Without a doubt, the development of blockchain technology is exciting and has the potential to completely change a variety of industries. However, given the hype surrounding blockchain, it can be challenging to identify its real-world applications. In other words, blockchain sounds great, but what does it mean for us in practice?
In this article, I cut through the hype and examine a few of the real-world applications of blockchain.
What is Blockchain Technology?
But first, let’s give a quick introduction to blockchain and explain how it works before moving on to how it can be used.
An open, distributed database, or “blockchain,” is essentially a computer file used to store data (data). The file’s structure—blocks of data that are connected to one another to form a chain—is where the name comes from. Each block includes information (such as transaction records) and a history of its creation or editing.
Most importantly, a blockchain isn’t controlled by any one person or entity, unlike, say, a centralized database that is owned by a company or government agency. Since the data is completely duplicated (distributed) across numerous computers, anyone with the right cryptography keys can view the entire chain from any location and edit it. Blockchains are extremely secure because they are a decentralized method of storing and accessing data in Crypto Trading App India. Unlike centralized databases where there is only one single point of entry for attackers. This makes it especially helpful for securely recording transactions.
How are Businesses Already Utilizing Blockchain Technology?
The first application of blockchain was as a component of the blockchain-based cryptocurrency Bitcoin. But blockchain technology has many uses that go far beyond crypto exchange India. And it will probably have an impact on a wide range of industries in the future.
Let’s examine some examples of blockchain technology in use in the real world:
No Third Party
Aggregators, or centralized platforms that connect service providers and customers, include businesses like Uber, Airbnb, and Expedia. The centralized aggregator is in charge in this situation. They establish their own terms and conditions and, naturally, charge a fee based on each transaction. In order to eliminate the middleman and establish a secure, decentralized method for service providers and customers to connect and conduct business safely and directly, blockchains are now being used.
In order to eventually replace travel aggregators like Expedia, the largest travel company in the world, TUI Group, is leading the way in the use of blockchain technology. The business already uses a private blockchain to store its contracts in India Cryptocurrency App. But it wants to establish a public blockchain so that agents and clients can communicate with hotels directly. But Winding Tree is another company working to develop a decentralized travel booking system. So expect to hear a lot more about blockchains disrupting the travel industry over the coming years. TUI is not alone in this endeavor.
Two blockchain products that intend to enhance healthcare management have already been developed by blockchain service provider SimplyVital Health. In the first, ConnectingCare, patients’ progress is monitored after they leave the hospital. And in the second, Health Nexus, decentralized blockchain patient records are offered. In an effort to improve the efficiency of disaster relief, startup company Gem is collaborating with the Center for Disease Control to create a blockchain for storing data on disease outbreaks.
Better Overall Transactions and Banking
Bank Hapoalim is working with Microsoft to develop a blockchain for managing bank guarantees. And Barclays has already started a number of blockchain initiatives for, among other things, tracking financial transactions and combating fraud. Another illustration , the blockchain platform provided by Aeternity, which enables users to create smart contracts that become active when specific requirements satisfies. Automated payments can therefore release when all parties to a transaction agree that their needs have met.
Smarter Supply Chains
Businesses must be aware of the status, condition, and provenance of every product in their supply chain. Provenance is also a growing concern for consumers. In order to increase transparency and enable customers to confirm that their diamonds are conflict-free, DeBeers plans to use blockchain technology to track diamonds from the mine to the final consumer.
Walmart is also utilizing blockchain technology to monitor the safety of farm products, which is good news for customers after batches of contaminated lettuce made dozens of people ill in the US in 2018 and forced the retailer to remove lettuce from its shelves out of an abundance of caution. Farmers will require to enter thorough records of their produce into a blockchain starting in 2019. This will make it much easier for Walmart to identify potentially contaminated batches in the event of a future contamination scare.
Efficiencies in the Insurance Industry
The Nationwide Insurance Company is testing a blockchain-based proof-of-insurance solution called RiskBlock. The objective is to facilitate real-time insurance coverage verification for law enforcement, insurers, and insured parties while also accelerating and streamlining the claims procedure.
By ensuring that only legitimate claims pay out, blockchain-enabled smart contracts have the potential to completely transform the insurance claims process. The blockchain, for example, would be able to instantly determine whether the same accident has been the subject of multiple claims. Additionally, payment could initiate automatically, without any human involvement, once the requirements for a satisfactory claim have met. This would significantly speed up the processing of claims.
Blockchain technology is undoubtedly still in its infancy. And has a way to go before it can regard as anything close to mainstream. However, these examples demonstrate how various industries are starting to recognize its benefits. And as the technology develops, we can anticipate seeing even more businesses invest in blockchains.
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