Usually you’d associate Blockchain immediately to bitcoins, but the truth is that the technology behind blockchain allows for an almost endless number of applications that can benefit the human being far beyond the economic dimension.
If we move a little away from the technical aspects, it is proper to point out that Blockchain corresponds to a protocol for transferring information on the Internet that is distributed in different parts and where once the data is entered these cannot be deleted.
But people got to know about Blockchain through Bitcoins. They are now also being used to fund companies using ICO (Initial Coin offering) , as a payment method online, betting etc. Want to know more about ICO? Check this updated ICO list.
Many people believe that the Blockchain only serves to create a Bitcoin or cryptocurrency purse, but below we have 10 other uses of the Blockchain technology.
- Tracking of physical items: Companies that handle inventories and more specifically supply chains, have found in the chain of blocks a tool to leave behind the human errors and from the digital world and the association of a token to a physical object, perform the tracking of the goods from the moment they are loaded for transport until their final delivery.
- Real estate sector: Countries like Honduras and a few others are working hard on how to appropriate the chain of blocks to consolidate the registration of properties, reduce the costs that this action demands and especially reduce the time taken by these transactions.
- Healthcare: An encrypted system of information in this sector, it is perfect to shield the medical histories and thus better protect the privacy of the patients, likewise, it represents the prevention of wasting time and money in the execution of the medical protocols and in effective prevention of diseases of infectious origin since it can be established where the bacteria originated and therefore the foci of infection.
- Digital identity: Companies like Civic realise that using the blockchain to guarantee a person’s identity is something viable and very useful. Thus, by going to mathematical security, one can, therefore, determine that someone is who they say they are without the interested party revealing himself.
- Monitoring of consumer products : This feature is being explored by Nestlé and other North American companies. They have found that the blockchain is an efficient means to verify that their production is really suitable for human consumption at the time of distribution, this is achieved considering factors such as temperature and its expiration.
- Simpler travel: much safer procedures for all parties involved, this is what this technology proposes to ensure that a passenger can have a kind of unique travel ID which is both their identification and passports, passports and other documentation that is usually requested for boarding.
- Help for insurance providers: if given the opportunity, the blockchain could be in charge of keeping the databases up to date so that the real data of the users or insured vehicles can be easily accessed, thus avoiding fraud and the costs would be reduced.
- Decentralised energy: from the hand of renewable energies, the chain of blocks is in full capacity to deal with the transfer and distribution of energy to each individual; this control would be perfect for this consumption to be carried out in a much more efficient way, leaving space for those who wish to produce their own energy.
- Accounting Book: Blockchain is designed as a distributed accounting book. This makes the falsification of any product very difficult. That is why it is so attractive to create currencies using their technology.
- Charging points: Share&Charge is a decentralised protocol for Electric Vehicle charging.
Challenges Blockchain technology must overcome
If for a reason Blockchain is the favourite of all those that have to do with finances, it is because it simply prevents the system from being cheated as this is precisely the most complex thing to avoid. The different regulations that seek to exercise control over it, undermine its virtue of being decentralised, additionally it is necessary to work carefully to break down the distrust that today many people insist on maintaining when their use is planted.
Now, an aspect that is always discussed is that it is almost impossible to identify who would have the responsibility in case of a conflict, the delay in the execution of some processes is an aspect that can make a bit of shadow, but on the subject of that the experts in the matter do not stop looking for new ways, all this surely could be solved.