The blockchain is a new alternative to the traditional currency and banking system. It has a big impact on everyday lives and has impacted globally. In my opinion, it will change the way we handle our businesses. As it works digitally, it is more reliable than traditional ways. As Blockchain is a distributed ledger, it is nearly impossible to hack. Blockchain has a vast application in every field. Here are few best applications.
As we all know that the traditional system is error-prone, cumbersome and is a bit annoying. Some intermediates resolve such conflicts which lead to stress, more time and money. While blockchain is easy, cheaper, reliable and transparent. There is a growing number of financial services who are using this system to introduce innovation such as Smart bonds and smart contracts.
Payments: Cross-border payments
The payment sector is costly, with errors and open to money laundering. It takes a huge time to cross money around the world. The blockchain has provided solutions to many companies like Abra, Commerce etc. that offer end to end blockchain-powered remittance services.
AYN InfoTech will be merging blockchain to payments services for a better experience which will also enable customers to make international payments 24 hrs a day.
Insurance: Claim Settlement Process
Claiming insurance is the most frustrating process. Insurance processors have to wade fraudulent claims, fragmented data sources for users and have to process all forms manually. There is a high chance of errors and corruption.
The blockchain provides the best errorless platform with complete transparency to users.
In business, we have multiple properties like shares, patents and property titles, and can have smart technology embedded in them. We can store such important information on the ledger along with all the contractual details who are allowed to own the property. We can create a smart key to allow access to a particular member.
Unconventional Money Lenders
Traditional lending system services borrowers who have poor credit history and charge them 6 to 9 per cent of the loan amount. This led to bankruptcy or property collateral. While blockchain technology allows strangers to take loans and take their property as collateral. There is no need for any credit score.
IOTs is the next big thing which will bring smart cities and government. As everything today’s is on the internet, it is an essential part to protect and manage the data. Still, with billions of devices linked together, cybersecurity experts worry about the security of the data.
Supply Chain Sensor
Supply chain sensors give end to end visibility of their supply chain by providing their location and data of the supplies as it is transported throughout the world. This helps companies to have better benefits and reduce time. According to the sme Deloitte and MHI report, 87 per cent of these industries have the plan to use this technology by the end of 2020. The technology is expected to grow to 1 trillion by the end of 2022.
Smart contracts can be used for all situations like insurance premium, property law, financial derivatives etc. Smart contract waves the third party and also ensures that all participants should know all the contract details. Hence, blockchain is cost-effective and error-free.
Blockchain for Healthcare
Personal healthcare records can be encoded and saved properly with the help of blockchain. The technology provides a private key to access information to particular individuals. Receipts of surgery could be automatically sent to the insurance company as proof. This makes things easier and faster. The ledger could also be used for healthcare management, such as supervising drugs, regulation compliance and testing results.
Blockchain for Identity
As per the increasing market demands and due to high dependability on the internet, every data is loaded somewhere on the internet. So, blockchain protects your identity and data and keep it in encrypted form.
Passports and Personal Identification
The world is becoming digital. So, your data like driving licence, passport, UAN, etc everything is going on the internet. The first digital passport launched on Github in 2014 and helps users to get identified online and offline. The data is stored in a ledger, provided with the key for the access.
Blockchain could become a powerful tool for improving the business, trade and government. It provides transparency and can work ethically. If this technology is adopted globally then the new era of more secure and transparency in the corporate world could start.
Thank you for reading!!