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Blockchain use cases Pexels.com
Blockchain: the" mysterious "technology behind the cryptocurrency revolution: it is the driving force behind cryptocurrencies, because provides an immutable ledger of all those transactions in digital currency
And as criptos, at least the best, become a more traditional method of personal investment and an increasing payment method for goods and services around on the other hand, traditional financial institutions are working hard and trying to understand how they can incorporate blockchain technology to generate trustless banking offered by the encrypted.
The promise of blockchain
Clearly, blockchain holds great promise in a number of niches, and there is plenty of exploration, along with pilot programs, to gauge its suitability – many with good results ti.
But to be realistic, there are also negative aspects of the blockchain and cryptographic markets it supports. Blockchain is not a "magic pill" for any industry wishing to capitalize on this technology.
What works so far
Because blockchain provides an immutable record, considers only some of the niches in which it holds a great promise:
The public sector: There are some key problems that the blockchain can solve, in particular in the field of identification – for the vote for travel, for the registers of citizenship, etc. When all this information can be recorded and stored in a blockchain, people will no longer have to keep track of their paper documents. They will simply have an access code to their records and then seamless methods to perform all their activities.
Insurance: Fraud is a huge issue in the insurance industry. When complaints, payments and other documentation can be recorded and stored in immutable ways, you can eliminate a lot of fraud, with savings for both companies and consumers.
Healthcare: Complete record of the patient, with guaranteed access to those who are given permission, to provide permanent stories for patients and suppliers .
Removal of the intermediary in transactions: When contracts can occur directly between two people or companies / organizations, the potential for fraud decreases, not to mention reduced costs. Get freelancers as an example. There are real problems of trust from both the companies that hire them and the freelancers who do the job. They have to rely on "good faith" on one another or on the intermediary who takes his share. Companies such as Moonlighting are now available that provide a platform for freelancers and the companies / individuals who hire them. Freelancers have only one place to store their profiles; employers have a place to provide reviews and recommendations; blockchain integration allows smart contracts and faster payments; Travel Industry: Fraud is estimated to cost only the airline industry between $ 2.4 and 4.8 billion annually. When financial information and travelers' identities can be recorded and stored in a blockchain environment, it is possible to significantly reduce manual control, confirmation and incorrect denial of service. Everyone wins.
Supply chain: How many companies produce and / or receive goods from other companies all over the world? Millions. One of the problems affecting the fulfillment of contracts for the sale and purchase of goods, was the tracking of these goods from the point of purchase to delivery. In a blockchain environment, purchase contracts, invoices and, above all, complete tracking of the goods from the moment they leave the supplier to the delivery point can be traced immutably.
This provides only a glimpse of the promise of blockchain technology it uses in several industries. There is much more to come .
What does not work with blockchain
As in any new and developing phenomenon, there are certainly bad actors – those who exploit a promising thing and exploit it for fraudulent gains
This is certainly true for the cryptocurrency / blockchain sector. The worst is probably the fraudulent ICO. An ICO (initial offer of coins) is the new way of the startup to raise funds from non-institutional investors (for example anyone on the Internet). Everyone is invited to make the chip and purchase cryptographic tokens issued from the start. & nbsp; The purchase of a brand cryptocurrency investor could be exchanged for goods / services after launch or sold to someone else for a profit. Usually, it's a white paper that completely explains the encryption to potential investors, and then asks those potentials to put money to launch the crypt.
The problem here is that there are numerous fake ICOs at a given time. They are "launched" by scammers who will take money for investments and will run. Investors remained holding valueless digital tokens that no one ever intended to be "real" in the first place.
There are some telltale signs that inexperienced investors should look for – copied blank documents, anonymous or unknown team members, lack of convincing reasons for launching the crypto, and usually a run to complete the investment phase.
Some recent examples of fraudulent ICOs include the following
- Confido – $ 375,000 of money for investors were withdrawn without a launch of ICO [19659023] Benebit – this was worse. Scammers started with about $ 2.7 million
- Centra – the worst yet – escaped with $ 32 million in investment.
So, everything is not "rosy" in the crypto / blockchain movement.
It is a time of divorce cryptocurrencies and blockchains, at least in our minds. They do not need to be intimately connected. Cryptos uses blockchain technology. But that technology has a much wider scope in terms of benefits than digital currencies alone. It can have a positive impact on all sectors of our local, national and global economies, and this is where the true future of this technology lies.
