What are the uses of blockchain? The creation of the bitcoin was accompanied by another innovative technology: The Blockchain.
Since its inception, many are the uses that have given it companies. Want to know the potential of the blockchain? In this article we tell you all about the main applications of blockchain.
Although the blockchain was created by Bitcoin, the innovative applications of the blockchain arose with Ethereum. While bitcoin blockchain limited its use to financial applications, Ethereum blockchain allows running small applications, known as smart contracts.
This utility of blockchain has caught the attention of many international companies, which have started to develop applications in Blockchain. Its benefits are multiple: Elimination of intermediaries, automation, security or cost savings, for example.
Next, we have collected a large number of applications of blockchain in companies.
The uses of this technology in different sectors can be infinite.
Therefore, if you want to know a specific application, we recommend the use of the following index.
- Cryptocurrencies.
- Finance and Economy.
- Fintech and Banking.
- Big Data.
- Notaries.
- Digital signature and identity verification.
- Logistics and transport.
- Internet of Things.
- Food and traceability.
- Tourism and hotels.
- Energy.
- Insurance.
- Lawyers, law and legal sector.
- Human Resources.
- GDPR.
- Voting and elections.
- Telecommunications.
- Registration of the property.
- Health and health.
- Education.
- Journalism.
- Marketing.
- Sport and football.
- Video games and e-Sports.
- Real estate.
- Mortgages.
- Music.
- Public Administration.
- Art.
- Agriculture.
- Wine.
1. Cryptocurrencies
Everyone relates block chain technology to crypto coins. Blockchain is the cornerstone of virtually all virtual coins.
Thanks to them, this technology is being developed considerably.
Like Cardano, who has created a layered blockchain supported by a Proof of Stake validation system, and although it is still in the testing phase, it seems to represent a notable improvement of the blockchain.
However, most experts dare to claim that crypto coins is only the tip of the iceberg in terms of the potential applications of blockchain technology.
Below you will find numerous examples of blockchain applications and their use in companies.
2. Finances and economy
The main use of the blockchain is financial, as its creation arises to support virtual currency transfers.
For this reason, the first uses of blockchain technology were focused on the economic sector, which is where it has developed the most.
The financial applications of the block chain are multiple: automation of transfers, payments of rental income or creation of exchanges.
Its advantages over traditional finance are also numerous:
- They prevent fraud, since the conditions are fixed in the smart contract and are obligatorily applied.
- They increase trust, as they allow you to operate more safely.
- They reduce risks, both for individuals and companies.
3. Fintech and Banking
Banks are increasingly applying technological solutions to improve their financial activities.
This industry is known as Fintech or Financial Technology.
The union of fintech and blockchain is already relatively common. Some studies highlight that 77% of fintech plan to adopt blockchain as part of their systems and processes within two years. In the case of media payment companies, adoption increases to 90%.
The advantages offered by blockchain to banking are in the automation of the process, which eliminates intermediaries and manual checks and translates into a considerable reduction in costs.
In addition, transfers made in a block chain system also reduce time: All transfers, even international, would be resolved in a matter of minutes.
4. Big Data
The blockchain doesn’t make for a huge ledger. A database that manages millions of daily transactions effectively and quickly. But it has one limitation: It doesn’t have the tools to analyze so much data.
The binomial represented by Blockchain and Big Data is the perfect combination to solve it. The tools offered by Big Data allow to analyze all the data of a blockchain and obtain very useful information for companies.
For example, some utilities offered by Big Data applied to Blockchain are:
- Security, since Big Data provides more tools to detect potential frauds.
- Transparency, being able to collect and classify all the information allows to represent it with more accuracy and clarity.
- Avoid risks, because it could detect risky operations.
- Provide data to financial companies, such as consumption patterns.
5. Notaries
A notary is an official who authorizes and attests to documents and contracts with his signature.
If the capacity of the blockchain for the management of contracts, both public and private, is recognized by the government, it could totally eliminate the intermediary figure of the notary.
Contracts made in the blockchain are automatically authorized thanks to the miners. In addition, they are completely unalterable, avoiding bad practices and are resolved automatically, which would largely eliminate subsequent court rulings.
6. Digital Signature and Identity Verification
Although popularly it may not get the recognition it deserves, identity verification is one of the cornerstones of blockchain technology.
If it is possible to create a secure and robust blockchain service that allows users to be identified, the use of blockchain will be extended to a multitude of applications: digital signatures in notaries and banks, telematic check-in in hotels and tourist apartments, voting or any type of contract can be signed from any device.
Many startups are developing this technology.
Once achieved, it will be able to give support to many of the blockchain applications that we show you in this article.
Continue reading at “What Are The Uses Of Blockchain? In Addition To The Cryptocurrencies (Part II)“
For further information you can visit:
