3 Blockchain innovative applications
What is behind Blockchain is definitely intriguing, but its benefits are even more incredible! We’re used to hearing about it directly linked to cryptocurrencies, but this one is a limited vision. In this article, we will explore 3 innovative applications for the Blockchain!
1. Financial services
The blockchain is most commonly used in the financial sector. This field is especially subject to problems related to human error and third-party mediation during transactions. In asset management, a blockchain register allows everyone involved to access the same data, protected by encryption. By using this technology, mistakes caused by the existence of personal copies of manually updated information disappear.
International payments are lengthy and delicate procedures, that can be secured and eased through the use of Blockchain. In 2004, Santander became the first bank to use this technology within a payment app, making possible to execute transactions 24 hours a day.
2. Smart contracts
In this field, the implementation of Blockchain technologies end delays and human error, ensuring continuity of contract execution. Your information is public and can be reviewed at any time but the privacy of the contractors is guaranteed. The mechanism is simple: a trigger event (such as an expiration date, for instance) starts the automatic execution of the contract.
This system could be beneficial to improve the management of royalties for musicians and writers; it can also be applied to the healthcare sector to track drugs in stock or record data on surgical interventions.
3. Internet of Things
The Internet of Things is a technological innovation which use continues to grow. But safety is something which many are concerned about. Smart devices collect and send information continuously while being relatively easy to access if are the object of cyber attacks. Data protection is exactly one of the Blockchain most appreciated benefits, therefore its use in the IoT field becomes more than optional, mandatory.
Smart devices collect data of all kinds, from home management to health-related information. Sensors installed in smart buildings and production plants also store sensitive information. Blockchain technology offers protection through encryption and makes data easier to manage and transfer.
The expanding use of Blockchain is already changing the market! What can it do for your business? If you want to know, contact us for advice!