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Blockchain use cases Pexels.com
Blockchain The" mysterious "technology behind the cryptocurrency revolution: it is the driving force of cryptocurrencies, because it provides an immutable ledger of all those transactions in digital currency.
And as criptos, at least the best, become a more traditional method of investment customization and an increasing payment method for goods and services all over the world, traditional financial institutions are scrambling and are trying to understand how they can incorporate the blockchain technology to generate the trustless banking offered by the encrypted.
by blockchain
Clearly, blockchain holds great promise in a number of niches, and there is plenty of exploration, together with pilot programs, to measure its convenience – many with good results.
But, to be realistic, there are also de the disadvantages for the blockchain and the cryptographic market it supports. Blockchain is not a "magic pill" for any industry wishing to capitalize on this technology.
What works so far
Because blockchain provides an immutable record, considers only some of the niches in which it holds a great promise:
The public sector: There are some key problems that Blockchain can solve, in particular in the field of identification – for voting, for travel, for citizenship registers, etc. When all this information can be recorded and stored in a blockchain, people will no longer have to keep track of their paper documents. They will simply have an access code to their records and then seamless methods to perform all their activities.
Insurance: Fraud is a huge issue in the insurance industry. When complaints, payments and other documentation can be recorded and stored in immutable ways, you can eliminate a lot of fraud, with savings for both companies and consumers.
Healthcare: Complete record of the patient, with guaranteed access to those who are given permission, to provide permanent stories for patients and suppliers.
Removal of the intermediary in transactions: When contracts can occur directly between two people or companies / organizations, the potential for fraud decreases, not to mention reduced costs. Get freelancers as an example. There are real problems of trust from both the companies that hire them and the freelancers who do the job. They have to rely on "good faith" on one another or on the intermediary who takes his share. Companies like Moonlighting are now jumping to provide a platform for freelancers and companies / individuals who hire them. Freelancers have only one place to store their profiles; employers have a place to provide reviews and recommendations; blockchain integration allows smart contracts and faster payments; and members of the public are jumping on the opportunity to invest in them.
Travel Industry: It is estimated that fraud costs only to the aerospace industry between $ 2.4 and 4.8 billion annually. When financial information and travelers' identities can be recorded and stored in a blockchain environment, it is possible to significantly reduce manual control, confirmation and incorrect denial of service. Everyone wins.
Supply chain: How many companies produce and / or receive goods from other companies all over the world? Millions. One of the problems affecting the fulfillment of contracts for the sale and purchase of goods, was the tracking of these goods from the point of purchase to delivery. In a blockchain environment, purchase contracts, invoices and, above all, complete tracking of the goods from the moment they leave the supplier to the delivery point can be traced immutably.
This provides only a glimpse of the promise of blockchain technology it uses in several industries. There is much more to come.
What does not work with blockchain
As in any new and developing phenomenon, there are certainly bad actors – those who exploit a promising thing and exploit it for fraudulent gain
it is certainly true for the cryptocurrency / blockchain sector. The worst is probably the fraudulent ICO. An ICO (initial offer of coins) is the new way of the startup to raise funds from non-institutional investors (for example anyone on the Internet). Everyone is invited to make the chip and purchase cryptographic tokens issued from the start. The purchase of a brand cryptocurrency investor could be exchanged for goods / services after launch or sold to someone else for a profit. Usually, it's a white paper that completely explains the encryption to potential investors, and then asks those potentials to put money to launch the crypt.
The problem here is that there are numerous fake ICOs at a given time. They are "launched" by scammers who will take money for investments and will run. Investors remained holding valueless digital tokens that no one ever intended to be "real" in the first place.
There are some telltale signs that inexperienced investors should look for – copied white documents, anonymous or unknown team members, lack of convincing reasons for launching cryptography and, usually, a rush to complete the investment phase
Some recent examples of fraudulent ICOs include the following
- Confident: $ 375,000 of money for investors were withdrawn without an ICO launch
- this was worse. Scammers went away with about $ 2.7 million
- Center – the worst yet – escaped with $ 32 million worth of investment.
So, everything is not "rosy" in the crypto / blockchain movement.
It's time to get divorced from cryptocurrencies and blockchains, at least in our minds. They do not need to be intimately connected. Cryptos uses blockchain technology. But that technology has a much wider scope in terms of benefits than digital currencies alone. It can have a positive impact on all sectors of our local, national and global economies, and this is where the true future of this technology lies.
