" Where does blockchain already make our daily lives easier? – Cialiscaop

Where does blockchain already make our daily lives easier?

Since 2017, blockchain technology has also become known to a wider audience, at least in general terms. This was the year in which several cryptocurrencies started surging and convinced investors with huge returns.

Most cryptocurrencies are blockchain-based. Their potential is now convincing in many other applications. More and more companies are developing blockchain-based systems and platforms as this technology offers many benefits and can be implemented in a number of applications. Let’s look at these.

What are the reasons for blockchain-based applications?

The blockchain is a distributed and at the same time absolutely secure database. The technology is called DLT (Distributed Ledger Technology). It has the potential to permanently change many business models due to these four benefits:

#1 Speed ​​and Safety: All data stored in a blockchain is immediately distributed in encrypted form in the network. This approach not only enables lightning-fast distribution of large amounts of data to users, but also guarantees protection against manipulation through decentralized distribution.

#2 Data integrity: A hash function ensures data integrity. It establishes a consensus that verifies the data. In principle, manipulation is not possible. Hacker attacks cannot decrypt linked data records (= blockchain). If there were such attacks on crypto exchanges, for example, they were always aimed at storing the individual coins. A blockchain itself is technically uncompromising.

#3 Network reliability: The decentralized organization of a blockchain protects it from a total breakdown of the entire network. Each node (node) in the network contains all the data that can be produced from it again and again. A blockchain could only fail if the entire global internet completely collapsed all at once. Such a scenario seems absolutely unlikely.

#4 Transparency: As each block records the transaction for its generation, further analysis is possible at any time. This in turn enables reliable identification of all contractual partners and thus absolute transparency in a blockchain. This does not mean that it is transparent: on the contrary, the data is better protected than by any conventional data protection technology.

Now let’s look at practical use cases of blockchains that result from the mentioned benefits. The list does not claim to be complete and represents the status as of March 2022.

Blockchains for international financial transactions

It is the best-known example of the use of blockchain technology. Blockchain-based cryptocurrencies such as Bitcoin, Ether & Co. demonstrate the use of blockchain technology in the financial world. Within a blockchain, network participants verify their individual transactions and distribute them to nodes. These ensure data consistency and transparency. Both properties are essential for financial transactions. Encryption using the hash function secures the data and protects it from manipulation. The set also has a cost advantage: since the participants in the transaction negotiate directly with each other, intermediaries (banks) can be excluded, which reduces transaction costs and increases transaction speed. .

Use of blockchains in healthcare

In healthcare, a blockchain can be configured so that only selected users have access to medical data. This topic is known to be hotly debated. Such applications are already available from some service providers. On the one hand, they store patient data in the distributed network in such a way that every doctor can access it, which is particularly important in an emergency, and on the other hand, they protect the data absolutely. so that any misuse can be excluded. outside. The patient’s file, the medical findings and the evolution of the disease are stored in the blockchain. The owners of the data are the patients themselves, who communicate the data to selected users, usually doctors.

Blockchain for identity management

Identity management is a challenge for companies, but also for authorities. A blockchain enables faster and more secure identity verification than conventional technologies because it can securely store large amounts of data. All identity documents can be securely stored in a blockchain. Manipulation is excluded, as is loss of data.

fight against money laundering

Storing contracts in a blockchain and transferring them with cryptocurrencies certainly combats money laundering. After all, it relies on obfuscating financial transactions, including the use of cash. The blockchain prevents this.

Conclusion of purchase and insurance contracts in the blockchain

All purchase and insurance contracts can be concluded and managed securely in a blockchain. The Ethereum blockchain was created specifically for this purpose. The contracts are available in the form of so-called smart contracts. These are smart scripts that automatically initiate transactions in the blockchain. The settlement of claims by insurance companies is also less complicated via a blockchain.

management of works of art

Unique value art objects must be managed and verified securely, which is done today via blockchains. More and more museums around the world are joining such systems.

Geospatial Data Management

Real estate developers, municipalities, logisticians and all companies and institutions that operate with geodata are increasingly storing it in a blockchain. The main problem here is fast and decentralized access to this data.

Supply chain management on the blockchain

The supply chain benefits from a) smart contracts via the blockchain and b) continuous monitoring in the blockchain. Logisticians are already talking about a revolution here because they can document and trace supply chains from production site to point of sale with absolute transparency. Tedious conventional search queries in different systems are no longer necessary. Until now, they were considered a waste of time and money in logistics.

Optimize mobility

Already popular car-sharing models can be greatly enhanced using blockchain. This documents vehicle ownership, use and payment. This greatly simplifies the billing process.

Blockchain for energy market revolution

In the energy market, blockchain ensures that all transactions are much more transparent. An example is the billing for the injection of private or commercial solar or wind power plants into the public grid. This innovation is extremely important for the energy sector because it works in a much more decentralized way with renewable energies than the conventional market, which is characterized by large power plants. This decentralized setup can handle the decentralized blockchain.

digital elections

Digital elections must be secure. This is ensured by a blockchain that reliably prevents the manipulation of elections.

Issuance and management of certificates

Certificates and references are essential for technical processes (HU/AU badge) and proof of teaching qualification. The blockchain keeps them tamper-proof.

Conclusion

Blockchain applications will soon invade our whole life. This revolution is already in full swing.

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