What is the coolest application of Blockchain technology?
Blockchain is an up-to-date technology expecting to bring innovativeness in a variety of business industries. Blockchain implementation can provide a lot of benefits, affecting different business processes.
However, though the technology is primarily associated with the financial industry, Goldman’s bank analyst Robert D. Boroujerdi said that Blockchain solutions have the potential to redefine transactions and innovate a plenty of areas.
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- Finance
Allowing to avoid financial heavy systems, Blockchain solutions are promising to innovate money transfer business environment. As transactions within Blockchain occur without intermediaries and central authority, it enables to create a direct payment flow between operation participants from any place in the world. What’s more, transactions are fst anf carried out with the minimum commission.
- Healthcare
Healthcare is the industry where data protection, exchange, and storage play an important role. Here Blockchain can be successfully used for:
secure and transparent recording of medical data;
secure communications: sharing information between healthcare organizations (including hospitals, medical centers, clinics, pharmacies, insurance companies, etc.);
medical data protection, efficient and safe data exchange.
- Travel
Imagine a platform that enables travel agents to access it with tokens, as well as list their inventory and place travel-related transactions on the Blockchain. Thanks to Blockchain integration, travel providers will be able to sell services almost for free, instead of paying global distribution systems for access to their large databases or for transaction facilitation.
Find more about Blockchain prospects in the travel industry (as well as about GDS systems).
- Internet of Things
Blockchain technology can be connected with IoT. For now, it is one of the emerging trends in both fields, since smart automated ledgers can allow tracking activities of multiple IoT devices. Imagine, for instance, large data amounts managed and monitored by a smart contract code.
Learn more about IoT and Blockchain technologies working together.
- Voting system
Voting is the process where data security plays a major role. Elections require voter’s identity identification, protected accounting and fair votes counting. Here Blockchain can be used for fraud and falsification elimination. So, how can Blockchain solutions improve the election process?
It looks as follow: votes are recorded as transactions occurred within a decentralized ledger and can be checked by anyone. Thus, the technology will help avoid fraudulent counting and problems related to emissions and destroyed ballot papers. Imagine, for instance, a Blockchain-based online voting system.