Today, we can see how quickly the financial industry is adopting Blockchain technology. While Blockchain is closely linked to payment and transaction activities, mainly because of its inception with Bitcoin, the potential of Blockchain technology is far greater in finance and payment.
Blockchain has the potential to change nearly every industry in the world. Development projects show that Blockchain technology affects many aspects of daily life. This technology can greatly benefit a range of concepts, not solely based on economics, banking, or finance in general. These capabilities can range from verifying online identities, to industry-enhancing features of data encryption. From that Global buyers can rely on Techsling ‘s content-driven marketplaces to make purchase decisions and navigate markets. Techsling.com was integrated and the world’s leading business-to-business, servicing niche markets within the communications and technology industries. It presents branding, thought leadership, and lead generation opportunities for vendors/sellers.
In this article, we will discuss Blockchain’s application potential through examples of companies building blockchain-based systems.
Managing Identity And Digital Identification
Identity management using Blockchain technology is a key advancement that paves the way for security operations and foundations for many industries. If you can believe that someone is the exact person they claim, then you can connect that to a whole host of other things.
Blockchain technology solves many of the backlog problems with digital power receiving: Nowadays, creating an image of price identification or stealing someone’s online identity is relatively easy. Passwords are not secure enough and centralized databases are hacked. Once a centralized database has been compromised, it can allow access to all customer data stored in the system.
Blockchain-based identity system provides digital signatures using cryptography. These signatures are unique, undeniable, confidential, and almost impossible to copy or access without authorization.
Blockchain-based identity is a real prospect as the Estonian government and companies like ShoCard are building an identity system on the Blockchain.
In the future, this technology could also be used in digital power receiving; passports, driver’s licenses, residence cards, birth certificates, marriage certificates, and many other forms of identification.
After building the technology to allow the use of digital power receivers and digital signatures, it becomes easier to validate one’s identity in a variety of different online transactions and activities.
Digital elections is a technology that has not been successfully implemented in many countries because of security risks and privacy concerns.
Estonia, Denmark, and Norway have already tested digital elections but only Estonia has successfully implemented digital elections on a large scale.
Denmark adopted the Blockchain technology on a small election scale with the Liberal Alliance, a Danish political party that applied the blockchain-based voting system in 2014.
By using a blockchain-based voting system, a voter can check if their ballot paper has been successfully submitted, but still, maintain privacy and protect their identity. This will also help more people to vote, increasing the percentage of people participating in voting.
Medical and Healthcare Records
This technology also has a great ability to save a patient’s life when they need emergency surgery. Data on important health issues, blood types, allergies to certain medications, emergency phone numbers, current treatment options, or other issues can be accessed immediately. instantaneous when needed.
Information about a patient’s medical history also helps to fully answer the cause of the patient’s current health problems. When a physician experiences a condition, they may not find an alarming cause, but if the examination is combined with a detailed medical database, the symptoms appear to be irrelevant. could be a symptom of some illness. Health professionals can detect a million of them so they can see only a little of the situation when they are healthy, but when information is available, they can better diagnose the condition.
Health insurance companies can also save a lot of money and time by accessing this database. If you are buying health insurance, many companies now ask you to answer any questions and medical tests that can be quite complicated, time-consuming, and uncomfortable. By allowing your insurance company to access your health records, they will gain an overall picture of your health situation so that insurance decisions can be made based on this information. need to go through many tests and extensive questions.
Many companies such as Gem, Tieroim, and Phillips Healthcare are keeping health records stored on Blockchain. Estonia is a leader in this area. Estonian eHealth has been working with blockchain technology firm Guardtime to bring citizens’ health data into a secure Blockchain database.
The Estonian Road Administration receives a digital health certificate to ensure that an ‘individual is appropriate to drive before re-issuing a driver’s license. This activity was formerly a manual process but is gradually being automated and digitized. In the future, Blockchain health records may update with information as to whether or not that person is eligible to drive. Government departments will be able to access new sources of autonomous information and systems based on data stored in this health record Blockchain.
Holberton School in California is planning to use Blockchain technology to validate its academic qualifications. The degree of forging diplomas and transcripts is becoming common because many students impersonate certificates that they have not achieved.
