The conversation about the versatile possibilities of the Blockchain does not cease, and every day, there are more and more projects that use technology in various fields. However, it is still difficult for many to imagine how the popularization of Blockchain will affect everyday life.
But what are the opportunities for your business? To start answering this question, I came up with four areas of activity where the transition to distributed, encrypted accounting could provide a competitive advantage.
Startups + Blockchain
Startups are the main area that today wins thanks to blockchain technology. When ICOs proved to be a scammy way of raising funds (mostly), Security Token Offering came to replace them.
Such companies as ROKKEX now offer the platform to present a project or an idea to a wide selection of investors. No matter whether you need to build a new section in the residential complex, open a new shop, or start a new company — Security Token Offering can be a great way to raise funds with more security to the investors and regulations in place. ROKKEX Securities Exchange Platform will help projects to raise funds and find investors who are seeking investment opportunities all in one place.
Healthcare + Blockchain
Blockchain can be used as a universal way of monitoring body indicators. In this way, the patient’s medical history or a regular medical record can be stored in one database with accurate diagnostic data that cannot be changed or edited post factum. Any doctor from any institution will have access to it, and the database will store much more information than the district clinic. Besides, the patients themselves will be able to stay updated on their indicators. The project of the Massachusetts University of Technology, MedRec, is based on this idea.
Finance + Blockchain
It is believed that the blockchain can completely change the system of financial transactions, making them fully protected and anonymous.
In addition, all operations within the company can be fixed in blocks in that way, saving space on data storage. At the same time, the Blockchain is reliable and, due to its decentralization, does not depend on, say, company servers, which can be hacked as well.
Thus, Barclays has successfully launched several blockchain projects that allow you to track transactions and prevent fraud.
E-Commerce + Blockchain
Blockchain applications can also be found in trade. Of course, the main way to introduce technology into e-commerce is through cryptocurrency payments. Although cryptocurrencies still cause a lot of controversies, they will not disappear. Therefore, many companies are starting to adapt to them now.
Cryptocurrency isn’t the only function that the blockchain can fill up e-commerce.
For example, VeChain plans to use blockchain technology to protect luxurious products from fakes. An individual product will receive a unique code, which is subsequently entered into the data chain, so the buyer can always verify the authenticity of the product.
State + Blockchain
Since the blockchain allows to store large amounts of data, it immediately comes to mind as an alternative to databases of government agencies.
If centralized, cumbersome, and insecure management and inventory systems can be replaced by a simplified distributed locking system for keeping records, then the need for features such as administration and compliance checking of these records will be reduced.
The Estonian government, for example, is working with Ericsson to create a blockchain-based data center and use it for public data. A similar idea arose in South Korea and the UK, but the initiatives relate to both security and the transportation network.
It’s true that even if shortly we do not switch to cryptocurrencies, the Blockchain will be widely used in everyday life. Numerous options for using technology and research on this topic suggest that Blockchain will become an integral base that will make it possible to simplify various processes.
The unfolding of blockchain potential occurs at a rapid pace because new technologies and ideas for its integration appear almost every day. This means that in 5-10 years, the blockchain will become an integral part of our lives.