Probably there’s still a long way to go before Blockchain implementation is widespread, but today we can already experience its use in many areas.
Blockchain is here
Blockchain technology is advancing by leaps and bounds, entering day by day a different space and making the processes more and more effective thanks to its characteristics and reliability.
The element associated with Blockchain that has had the greatest impact worldwide is Bitcoin, but the possibilities provided by this technology go far beyond cryptocurrencies, and this revolutionary transformation of the way information is handled digitally is going little by little significantly affecting many more spaces besides the economic one.
Blockchain technology establishes a peer-to-peer (P2P) network within systems, which considerably reduces the time and costs of intermediaries and the complexity of using different books and processes within the execution cycle of any transaction .
Today Blockchain is where the Internet was two decades ago, and it is estimated that only 0.5% of the world population uses this technology nowadays, but its growing popularity and field of application projects an increase of this percentage at a faster rate than we can imagine.
Probably there’s still a long way to go before the implementation of Blockchain is widespread, but today we can already experience its use in many areas, due to its characteristics that make it more and more attractive.
The advantages of Blockchain
The fact that Blockchain raises the reality of ending the intermediaries that were necessary to carry out transactions until today represents a very high possibility of implementation, especially in the sectors of small entrepreneurs who are harmed precisely by the centralization of financial, commercial and economic operations in general, in the hands of these large intermediaries.
It might seem that the technological advance represented by Blockchain is more easily accepted by younger generations and a small group of people with an mind open for innovations, but that’s not true. Today we see how the number of companies and industries in different economic sectors is increasing, opening their doors to research and analysis of the Blockchain technology, with the interest of not falling behind in what will probably be the biggest economic transformation of humanity, and determine how they could implement it in their processes.
Many of the Blockchain applications that are being worked on are still theoretical, but the speed of this digital transformation can be overwhelming. Currently tests are carried out in areas such as health, education, communication, art and even in government systems.
Blockchain in our lives
Currently there is a large number of startups that work on the development of multiple technological platforms to apply Blockchain in different areas, as recognized industries worldwide work on the implementation of Blockchain in their processes, some examples of these are:
In health: GemOS Health associated with Philips, which works in the creation of apps for medical care. Likewise, Healthbank is defined as a “citizen-owned health information storage platform”. Its mission is to store people’s medical records and protect them from companies that profit by distributing them among advertisers.
In transport and logistics: Maersk, the Danish multinational for containers transportation is digitizing and simplifying world trade to create confidence and transparency in the supply chain using Blockchain technology. Another example is Modum, a Swiss company that together with the University of Zurich designed a system that guarantees the safe delivery of drugs, the system uses Blockchain to store data and ensure that each medication is delivered to the correct person on time.
In the food sector: Walmart generates a food safety system through the IBM Blockchain platform, through which it can trace food products from its supply chain.
In the automotive industry: Toyota is working on an initiative with MIT Media Lab based on Blockchain, with the intention of collecting driving data that may be useful in the development of autonomous vehicles.
Legal Documents: LegalHub is a platform that allows people to write their own contracts at a low cost. Blockchain provides the security required by these smart contracts. Information is always available to be seen by all parties of a contract, which makes it easier to detect possible content alterations.
Government and democratic processes: Governments like USA aspire to apply Blockchain in areas such as the management of the wireless spectrum, in its administration and in the configuration of multipurpose spectra according to the demand, which could reduce the cost of assigning the spectrum to certain types of devices and systems. Another example of Blockchain applications in this area is established by the emerging company Procivs, when creating a high security portal that manages and verifies digital identities, allowing registered users to vote in an electronic and safe way. Votes could be emitted at any time and from everywhere thanks to Blockchain and the use of a smartphone with the reliability backup that Blockchain provides.
Scientific Research Backup: It can be used to evaluate scientific research affirmations, which are usually hard to authenticate by replicating it with other researches, but Blockchain represents the perfect help to share, authenticate and certify this type of information without alterations.
Digital identification: Microsoft is developing a Blockchain project in order to create a decentralized digital identification, which will assign each individual a unique identificator that could be used for banking activities, health insurance and travelling. This would be an effective solution for more than a billion of people around the world that can’t prove their identity in any way.
A new way of applying Blockchain technology to many processes in which human beings participate and which are a part of our daily lives arises, from the most basic money exchange from one person to another, to complex industrialized processes.
We can definitely imagine a future in which every operation that involves information management or the implementation of processes, will be supported by the Blockchain technology.