The blockchain technology has gone far beyond the expectations of its creators. Today, this technology is used in many industries and in everyday life. This means improved consumer-merchant relationship. No intermediaries are used in the process and thus consumer can close better deals and also be rewarded for participating.
Many industries such as retail, energy, media, and education are well aware of the advantages of blockchain technology. This is why many new startups are evolving, each one more attractive than the other just so the different sectors of the industry can have an easier way of getting the job done. Hyperproduction is possible, but it is an inevitable part of the evolution process.
Blockchain technology proved to be a very important tool in the tech world. It offers many opportunities for companies and startups in many fields such as banks, insurance, retail, and real estate. This is why we show you some of the best blockchain apps that you could start using right now.
Banking and Payments
Blockchain can be used to provide financial services to thousands of people around the world especially those who don’t have access to traditional banking. With bitcoin, anyone can send money across the world instantly without or with relatively low fees.
Many banks are working to adopt blockchain technology in order to make all of their business operations faster and more efficient. Banks are heavily investing in blockchain projects and startups and it is predicted that almost 20% of the banks in the world will be using blockchain technology by the end of 2019.
By using blockchain technology, every transaction made on the blockchain is documented permanently and it is made secure and transparent. This helps a lot in saving time and also reducing human errors. The blockchain also helps in controlling the real impact of the products on the environment. The distributed ledger allows the verification of the authenticity of trade products by tracking them from where they come originally.
Also, by using this amazing technology you can monitor the costs and labor and waste at every point of the supply chain.
Despite the blockchain ledger is public, all of the data is verified and encrypted by using advanced cryptography. This way, the data is highly unlikely to get hacked or influenced in any way without authorization.
All of the applications built on the blockchain are relatively young so there have been several hack attacks and hack attempts but they actually help to build an even stronger defense and resilience.
This is probably the most important area of the impact blockchain has in everyday life. Blockchain technology can be used for voting too. Although it may sound a little crazy, this can help with the issues of rigged election results. Voters can register and only the legitimate votes to be counted without votes being deleted or changed. This can be a great step ahead in making elections more democratic.
By creating an immutable public ledger with the recorded votes, the elections will be more transparent and fair.
The blockchain will likely change the entire approach to analysis and forecasting. Online platforms that are looking to create global decentralized prediction markets already exist. Such technology can be used to monitor sports betting for example but also stocks and elections.
Networking and the Internet of Things
IBM and Samsung are already creating a blockchain based concept named ADEPT which will create a decentralized network of IoT devices. This will help eliminate the need for a central space to handle communication between them. The devices will also be able to communicate with each other directly.
Blockchain will help manage trust management and be used as a verification tool for different types of data in insurance contracts. There is a blockchain project for building tools helpful in the insurance industry named Aeternity.
Private Transport and Ride Sharing
Decentralized versions of peer-to-peer ridesharing apps can be created with the use of blockchain allowing car owners and users to create their own terms and conditions without third-party providers. The crypto built-in wallets will let owners automatically pay for parking, tolls, and gas/electricity top-ups.
Centralized servers are really vulnerable to hacking and data loss. By using blockchain technology, cloud storage is more secure against attacks.
Charity is a huge sector that people tend to offend by saying that it is corrupt and inefficient. There have been many times where the donated money didn’t end up to the people that need them the most.
With the blockchain technology, donations can be tracked and you can make sure your money ends up in the right hands.
Government systems are usually very slow and prone to corruption. By implementing blockchain-based systems, the bureaucracy will significantly reduce and also the efficiency and security but most importantly transparency will improve.
Healthcare is among the most important systems around the world. It is also very prone to lack of security and storage data and also outdated infrastructure. Blockchain technology can help hospitals safely store data and share it only with authorized professionals and patients. This way, data security will be highly improved.
Energy management is a pretty centralized industry for a long time now. Energy producers are not really able to buy electricity from each other directly and they have to go through the public grid or other trusted intermediaries. Blockchain can help by allowing customers to buy and sell energy from multiple sources in a peer-to-peer way.
This is one of the best uses for blockchain. Musicians can get paid directly from their fans without having to share the profit with the music platforms or record companies. Smart contracts can also help for automatically solving license issues.
Real Estate purchase can be a whole lot of trouble. You will enter in the harsh world of bureaucracy and you fill find hundreds of mistakes in the public records. By using blockchain, transaction time will be cut down, the paper-based record keeping will not be necessary anymore and the verifying and tracking of the ownership will be extremely easy. There are several platforms that offer real estate blockchain services and keep you away from the paper record-keeping as far as possible.
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