What are the best application and uses of Blockchain?
Blockchain applications in industry
The same technology used to verify financial transactions with cryptocurrencies can be applied to industrial processes that require secure environments and high reliability.
Decision-making process
robotics automates dangerous or repetitive tasks.
Blockchain is transversally integrated in all these aspects, with applications such as:
1. Traceability and quality
Blockchainx is used to achieve a more secure supply chain , something of special application in the food industry, pharmaceutical products or exports.
You always know where each product comes from, where it is located and if it needs to be removed, which has an impact on the quality of the products your company offers.
And if we talk about luxury products, it is verified if the purchase is an original or a copy. Goodbye fakes.
Blockchain applied to industry reduces bureaucracy and fraud , and improves the management of certificates and standards for merchandise. It also increases the reliability of reliable inventory management.
2.Payment management
The companies that already use blockchain do so mostly in the automation of invoices and in supply payments.
It also serves to secure the buying and selling processes . A GPS is connected to the blockchain in the information of the purchase contract, and when the product is delivered, the corresponding payment is automatically made to the carrier and the supplier.
As blockchain also gives each person, product or process a unique digital identity, as a company it allows you to operate without always having to enter your data , or you can sell a product with an identity associated with a specific person.
3.Industrial IoT
Connectivity in industry is increasing. Your company’s machines and transports generate data in real time that the blockchain stores and distributes securely.
As there are no intermediaries, the synchronization and immediacy of the information processes allows to be streamlined.
In the near future, when the internet of things becomes widespread, devices will collaborate with each other efficiently and in a secure environment , thanks to blockchain.
4. Improvement in international contracts and transactions
Thanks to blockchain , transactions are carried out at high speed , usually on the same day or the next from its configuration.
And it opens the door to what is known as smart contracts anywhere in the world. These smart contracts are self-executing . The parties define the object of the contract and the clauses, and they are activated automatically when the established conditions are met.
With blockchain there is more security, more speed and more flexibility . And its future success depends on companies trusting this technology and incorporating it.
Blockchain uses cases:
A blockchain is a peer-to-peer decentralized database architecture with built-in encryption and complex protocols for verifying information before it is added to the database. We believe that blockchain is the foundation of cryptocurrencies because it was the introduction of Bitcoin that gave blockchain technology visibility outside of the world of computer science. Blockchains are still primarily the foundation of cryptocurrencies and tokens, but the architecture serves applications in a variety of industries.
If the evolution of the blockchain had stopped with the introduction of Bitcoin then this article would be quite short. Many of the most promising applications of this novel database architecture rely on blockchain smart contract technology. It is the ability to manipulate information on the blockchain with executable code that is stored in blocks that makes the blockchain such a flexible site for applications in a wide range of situations.
Cryptocurrencies and tokens
No discussion of blockchain would be complete without acknowledging the use case within the revolution that is cryptocurrency. Modern cryptocurrencies rely on the anonymity, transparency, immutability, and security of blockchain-based open ledgers that function as valuable digital assets. The main use case for blockchains is the support of cryptocurrencies and tokens.
Health
The database architecture of the blockchain is ideal for storing medical records. Users receive permanent storage of medical records wherever there is an internet connection. They can share access with doctors and insurance companies with a simple online transaction, and doctors with the corresponding permissions will be able to add new information to the record. Blockchain technology has the potential to revolutionize the healthcare sector by giving patients complete control over their medical records. The efficiency in the payment of health services is an extra advantage.
insurance settlements
Blockchain-based applications can eliminate fraud risk while speeding up loss reimbursement in the insurance industry. Immutable records of property value, claims and reimbursements would bring much-needed visibility to the insurance industry. And smart contracts could reduce much of the paperwork required for insurance payouts.
Supply chain management
Manufacturers, sellers and consumers have an interest in tracing supply chains from their original sources to the consumer’s basket. Whether checking food for inorganic contaminants or ensuring import duties are paid at customs, blockchain can play a key role in tracking products throughout their journey from creation to use. In fact, Walmart is already using blockchain to track the supply chain of the food it sells in its stores.
decentralized finance
Blockchain and DeFi go together like pizza and beer. Innovative DeFi applications can track secure transactions while eliminating the need for slow and expensive middlemen. The blockchain keeps a history of previous transactions for auditors. DeFi applications are available for loans, international remittances, investment, and many other uses. It may be that DeFi and not cryptocurrencies are the killer application of blockchain technology.
Credential Tracking
A blockchain database is perfect for storing records of degrees, certificates of completion, licenses, and other vocational qualifications. This is essential for medical institutions and legal practices, where hiring people without the correct credentials can lead to disaster. But it is very easy to imagine a future where all academic and vocational achievements are added to a personal history for the use of academies, workers and clients, all based on blockchain.
Supply chain management
Manufacturers, sellers and consumers have an interest in tracing supply chains from their original sources to the consumer’s basket. Whether checking food for inorganic contaminants or ensuring import duties are paid at customs, blockchain can play a key role in tracking products throughout their journey from creation to use. In fact, Walmart is already using blockchain to track the supply chain of the food it sells in its stores.
decentralized finance
Blockchain and DeFi go together like pizza and beer. Innovative DeFi applications can track secure transactions while eliminating the need for slow and expensive middlemen. The blockchain keeps a history of previous transactions for auditors. DeFi applications are available for loans, international remittances, investment, and many other uses. It may be that DeFi and not cryptocurrencies are the killer application of blockchain technology.
Credential Tracking
A blockchain database is perfect for storing records of degrees, certificates of completion, licenses, and other vocational qualifications. This is essential for medical institutions and legal practices, where hiring people without the correct credentials can lead to disaster. But it is very easy to imagine a future where all academic and vocational achievements are added to a personal history for the use of academies, workers and clients, all based on blockchain.
Blockchain voting
What is blockchain voting? It is the perfect application of blockchain technology in an existing need. With blockchain voting, the verification of the voter’s identity is guaranteed with cryptographic security. The blockchain network can monitor the vote, count it and ensure the integrity of the result.
