Blockchain Analysis – Applications of the technology in Different Sectors
Blockchain has attained an exceptional place in the world as it has made transactions processing very easy and hassle-free with the eradication of any middle party.
The inception of the blockchain
The blockchain is known to store your information securely, but as there is an extensive flow of information over the internet, it is a headache for the experts that the information which is distributed is done most securely.
There are certain questions which revolve around our minds such as:-
- Which steps should the companies take to curb their information to be hacked?
- How the inventors protect their inventions?
- How to protect the secret missions of the government from the terrorists and their gangs?
- When and how should these data be stored which are revised from the different sectors?
All these problems can be solved if blockchain is entrusted and all the information are stored accordingly, through blockchain only the desired information can be transformed to the desired parties, and even this platform can be used for storing the vast amount of data.
Let us know in details its uses in different sectors like finance, healthcare, public transport, IoT, Bureaucracy and our day to day life so that we can incorporate this technology into our lives and experience its advantages.
Use of Blockchain in Financial Sector
The earlier systems are very slow, troublesome and erroneous. The intermediaries were appointed to curb the conflicts between the parties involved, but this was done on account of money spent, lots of stress and unnecessary wastage of time.
With the invention of blockchain, individuals love to rely on it as it is cheap, transparent and very much efficient than the other prevailing systems. Smart contacts and smart bonds are few of the financial services which are introduced. The former one are the virtual contracts which are maintained and executed by oneself once the terms and conditions are fulfilled, and the latter works as the bondholders are paid automatically when the set programs are achieved.
Instances of Blockchain Based Financial Services
1. Management of Asset
If you want to process the essential trade within the jurisdiction of management of asses, then this process can be costly as well as risky especially when the cross-border transactions are considered. Every one comprising of the broker, settlement executive, and the customer maintains their personal records which increases the chances of error. With the usage of the ledger kept by the blockchain, all these errors are eradicated as the entire detailed are maintained and stored in the ledger, and through blockchain, the need of the settlement executive also vanishes.
2. Process to claim your insurance
Claiming your insurance is a big headache as there are many means through illegal procedures are executed, and there are chances that your claim is taken by someone else as well. There are numerous fraudulent actions in this industry, so blockchain can remove these fraudulent measures in one go as everything will be encrypted, and no one can do fraud with you or anyone.
3. Payments transferred across the country
We are all aware that it’s a very tedious work to transfer the money in different countries, it takes even few days, and the cost of the transfer is also huge. Blockchain has removed the middle party issue, and you can transfer any amount of money from one country to other in fraction of seconds with the minimal cost incurred. There are many banks which have joined hands with blockchain to transfer the money as it is done fast, free of cost and even curb misuse of money.
Uses of Blockchain in Smart Property & Asset Management
Any intangible or tangible properties such as the cars, homes, patents, company shares, titles of the properties can incorporate this smart technology. You can register your entities in the ledger where all the information will be stored in the defined contractual information regarding who has access to the ownership of which property. You can use the smart keys to limit the usages by everyone. You can only get these smart keys once you are verified.
You can use the decentralized ledger for managing and recording details about the property and also enable the smart contracts to be depicted as duplicate whenever the smart key or the records are lost.
If you have a smart property, then there are minimum chances of fraudulent, crucial business scenarios and the mediates levies. There will be a rapid increment of efficiency and trust.
Instances of Blockchain Smart Property Management
1. Unconventional money lending
Through the blockchain the money lending will be really a game of minutes, as there will be no involvement of any third party which will scrutinize the papers and ask the borrower unnecessary questions, the borrower can get a loan from the member of the blockchain depending upon the property which is visible on the network and nothing will be asked of the borrower by the lender.
2. Smartphone / Car
It’s very easy to hack your Smartphone or stole anyone’s car today, but if your car key and the Smartphone are configured with the blockchain, then your cars and Smartphone is protected as these can only open once you type in the correct pin in the blockchain network of your account. It will help you to retain your ownership.
The only drawback of the typical Smartphone or car keys is that the data which possess cannot be copied or transferred easily, but through minors of blockchain you can copy the entire data in your blockchain account and keep it safe.
Blockchain & Internet-of-Things (IoT)
Things are depicted as the material, or the object and when such a thing gets connected to the internet with an on and off switch it is known as the internet of things. According to the analyst company, Gartner, by the year 2020 more than 26 billion devices will be connected to the internet and some other analytical companies also say that there can be more devices as well.
Now it is essential to know how IoT will influence our lives. For example, through IoT, your printer can itself order the cartridges online from any portal when it starts running slowly. So accordingly you alarm clock, the oven will perform specific functions automatically. Through IoT there can be an efficient use of energy, an environment can be maintained clean, and so gradually the whole country will become a smart country with IoT.
Blockchain and Smart Contracts
The smart contracts are formulated with the code called IFTTT which means “if this then that” which rests on the policy of “self-execution”.
We are all aware of the fact that there is no requirement of any third party when you are dealing with blockchain network, it is very explicitly configured that the contracts pros and cons are informed to all the ledger fellow beings, so keep in mind that once all the set conditions are fulfilled then all the set contractual terminologies are implemented automatically.
Smart contracts can be used in all the domains such as crowdfunding matters, property legislations, premiums of insurance and also in the derivatives of financial issues.
Blockchain & Medical Care
You can store all your information relating to your health in blockchain through the private key so that only those can view the information that have access to it. In the same way, essential information regarding the new surgeries techniques developed can also be stored. Even the big hospitals can use this technology to store the details about their patients, and there is no need of keeping the files. In this way, patients and doctors both are aware of the health of the patient and whenever the patient wants to check anything he/she can directly check through accessing the network.
Blockchain and Music Industry
We often come across the news that the music was used by the third party though initially, it belonged to a different artist, this problem can be solved if we start storing out newly composed music, songs, etc. in blockchain and schedule it in such a manner that the composed music reaches the concerned person on time without getting leaked. If this trend is followed, then there will be royalty distribution, transparency and also the rights of the ownership will be maintained.
Bureaucracy and Bitcoin
We are often engrossed with the information that there has been manipulation in the voting system or how can a party win if it has the handful of voters and supporters. The only answer is that there is false voting and this is only possible as there is manual voting and even computerized voting can be hacked and changed accordingly. So to stop all this, the government can start voting through blockchain technology through which voting will be transparent and fair, and even this will be cheaper to the cost which is incurred while voting process.
Blockchain ledger also comprises something called the “responsive and open data” which means that this open data is available for everyone to be viewed, so whatever reforms, advantages, policies the government will formulate for the residents of the country, it can be directly viewed by the individuals who will make them aware of any fraud schemes or policies which are prevailing around them and they can stay safe from them.
Blockchain and Passport
In the year 2014, first, a digitalized passport was launched on the Gather which helped individuals to distinguish themselves offline as well as online. So you should also be aware how does it function? First, you have to click your picture and attest it with stamping with the private and public key, don’t worry both of these keys are thoroughly encoded so that security is maintained. Finally, your passport is preserved in the ledger with an address of the bitcoin and an IP which is affirmed by the users of the blockchain.
Use of Blockchain for Marriage, Death, and Birth certificates
Many scammers use the information from these certificates and use in all illegal rituals it is best that all our important information are stored in the blockchain network where our data will be recovered safely.
Personal Original documents
Whenever we travel we carry many of our documents such as- passwords, credit cards, driver’s license, social security number, etc., rather than carrying so many different cards every time, we can use only one blockchain id which is reliable and very safe. This blockchain id cannot be configured by anyone, and our documents will also be safe.