Blockchain will create transparency about the proof of student achievement. This technology enables verification to use qualifications, eliminate fraud, and save time and money spent on checking or validating wages.
The music industry is developing blockchain-based technology to serve in a variety of ways. Many companies are creating blockchain-based applications to change the way music is distributed, shared, and, purchased as well as payment methods for commercial artists.
Peertracks, Uio Music, and Mycelia are a handful of startups that operate on Blockchain-based platforms so that artists can directly sell their music to their fans without having to go to the unit. middleman or record label.
Spotify recently acquired Mediachain, a blockchain-based data solution that will allow technologies to create digital recordings of songs on Blockchain Bitcoin and the Interplanetary File system. Spotify aims to take advantage of the Blockchain to Mediachain platform to establish faster and more transparent payments for artists.
Storage companies based on cloud computing technologies such as Google Drive, Dropbox, and Microsoft OneDrive have become the standard for data and file storage. Many people use cloud storage to store all types of personal data and their businesses.
Cloud storage now requires a lot of faith in intermediaries. People often put all their data in an area where a cloud storage company only requires a standard security password. Centralized cloud storage systems for hacking attacks and passwords can be obtained easily through simple hacking or phishing tactics.
There are currently many startups offering alternatives by combining cloud storage with Blockchain technology.
Companies like Storj have built decentralized cloud storage systems, one that is less prone to attacks and intrusions. Cloud storage is distributed over free storage space on network member computers, encrypted and accessible only by the owner.
Siacoin and Filecoin are startups that also operate on a combination of cloud storage with Blockchain technology like Storj.
Car Rental Service
The car industry is another industry transformed by Blockchain technology. Visa and DocuSign have established partnerships to develop a blockchain-based car rental system.
This activity will greatly reduce paperwork and intermediaries in car rental. Customers choose the car they want to rent, their digital identity has been included in financial information their license accepts a rental insurance contract and the Blockchain is updated with a new lease.
Short-term airport car rentals are moving toward greater automation by eliminating lengthy paperwork and processes before renting a car. Technology being developed for digital identification and long-term car rental can also be used for short-term car rental.
The carpooling service is provided between the car owner and the passenger, but in the current carpooling platform, there is still an intermediary between interaction and carpooling. Blockchain technology will help eliminate all intermediaries and create a decentralized carpooling service application.
The startup La’zooz currently operates on a distributed carpooling platform based on Blockchain. Carpooling is an industry that is rapidly changing to replace existing platforms with Blockchain technology.
The safety of drivers is also a concern, but as soon as the digital identity is connected to the road authority blockchain or the vehicle rental blockchain is put into use, the service goes together. The vehicle will also be associated with those blockchains.
The property, real estate, and real estate sales are still very much involved in paperwork and intermediaries for easy delivery. Assets transactions are often accompanied by records that are difficult to collect, misleading, missing, or slow to process.
Blockchain-based asset records and transactions can quickly accelerate the speed and transparency of asset transactions while reducing transaction costs.
Blockchain-based real estate commercial platforms can store land stock information, transfer property titles, track planning changes and construction plans; and nearly every property today is held by local governments and companies.
Ubitquiti is a startup that is currently building a Blockchain-based asset platform for banks, financial institutions, brokers, property collateral, and many other objects to track down documents related to property transactions.
Home Rental Services
Airbnb is an example of another model similar to Uber that has changed an industry by providing services to individuals in many cities around the world to rent their apartments.
Airbnb has eliminated intermediaries such as hotels and travel agents, bringing people close to each other to be able to deal directly with each other. Although this is a step forward in the elimination of intermediaries, it can only replace intermediaries that provide services that simplify transactions between people.
Blockchain-based apartment and hotel rental platforms can operate similarly to AirBnB but do not require intermediaries to simplify all transactions and reservations. These can be done directly by people on Blockchain.
Even traditional hotel reservation systems can be replaced by Blockchain-based reservation systems.
John Guscic, Webjet CEO, said, “One out of every 25 hotel booking transactions around the world ends in a scene where a person offers a service but doesn’t get paid.”
This arises because of too many intermediaries involved in the travel and hotel reservation industry, where the booking may be subject to incorrect payment failures. A Blockchain-based reservation system will create a clearer and less error-prone system.
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