New security levels with Blockchain technology
Since it was introduced to support Bitcoin transactions, blockchain technology gained an unexpected success. In spite of the cryptocurrency it was supposed to work for, this innovation in finding useful applications in many fields thanks to the new levels of security it guarantees. Let’s find out what are we talking about and how you can use it for your company!
What’s a blockchain?
Put simply, a blockchain is a distributed database that records a always growing number of information related to other information inserted in the same list. Transactions are inserted in blocks that contains a time marker called “timestamp”; every block is linked to the previous one forming a chain where you can’t modify or delete data without leaving tracks of the operation. This sort of ledger is totally open-source so virtually anyone can consult it to discover every passage of a transaction.
The guarantees this system offers against frauds encouraged many banks and finantial services to invest in its development. But its applications in data security are greater and many sectors are taking advantage of them. Some examples?
International trade frauds and diamonds theft
International trade suffers from important damages caused by frauds regarding transportation and shippings. In order to solve this billion dollar problem, many startups are developing blockchain systems that link trade loans with purchase orders. Furthermore, these technologies allow an automated release of transactions based on the passage of the shipped goods through transit points.
Blockchain applications for goods tracking aren’t finished here! An english company is working on a system that allows to record information on every single diamond since the moment it is cut. A similar approach helps law enforcement authorities and insurance companies finding stolen gems. But can be also used for digital products like loyalty programs.
Managing Real Estate transactions
Real Estate field is crowded by professional roles that inserts themselves through transactions. Using blockchains it is possible to assign a digital address to every property and to track sales and owners information, eliminating notaries and agencies. This system in under development in California and could radically change Real Estate world simplifying properties management.
Applications for you
Blockchain technology is quickly developing! New sectors benefit every day from the safety guarantees this system offers. Could it be useful for your business too? Find it out with us! Together we will realize a project that will allow you to apply blockchains to your activities to improve your processes’ efficiency and security. Are you ready to take a step into future?