Blockchain is a special distributed ledger technology that has become popular thanks to the proliferation of cryptocurrencies. However, this principle is universal and can go far beyond the financial sphere. Many corporations are already interested in implementing Blockchain, and this applies to a wide variety of areas. Well, let’s talk in more detail about the benefits and prospects in different areas of our lives.
Transportation and logistics system
The well-known analytical company Doloitee has conducted a large-scale study of transport services providing services in Europe and the United States. According to the findings, more than 2/3 of the respondents are ready to use Blockchain technology to make transportation more convenient and of high quality. Features of the program allow you to monitor the movement of goods and provide full transparency, as well as protect the interests of users.
Moreover, we can see some working examples already today. One of the world’s largest carriers, Maersk, has created TradeLens. The notorious IBM became a partner of Maersk. According to the analysis of the work, the processing time has been reduced by almost half. In just a few years, the number of transactions through the Blockchain has passed the 150 million mark.
Other companies are also not planning to lag behind. Investments are made by such companies as:
- DP World;
- DB Schenker;
- Hamburg Süd.
It is estimated that every year, many international companies spend more than 30% of their finances on adapting Blockchain technology to work.
Information is our treasure
If earlier one local system was used to store data in electronic form, then blockchain technology helps to remove these restrictions. The only thing that needs to be done is to establish access frames.
Such services allow customers to transfer personal data to the blockchain, thereby creating a digital identity. Thus, users have a wide range of tools to save all the necessary data (driver’s license, passport, various passwords and logins from services, etc.). The client can be identified only once, and the program will provide him with the opportunity to use these passwords at any time, as well as send them or transfer them to other network participants.
Microsoft plans to implement this technology in cooperation with the consulting corporation Accenture. According to plans, more than a billion people on the planet will have access to the option of saving personal data through the Blockchain as early as 2021. It is expected that dozens of more companies providing services in the field of personal data management will soon join their number.
Blockchain cares about your health
Also, blockchain technology has the potential to have an impact on the healthcare industry. IDC Health Insights announced that the program can be useful in several ways at once.
- Blockchain eliminates the risk of losing a medical card, falsifying documents, and stealing them;
- Helps to check the supply of medicines and control the sale of drugs;
- The user can get medical data anywhere, which is convenient for doctors.
- According to the technology of distributed registers, information is duplicated between computers, which makes the process of accessing information (medical records, analyzes, contraindications) faster and more convenient.
- Besides, Blockchain helps make certain processes automatic.
Interestingly, the PokitDok platform, which began work back in 2011, has already used Blockchain technology to provide healthcare services. The result of this implementation was a reduction in service costs, better communication with patients, and better handling of customer complaints.
Another good example is Farma Trust, which uses Blockchain to transport medicines. This approach has shown that Blockchain allows to reduce the cost of drug delivery, reduce the number of intermediate points, and most importantly, make the delivery of drugs to the patient faster and eliminate the risk of counterfeiting.
Other services are also trying to keep up:
- IBM Watson Healthcare.
Internet of things
IoT is a class of devices that can exchange any kind of data with each other. Such a network of interacting devices allows you to reach a new level of security, ensure transparency of transactions and save all data on the interaction of participants.
Today’s platforms are centralized and core information is controlled by the management office. In this case, Blockchain will provide excellent support and avoid unnecessary intermediaries. The exchange of information becomes secure, transparent, and secure.
The first movements in this segment have already taken place. For example, Chronicled allows legal entities to register and verify various information using Blockchain technology. The innovation was introduced in 2019 but has already shown its success.
Also, Filament Corporation is taking steps in this direction. Blockchain technology offers a number of interesting IoT solutions related to industrial systems management.
Deal Guarantee – Smart Contracts
Smart contracts are a general principle that implies the execution of a contract in case of compliance with the terms on both sides. This is a kind of analog of a vending machine, which fixes money in itself, without giving it to the owner of the machine. He issues the goods to the buyer, and only then the money can be withdrawn from him. Blockchain, using the principle of smart contracts, is an ideal solution for concluding secure commercial transactions between individuals and legal entities. A smart contract contains information on the fulfillment of conditions and allows you to make the process automatic, fast, and convenient.
The same well-known consulting platform Deloitte conducted research and found out that many insurance companies are interested in implementing Blockchain technology in the industry. They argue that this approach allows most processes to be autonomous, which will reduce the cost of handling each case and significantly increase efficiency at a lower cost. Moreover, it will help create a unified insurance base that all companies will have access to. So the risk of fraudulent insurance fraud is significantly reduced, and the quality of service provision is significantly increased.
As you can see, blockchain has enormous potential and can be implemented in almost all areas of our life. Digitalization is a very complex but convenient process that can solve a large number of tasks. It is also important that the transition from one phase to the next is as safe and effective as possible. And Blockchain looks like a great tool to tackle this problem. Of course, we cannot say for sure yet, but one thing is clear – in the future, this technology will become more and more popular.