Blockchain markets: where blockchain technology is applied
The high flexibility and versatility of blockchain technology makes it possible to successfully apply it in various spheres of life and business areas. The last 2 years of active development of the blockchain only confirmed the opinion that the development is excellent, not only in conjunction with cryptocurrency. There are many examples where this technology is already integrated into the familiar infrastructure. Such development forms whole blockchain markets, which are the basis for new initiatives and non-standard solutions.
Blockchain saves money for banking
The banking system is ideal for blockchain use. After all, the task of banks is to store and transfer value in the form of cash. The blockchain as a secure decentralized database can eliminate the intermediary element in transactions. According to analysts, the use of the blockchain in the banking industry can save tens of billions of dollars.
Money transfer using blockchain is more reliable
The format of transfer of funds has not changed for many years: there is a sender, there is a recipient and there is an intermediary between them.
But the transaction participants are not always satisfied with the speed of the transaction, and the mediator may take a high commission or not perform duties.
When using the blockchain it is a priori impossible. Money transfers in the system where the blockchain is used are instant. Fraud is excluded here, since hacking the code is almost impossible, and smart contracts ensure the legality of the transaction. Blockchain creates an open and clear stream of payments.
Blockchain in air transport
It is not difficult to imagine that the amount of information during air travel is huge. Blockchain can facilitate the process of their collection and processing. And it already does.
In 2017, the British Airways airline, the airports of Geneva, Heathrow and Miami told about the results of the experiment using the blockchain and smart contracts.
Using the FlightChain technology, which stores information about the flight, it was possible to process more than 2 million blocks of data on changes in flight operations.
The experiment showed that the blockchain is able to provide airlines with a single source of data and quickly obtain a complete picture of flights. In addition, the blockchain contributes to the convenient exchange of information between participants in air traffic.
Education using technology
Paperwork is one of the main problems of the education system. This is particularly so with Eastern European countries, where modern technological solutions are being implemented with difficulty. But the blockchain can become a panacea for this area.
Using it, the transition to digital documentation, which includes diplomas and certificates, will increase transparency in this area. Hateful manual checking of pieces of paper will no longer be of relevance.
Blockchain markets and media space
One of the sources of income for musicians for a long time are royalties for listening to songs. However, accurately track which tracks are listening or downloading online is very difficult. The problem of fair distribution of funds between the authors of texts, music and copyright holders also raises questions.
As in other areas, the blockchain is useful here. Its potential as a distribution registry with data validation in the context of the music industry is obvious. Already, there is talk of creating a decentralized trusted registry that will provide instant and transparent royalties.
Fair voting on transparent principles
Another area where blockchain usage is possible is voting. And we are even talking about political elections.
In particular, back in 2016, the Libertarian Party of the USA in the state of Texas held elections for internal party positions using the blockchain as follows.
Each newsletter had three QR codes. The first contained the blockchain address, the second contained the newsletter ID, and the third contained the voting ID. After scanning the QR codes, the data about the votes was entered into the counting system created on the blockchain. The results were protected by encryption.
Obviously, the blockchain is a universal tool that simplifies the process of collecting information, quickly transmits it and protects against unauthorized changes. Therefore, to date IT experts point out that it is very important to maintain, develop and integrate this technology in all possible areas of our life.
After examining the blockchain markets and analyzing where blockchain technology is used, we can confidently assert that the blockchain technology is well protected, fully universal and successfully applicable in various areas of life and business.