Blockchain application areas are the most common in which this technology can work successfully.
Let’s start by understanding this resource and why it often becomes a profitable opportunity for companies.
The blockchain is a set of technologies to record transactions more efficiently and track assets in a commercial network.
The accounting register is structured as an immutable and shared blockchain, consents are distributed over nodes, and validation is based on a specific process.
It is, therefore, a technology based on a decentralized network with which to manage databases in a distributed way and in which it is possible to trace and exchange everything that has value.
It stands out because it promotes innovative concepts such as transparency, sharing, and traceability and ensures high security by exploiting encryption techniques.
In which fields can the blockchain be implemented?
Let’s analyze this article, looking at which areas are most prominent and what we should expect as far as the future is concerned.
Blockchain Application Areas, Here Are The Main Ones
The blockchain has only recently begun to establish itself, acquiring increasing popularity over the years.
It is, in fact, a young technology with great potential, born in niche sectors and then rediscovered in numerous fields as a valuable resource.
Here is an overview of the current most well-known blockchain application areas, starting from finance – the cradle of this technology – to completely different sectors that work just as well.
Blockchain And Finance, A Successful Combination
Finance is the application field that first relied on blockchain technology, proposing an alternative and innovative method to manage transactions.
It allows you to exchange goods and money without intermediaries, reducing commission costs and ensuring speed and total safety.
The blockchain, therefore, proposes itself as a digitized and reliable ledger that offers numerous possibilities and opportunities.
In particular, it has allowed the Bitcoin market to develop, significantly boosting the cryptocurrency economy and making digital currencies the protagonists of today’s equity debate.
Industry 4.0: Supply Chain Support
In the context of Industry 4.0, the blockchain makes it possible to support every piece that makes up the Supply Chain, from production to logistics.
How? Thanks to decentralization that facilitates the implementation of innovative technologies and to the high level of safety enjoyed by the entire supply chain.
But not only: through this technology, it has been possible to introduce the Trust logic, used for digital payments relating to products identified with data packages.
Transparency is always guaranteed, and each operation is recorded with specific documents to reduce the margin of error and optimize processes.
The Goals In The IoT World
Blockchain technology can benefit the Internet of Things because it is an excellent means of exchanging data quickly and safely by facilitating communications between connected devices.
It is also a resource for identity management, essential for creating supply chain certification solutions based on the objects’ data and working on Supply Chain certification.
It is, in fact, essential that the end-to-end recognition of objects – physical and virtual – is reliable to ensure that the transaction takes place and is managed correctly.
Blockchain And Healthcare: How Data Exchange Improves
A big problem in healthcare is the inability to share and exchange clinical data between different platforms securely.
Thanks to a more fluid and systematic collaboration, it is possible to optimize procedures, provide more accurate diagnoses, and coordinate treatments more effectively.
This is why the blockchain comes into play, capable of creating a data network access to different types of users – structures, patients, hospitals – to facilitate communications while preserving the integrity of information.
By doing so, we are witnessing a clear improvement in performance and services, greater control is gained, and advanced interoperability between national health information systems is favored.
News For Car Sharing And Transport
In the transport sector, blockchain technology offers the possibility of concluding transactions thanks to digital currencies, also allowing the accumulation of credit to pay for subsequent journeys and services.
We deviate from a centralized network by exploiting search, sorting, and tracking applications, optimizing movements, and increasing services.
Thanks to the blockchain and the blockchain system, it is also easier to manage the bureaucratic and administrative aspects, allowing the driver to choose the payment method and the rates independently.
The Blockchain In The Public Administration
The possibility for citizens to create their own unique digital identity could represent a real turning point in Public Administration: it is possible to simplify various services, fight tax evasion and reduce crimes and infringements.
It has also been experimenting with blockchain technology for some time to develop an electronic voting system, which is still on standby for security reasons.
To overcome this problem, it is necessary to outline a specific Governance that prevents identity violations, data counterfeiting, and manipulation of public opinion.
What To Expect From The Future?
As we have seen, the blockchain can already give great impetus to numerous sectors. However, it is essential to remember that it is a technology not yet fully developed and still contains numerous resources. By foreseeing its rapid diffusion
In the future, we can therefore hypothesize the contribution it will make in various areas, analyzing its advantages and imagining the impact it will have on citizens’ daily lives.
First of all, the development of the blockchain will make it possible to facilitate and speed up the management of public registers, allowing private individuals immediate and secure access to the documents of the Land Registry, the Public Automobile Register, the records of the courts, or public administrations.
I am making processes more interactive and completely transparent.
Speaking of healthcare, it will be possible to share medical records between different doctors anywhere in the world, allowing drugs to be prescribed wherever the patient is and ensuring that data is tracked and validated.
Production processes in companies will be optimized, and the entire supply chain will be traced, starting from raw materials to distribution.
This will make it easier to guarantee production standards, avoid product alterations, protect the environment and safeguard consumers’ health.
Finally, the machines can be equipped with special sensors, called checkpoints, which detect data in real-time and automatically record them in the blockchain: every step made by the product will be tracked, and you will always have feedback on all the movements made.
A Look To The Future: The Cryptocurrency Revolution
However, the most substantial change will take place in the world of finance and economics, thanks to the growth and diffusion that digital currencies will presumably have.
Every citizen will be able to have a blockchain address with which to perform cryptocurrency transactions for almost any type of payment.
An example? By connecting with the blockchain address of your municipality of residence and entering the access codes, it may be possible to pay municipal taxes by following the payment in real-time.
The hypothesized scenario is possible, but it is difficult to understand when it could happen: in addition to the development of blockchain technology, we must count on the essential success of Crypto, and at a monetary level, such a radical change still appears far away.