It “could change the world“, it is “a Revolution“. “It is a confidence-building technology to change the world, which represents nothing less than the second generation of Internet and has the potential to transform money, business, government and society”, says Don Tapscott.
What is Blockchain Technology?
Imagine “a very large notebook, which everyone can read freely, for free, on which everyone can write, which is impossible to erase and indestructible” (Source: BlockchainFrance).
Blockchain is a technology of storage and transmission of information, a digital data management protocol:
- Transparent : Everyone can consult all exchanges, present and past.
- Without a control body or trusted third party : It is based on peer-to-peer (P2P) exchanges.
- Infallible and secure : Unlike more conventional databases, it is “distributed”. It means that different copies exist simultaneously on different computers of the network. Preventing the Blockchain from being hacked.
If Blockchain and Bitcoin are regularly associated, Blockchain Technology is “the virtual infrastructure on which the Bitcoin is based”, “the protocol describing the operation of the network on which this currency circulates”. The first transaction with this currency, in May 2010, was the purchase of two pizzas.
More details here.
10 ways Blockchain Technology can be used in Businesses
Businesses are becoming more interested by Blockchain Technology recently, and we’ve seen companies in insurance, banks, and payment companies sprinting to begin adopting Blockchain. For these companies that use Blockchain Technology, security offered by the system is one of the most crucial aspects. Here’s how Blockchain has and will be used across multiple business sectors.
More than $200 billion is lost every year by banks due to fraud, according to a report by Forbes. For banks, the most enticing aspect of Blockchain is the security it provides for them and their customers.
In the case of banking companies that use Blockchain Technology, every client would have a unique identification number rather than their name. In addition, only they would have the private key, preventing access to their funds even by the bank itself. These security measures have made Bitcoin and other cryptocurrencies secure, and they can make banker’s deposits secure too.
Insurance companies will no longer be limited by their geography. Using Blockchain allows them to reach new locations all over the world and increase their reach. One, because of smart contracts that are digitally signed and two because of the new payment business models “bitcoin technologies” that insurers are trying to implement. Plus, insurance companies could partner with Blockchain startups to keep their personal data secure, knowing that they have been sued in the past for that problems.
Regarding sending money across borders, transaction costs are an obstacle for both companies and customers. Thanks to Blockchain Technology, users can receive money in cryptocurrency built upon the Blockchain and convert the cryptocurrency at the exchange rate at the time. In addition to this, Blockchain also enables the transaction of very little sums of money.
Real Estate Sector
As the real estate sector suffers from a lack of transparency during transactions, possible fraud and mistakes in public records and a significant amount of paperwork, Blockchain offers solutions for all these issues: reducing the need for paper, ensure that documents are accurate and verifiable and can help applications for real estate chains track, record and transfer land titles, real estate, etc.
Cloud Storage Companies
As cloud storage companies use centralized servers to secure customer’s data, their network is more susceptible to hacker’s attacks. Blockchain cloud storage solutions allow storage to be decentralized, and therefore less vulnerable to attacks that can cause significant data loss.
Supply Chain Companies
Supply chain is based on a series of transactions to move a product from one point to another, and Blockchain Technology allows more secure and transparent monitoring of these transactions. Because of this, human errors, added costs and time delays can be reduced thanks to the permanent decentralized record that can document the transactions.
Gift Cards and Loyalty Programs
Retailers that offer gift cards and loyalty programs could make their system more secure and cheaper. The process of acquiring and using Blockchain-backed gift cards is more efficient and cost effective. Blockchain’s unique verification prevents from fraud and also save costs and help prohibit users from benefiting from stolen accounts.
Human Resources Departments
Verifying employment histories is an arduous task for HR. Blockchain databases could store employment and criminal records, reducing the risk of falsification and speed up the recruitment process.
When a new revelation in healthcare emerges, it only makes sense to be able to share this data across platforms for the advancement of medical treatment. Blockchain allows hospitals and medical facilities to grant access to their networks without compromising data security and integrity.
In times when the masses are complaining about tampering with votes, Blockchain provides the reassurance to voters that no votes were changed or removed, and no illegitimate votes were added. Blockchain can track and count votes so that there is no fraud or even a lost record, ensuring that votes are heard.
Tips about using Blockchain Technology in your Business
Blockchain technology opens up a much bigger opportunity than initially meets the eye. It’s beyond a currency or a ledger. While these are just some ideas in which Blockchain can be applied across different companies, there’s a lot of potential for businesses to streamline processes and innovate on the backbone of Blockchain.
Interested in PassKit’s Blockchain As A Service?
Get in touch with us at blockchain@PassKit.com.