Blockchain Technology Applications

Blockchain has a big utilization potential in particular due to its decentralization. Since it is a rather new technology, numerous industries are currently investigating ways to use blockchain technology for their benefit. Let’s have a look at some emerging uses for this exciting technology:

1. Financial Services

  • The financial services field already utilizes blockchain technology in the use of digital currencies. Visa announced that in cooperation with leading banks, it will strive for the implementation of this technology for Internet payments and money transfers. This would lead to an acceleration of cross-border transactions and security increases. In Europe, for instance, UBS Bank believes in the promising future of Blockchain. 

2. Healthcare

  • Blockchain technology could simplify patient information sharing and increase data security in the healthcare sector. Numerous companies are already working on implementation schemes for these purposes. 

3. Transportation

  • The automotive industry considers this technology to be suitable for utilization in several areas. It could bring security increases for remote controlled vehicles. There are also ideas to apply blockchain in order to secure car sharing services and data transmission during rides. Porsche, one of the pioneers in automotive technology, is working with developers to implement blockchain technologies in their business. Other substantial players doing the same are, for instance, IBM and Toyota. 

4. Public sector

  • Authorities and governments have huge amounts of data about their citizens at their disposal. Therefore, costly data centers are needed to store this data, but since they are centralized, they can be a target of hackers’ attacks. Accordingly, many governments are now researching the possibilities of using blockchain to secure this data shared among many of their branches.

5. Business and sales

  • In this field, the most important applications seem to be warehouse, goods flow, and deliveries management. Furthermore, goods origin control may be done efficiently. Maritime transport, for example, could benefit from blockchain technology in the loading and unloading inventory process. MAERSK, one of the largest maritime transport systems, has also started testing blockchain applications in its systems. 

In spite of the fact that we are just at the beginning, it is clear that blockchain is a cutting-edge technology with a wide range of applications in the future. All of the above-mentioned fields are huge and located all over the world. Therefore, we know this technology will take over the world, but the only question is how fast. In the rise of the Internet, no one realized what impacts it would have on humankind and what highly important possibilities it would bring. Nowadays, life without Internet seems impossible for most people around the world. Similarly, everything point out to the fact that blockchain will be indispensable in a few years.

Learn more about Blockchain Technology here.