What are the application scenarios of blockchain? As a new type of trust creation technology, blockchain technology realizes point-to-point value transfer and is sought after by many industries. So in terms of current blockchain development, what industries can blockchain be applied to?
Blockchain Application Scenario-Industry
insurance
A key point in improving customer engagement through blockchain technology is personal data. Once customers disclose their personal information to the insurance company, they will start to worry about the leakage of personal data; moreover, customers will also be deeply uncomfortable with the repeated entry of personal information, these problems can be passed through the customer-controlled area for authentication. Blockchain to solve.
medical
For a long time, healthcare organizations have to live with the inability to securely share data across platforms. Better data collaboration among data providers means more precise diagnosis, more effective treatment, and an improved overall ability of the healthcare system to provide cost-effective care. Blockchain technology allows hospitals, patients and all parties in the medical interest chain to share data in the blockchain network without worrying about the security and integrity of the data.
Bank
A bank is a secure repository and exchange of value, and blockchain can achieve the same effect as a digital, secure, and tamper-proof general ledger.
cloud storage
Most companies currently offering cloud storage keep customer data in a centralized database, which increases the danger of hackers stealing information. Blockchain cloud storage solutions allow for decentralized storage.
academia
If more schools start to adopt open and transparent academic certificates, transcripts and diplomas, it may be easier to solve the problem of academic fraud, not to mention the time and cost savings, and avoid manual inspection and reduce paper documents.
Car rental and sales
The partnership was announced last year to use blockchain to build a proof-of-concept to simplify the car rental process and make it a "click, sign, and drive" process. A prospective customer selects the car they want to lease and enters the blockchain’s public ledger; then, sitting in the driver’s seat, the customer signs the lease agreement and insurance policy while the blockchain updates the information in sync. This is not an imaginary, this type of process may also develop into reality for car sales and car registrations.
Network and IoT
The main body of a decentralized network of IoT devices is formed using blockchain technology. According to some websites, as anonymous decentralized peer-to-peer remote sensing technology, blockchain can become a kind of public ledger for a large number of devices, and they will no longer need to have a centralized route to mediate traffic between them. Without a central control system to authenticate, devices will be able to anonymously transmit between them and manage software updates, bugs, or energy management. Other companies are also looking to integrate blockchain technology in IoT platforms. Filament, for example, is using blockchain to build a decentralized network where sensors can transmit to each other.
music platform
Many music artists have turned to blockchain technology in order to make online music more equitable. According to reports, the three companies are preparing to establish a more direct payment channel for artists to solve the payment problem, and solve the authentication problem through automated smart contracts.
stock trading
Over the years, many companies have worked to make the process of buying, selling, and trading stocks easy. Emerging blockchain startups believe that blockchain technology can make this process more secure, automated, and more efficient than any previous solution.
real estate
The pain points in the process of buying and selling property rights are: lack of transparency during and after the transaction, extensive paperwork, potential fraud, errors in public records, and more, to name just a few. Blockchain provides a way to achieve the need for paperless and fast transactions. Real estate blockchain applications can help record, trace and transfer title deeds, house deeds, liens, etc., and also provide a platform for financial companies, title companies and mortgage companies. Blockchain technology works to keep documents securely, while enhancing transparency and reducing costs.
Smart contracts are small programs that run on the blockchain and are able to automatically initiate certain actions when predefined conditions are met. Smart contracts can automate claims processing because they have a reliable and transparent payment mechanism for customers and enforce contract-specific rules.
energy management
Blockchain can help retailers who offer gift cards and loyalty programs make their systems cheaper and more secure. With almost no intermediaries to handle sales transactions and issuance of gift cards, the process of acquiring and using gift cards using blockchain technology will be more efficient and cheaper. Similarly, the unique verification technology of blockchain enables further upgrade of fraud protection methods, which can reduce costs and prevent illegal users from obtaining stolen accounts.
Specific application scenarios of blockchain
Payments and Cash Transactions
The World Economic Forum claims that decentralized payment technology, similar to Bitcoin, can change the "business structure" due to the cash transaction model, and the current structure has been fixed for more than 100 years. With blockchain, it feels like we might be able to circumvent these clunky systems and create a more direct payment flow that can be paid within the country or across borders, without intermediaries, and with ultra-low rates and near-instantaneous speeds.
Information anti-counterfeiting
The anti-counterfeiting method based on cloud-based comprehensive blockchain technology will be much more efficient than traditional anti-counterfeiting methods. In future anti-counterfeiting verification scenarios, users may obtain a large amount of complete information based on different dimensions by simply scanning with their mobile phones.
information security
Blockchain technology is driving a technological revolution in information security. The three major security threats are man-in-the-middle attack, data tampering, and DDoS.
cyber security
Although the ledger of the blockchain is public, the communication of data can be verified and transmitted using advanced cryptographic techniques. This ensures that the data comes from the correct source and that nothing can be intercepted in the process. If blockchain technology is more widely adopted, the probability of hacking will decrease, as blockchain is considered to be more robust and reliable than many traditional systems. One of the ways it reduces traditional cybersecurity risks is simply by eliminating the need for human intermediaries. By eliminating the need for middlemen, it reduces potential security issues, from hackers to corruption.
The above is the introduction of the blockchain application scenarios, mainly from the blockchain application industry and the specific application projects of the blockchain.