Blockchain technology is not limited to cryptocurrencies or banking systems. Many people have realized the potential of the platform for other sectors.
The blockchain is an online platform for users who create ledger books for transactions between users. This information is in the form of data, which could represent anything, including money, for example, cryptocurrency. Here is a list of the various sectors benefiting from the blockchain.
1. Banking and cryptocurrency
Because of the high level of security of the blockchain, these transactions cancel out any government process that could slow down these transactions. For this reason, up to 80% of bankers should implement blockchain technology by 2020.
Eliminating many speed bumps from "average man", also reduces the cost of a transaction of 2-3%. Furthermore, this improves security, so you no longer need to worry about making online transactions. It works on a general accounting system, so even all transaction records are perfectly safe.
As illustrated in this infographic, the global savings potential in the banking sector that implements the blockchain should be around $ 8.12 billion.
2. Management of the supply chain of companies
However, blockchain technology is not limited to cryptocurrencies or banking systems. Many people have realized the potential of the platform for other sectors. For example, it could be implemented within a company's supply chain management.
If a company uses a blockchain supply chain management platform, all inventory is recorded and viewable with full transparency. Therefore, the inventory will be easily tracked, which makes auditing a breeze.
It makes tampering non-existent because any information is put down, the record remains there indefinitely. A user can only view or add data but never remove it. Whenever an object changes hands, it will be recorded until it leaves the building.
3. Shipping and air travel
Maersk and IBM worked on the creation of a new company that aims to apply blockchain technology to the naval industry. FedEx also saw the potential and created a pilot blockchain that helped resolve customer disputes.
Taking a step forward, British Airways saw the potential advantage of blockchain technology to record flight data and tested this system on flights between London, Geneva and Miami.
These advantages are the reason why 33% of Level-C CEOs currently use blockchain technology or are studying where they can use it in their organizations.
Blockchain can also be used in the insurance sector thanks to its ledgering system to make record keeping relevant and transparent. This reduces the opportunities for insurance fraud, accelerates the audit and accelerates the overall process.
The blockchain system will also reduce the cost of insurance claims and, once again, accelerate them. It is for these reasons that Tradle is developing blockchain solutions using KYC (Know Your Customer) data.
Blockchain technology can also be used in messaging within a set-up system, which is why the personal transport industry has taken a liking to the blockchain platform. Reduces rental / rental or purchase of a vehicle and ensures a high level of transparency of the customer base.
Its implementation has also allowed Arcade City and Chasyr to allow independent drivers to set up transport companies where they set their own fares. LaZooz uses it to fill empty seats with passengers needing a lift in real time.
6. Cloud technologies
Blockchain can also be used in cloud technologies, controlling every segment of data that once created can not be tampered with. Because cloud storage divides data, data recovery will be performed much faster than conventional methods.
The implementation of blockchain in cloud storage reduces costs and makes it highly resistant to cybercrime. Over 50,000 farmers have joined Storj's P2P network, which is home to around 30 petabytes of data since 2018. Current cloud storage companies that focus on the use of blockchains are Storj, Maidsafe, Filecoin, Sia and iExact.
With all the benefits of transparency and security offered by blockchain technologies, it is not surprising that they were used in the elections. In 2018, Sierra Leone used blockchain in national elections, thus eliminating the possibility of manipulating the voting system.
This is due to technology restrictions on data modification once it has been created, that is, voted on. The public could see the numbers live while the voters remained anonymous. Currently Blockchain has many potential uses that are benefiting the world, one transaction at a time, but in essence it will not stop here.
The current state of blockchain implementation is comparable to that in which the Internet was 20 years ago, which means it still has a long way to go.