Use cases of Blockchain technology

Blockchain is currently not only used in the financial area

The basis of Bitcoin and cryptocurrencies is called Blockchain, a technology whose main characteristic is the distribution of data in a decentralized way, which in addition provides greater security and avoids the modification of transaction records made through its platform.

Thanks to these remarkable benefits, Blockchain is not only applicable in the financial area, as it has been for Bitcoin and outstanding cryptocurrencies, but it can also be used in many areas to achieve a higher level of effectiveness .

Health, games, insurance, sports, economy, art and other areas can be substantially improved with their technology, by their way of gathering and managing the information associated with customer transactions, from the storage of personal data, assets or reviews in Real time virtual currencies.

Although Blockchain has not been applied on a large scale, many leading financial institutions maintain a position where they consider that this type of platform will not be totally innovative and disruptive in the sector, while another sector is already searching for solutions through it in order to update and provide a renewed service to users or customers.

Blockchain security

The way in which information is stored in this platform, making it visible and accessible to all those involved in transactions makes it more reliable and secure. In this way, the user will have the facility to verify the authenticity of the data and that they have not been violated. Each block contains transactions that come from the previous block, an example could be that the number 002, has information of 001 and thus it is repeated with the following ones. It works in this way to confirm the integrity of the previous one.

Blockchain applications

Currently, most of the uses of its technology are associated with financial transactions, such as the handling of cryptocurrencies and the distribution, sale and possession of the gemstones market, but it is also entering a large list of areas that a few years ago were not considered to be intervened by Blockchain.

– Diamond monitoring: Diamond is currently being monitored from its extraction in the mine to its most recent buyer. Also thanks to its technology, it is possible to generate a registry of the diamond certificate allowing insurance companies, buyers and law enforcement agencies to verify the information if necessary and thus combat fraud.

– Real estate: Some countries are working on using Blockchain to create a property registration system that reduces the expenses related to procedures, avoiding fraud and management waiting time.

-Attention in crisis of refugees: In this 2018, the United Nations Environment Program (UNWFP) sent more than 10 thousand crypto coupons to Syrian refugees. The project, also led by Ethereum co-founder Gavin Wood and the Big Data firm based on Blockchain Datarella, Parity Technologies allowed refugees to use cryptocurrencies to buy food.

– Repowering health: MediChain Medical Big Data Platform proposes a blockchain solution for the storage and distribution of medical data. It is a platform where patients have control over their own medical information, allowing the safe exchange of medical records between the patient and their doctors and between the doctors themselves. Other platforms want to achieve the exchange of information by scientists and doctors to seek cures for diseases and improve treatments.

– Advertising and smart contracts: Startups work to connect advertisers with potential customers through this technology, allowing payments and agreements to be visible to both parties.

– Prevent electoral fraud: Blockchain has the ability to protect a vote counting system from being altered or hacked. In the same way that it acts as a public book for cryptocurrencies, it can also create a permanent and public book for counted votes, which promises a future of democratic and transparent elections in the world.

– Registries and government projects: This technology can accelerate the capacities of government entities and provide information to know the transparency of their management.

– Digital art works copyright: The artist can create a unique license for each work and convert the copyrights into a legal and tradable virtual asset, in this way, preserve their qualities, verify that they are original works and increase their value in the market for digital currencies.

Blockchain technology is definitely disruptive, it is marking a before and an after not only in the registry, but also in the verification of data in a transparent and secure manner. A milestone that not only benefits the financial and banking sectors, but also the health system of different countries, in marketing, in more reliable electoral systems and other fields that streamline their organization, purchase forms or research work.

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