tends to increase with technological advances.
The application of blockchain in the supply chain could help track each component involved in the manufacture of a product and thus more easily identify variability in the process.
The advancement of the internet of things provides more automated, integrated, and technological instruments. Thus, their actions must be recorded, allowing the company to have greater control of the processes that form its supply chain.
The health area is undoubtedly a sector requiring strict control of patients’ medical records, prescribed drugs, and procedures.
This record can be based on blockchain. Thus, we would have a medical history throughout life with the security, secrecy, and reliability that the system could provide.
In addition, users’ health profiles could be used in surveys without disclosing personal data, as they would be encrypted.