If you look through specialized blogs and digital newspapers, you will find many references to blockchain and what it is. Originally developed to enable bitcoin, it is now the so-called “fourth industrial revolution”, to a new way of corporate management.
Blockchain is a way to encrypt informationcomputer-based abstract concepts that are fundamentally necessary for practical purposes safety, truth When Hollow outWhen it comes to providing personal information on the Internet, shopping online, banking, or taking out insurance, the issue between parties is trust. As such, there are always intermediaries such as digital signatures, banks, and platforms like PayPal to verify these data. This is centralized information that requires verification by a third party.
That’s the key element about blockchain. Its cryptosystem and its operability are decentralizedThis is the database or ledger where all parties keep records.When Its leitmotif is consensusIf all nodes in the network validate the information, there is no need to do so on the part of the intermediary.
of This article When This infographic Some time ago we established the main agent of the blockchain network, but beyond the functional part and its encoding system, Do you know how blockchain technology is applied in daily life? As companies develop software programming based on this technology and start adapting their services to this new paradigm, what do we expect?
Blockchain applications and their impact on multiple industries
As a starting point, it goes without saying that blockchain can be used to virtually register any value that can be represented digitally, such as birth certificates, property deeds, votes, and financial accounts. All done in the fastest, safest and most transparent way possible.
It started as a financial application, but as more systems based on blockchain are developed, socially speaking it will be a huge leap forward.
Blockchain in banking
– world of banking We are on the verge of making dramatic changes to some services, such as International money transfer Or transaction settlement by blockchain technology. Now, for example, to send money from Spain to the United States, there are payment providers that work with interbank messaging standards that provide reliability to their transactions. This transaction may be delayed by 2-4 days.
Blockchain’s secure, encrypted, network-verified consensus technology enables These payments can be immediate and unmediated.
Blockchain for the insurance industry
– The insurance industry could significantly change its business strategy with blockchain and its potential use smart agreement: in brief, Contracts that can be self-enforced without the intervention of an intermediaryInsurers were able to meet their obligations thanks to smart contracts “outside the office”, so to speak, if an incident occurs. For example, if a passenger purchases cancellation insurance along with their ticket and ends up missing their flight, As smart contracts are involved, he will be promptly refunded the amount agreed upon in the contract.These systems reduce costs, speed up procedures and create a truly satisfying user experience.
Another example is vehicle insuranceLet’s say a driver wants to insure his car. Blockchain technology allowed him to submit billing records anonymously. Additionally, if his car is connected (connected to the Internet of Things), he can send reports on his driving habits. After analyzing the information Insurance companies can send him customized smart contractsWhen Fully personalized coverage and costsThe driver will prove ownership, make payment and receive the corresponding certificate. Thanks to the authentication network, encryption, security and transparency that blockchain provides.
Exactly the same concept can be applied to other sectors such as telephone operators, car rental businesses and many other services.
Blockchain powering the energy industry
– Be expected Blockchain technology will become the best partner for the energy industrybecause it can be made Point-to-point power purchase agreement It is possible, as several reports on initiatives in the Netherlands and the UK suggest.So-called virtual power plant A system that turns energy consumers into producers would benefit greatly.
UK based company electronic It seeks to power the renewable energy industry through blockchain, precisely to make it more efficient.
NGO’s friend, blockchain
– Blockchain technology may require innovative, safer and more transparent ways to make donationsDonors can track their donations and be notified of their allocations. And it would be a fairer procedure. No intermediaries are involved in the processAll in an anonymous and fair manner.
For some time now, organizations such as Save the Children and Wikileaks have embraced cryptocurrencies as a funding method, and the future of blockchain in this area looks very promising.
Blockchain, a tool of public service
– Public institutions are still unable to fully meet the demands of today’s society, so they have a great opportunity to go digital with the development of blockchain-based systems. are digging into For real estate deeds and vehicle registrations, licenses, subsidies, health registrations… Electronic voting also awaits its chance to become viable thanks to blockchain reliability. This can be a huge time saver for citizens and a money saving outcome for governments.
These are some of the applications of blockchain technology, but one thing is clear: industries that use centralized databases fed by diverse sources will benefit from the improvements of this Fourth Industrial Revolution. that there is a possibility of receiving looking forward to.
sauce: Book “Blockchain, Industrial Revolution of the Internet”, Alex Prekshat, Retina El Pais, Fabregas Associates, Ship2b
