How can blockchain be applied to different modern sectors

Industries, such as supply chain, telecommunication, or data storage can significantly benefit from the use of technology

How can blockchain be applied to different modern sectors. Source: shutterstock.com

Believe it or not, blockchain is not considered to be something new in 2019. However, there are still so many areas where this technology can become a handy novelty. The list of fields of activities that can benefit from the use of blockchain is, figuratively speaking, endless. Nonetheless, PaySpace Magazine decided to consider some of the major areas of human activity where blockchain could be useful, which are popular nowadays, and there is the tiniest chance that they could appear to be outdated in the next ten years.

Documents

Real estate

Despite the technology of the 21st century, the real estate industry still suffers from a lack of transparency, fraudulent agents, and physical property title registration records errors. Moreover, paper documents processing still takes too much time. Blockchain can offer a solution that can simultaneously save a lot of time and eliminate the need for paperwork. Furthermore, the average transaction cost can be reduced significantly.

For instance, tech startup Ubitquity has a Software-as-a-Service (SaaS) solution, which is a blockchain platform for financial, title, and mortgage companies. Most recently, this firm started to work with the Land Records Bureau in Brazil. They already offered a solution on how to input property information and record documents with the help of blockchain.

Ubitquity has a SaaS solution, which is a blockchain platform for financial, title, and mortgage companies. Source: shutterstock.com

Insurance

Deloitte company, in cooperation with blосkсhаin startup Stratumn and payment provider Lemon Way, has introduced an interesting blосkсhаin-based solution named LеndеrBоt.

LеndеrBоt is a micro-insurance proof of concept for the sharing economy that demonstrates the potential for blockchain applications and services in the industry. LеndеrBоt offers users micro-insurance services by chatting through Facebook Messenger. In other words, it is a mediator in the contract between individuals as they exchange items through the sharing economy.

It is a prototype capable of offering a customized micro-insurance tailored to the needs, practices and profiles of younger generations. This insurance of the ‘sharing economy’, based on Blockchain technology, will ensure the new services of ecosystems that make up the lives of new generations
Deloitte

Supply chain

Transactions can be documented in a permanent decentralized record – reducing time delays, added costs, and human errors. This is what makes blockchain the perfect match for a supply chain industry.

There are some good examples of practical use of blockchain in the supply chain sector. Source: shutterstock.com

Fundamentally, a supply chain is no more than a series of transaction nodes, which are linked and intended to transport goods from an initial point to the destination point.

Blockchain here will also help to eliminate human error, while decentralized records can be the perfect storage for transaction records.

There are some good examples of practical use of blockchain in the supply chain sector:

  • Provenance, for instance, is now developing a system for items and materials that can be easily traced. It will enable a business to supply clients at the point of sale with information about items they receive from merchants all along the supply chain, and it will be actual real-time.
  • Hijro, for example, offers a platform for lending into global supply chains and b2b solutions.

Telecommunication

The blockchain ledger can be an excellent solution to prevent fraud. Source: shutterstock.com

Telecommunication is not a new sector of activity, but blockchain has a lot to offer to this such as:

  • Fraud Prevention. The telecom field is not the only area that suffers because of fraudulent actions and schemes, but this sector is damaged by scams significantly. The blockchain ledger can be an excellent solution to prevent these problems. Blockchain can be used to verify every individual’s identity. Moreover, users can link their devices to the whole network.
  • IoT Factors. This point is more about security in data transmission. It is not a big secret that telecoms deal with classified data incessantly. Therefore, data leaks are strongly discouraged here (for example, DDoS attacks). A blockchain network getaway can give the machines a trusted environment where they can communicate with each other. Maybe using blockchain alone will not solve the problem, but cooperating with different technologies can give the desired outcome.
  • Mobile Payment. Digitization has brought users new opportunities. Nowadays, clients can pay bills with the help of their smartphones. Nevertheless, new features are not flawless and have some weak points. Sensitive data and funds can be stolen while they move from a payer to a service provider through third-parties. Telecoms are able to use blockchain now in order to rationalize the process in question, and consequently, get rid of any third-parties.

Data storage

The data storage process can be streamlined with the help of blockchain apps. Source: shutterstock.com

There are some options to streamline the data storage process with the help of decentralized blockchain apps:

  • One can store data in blосkсhаin itself;
  • P2P file system (for example, IPFS);
  • Decentralized cloud file storages, such as Stоrj, Siа, Ethеrеum Swarm, etc.;
  • Distributed Databases, such as Apache Cassandra, Rethink DB, etc.;
  • BigChainDB (blockchain with enormous data capacity and really fast transactions).

Energy management

Energy management is one of the most centralized sectors nowadays. Moreover, this industry usually depends on re-sellers, which are hard to avoid, especially if we are talking about big electricity companies.

Transactive Grid, for example, is a startup that uses Ethereum blockchain technology to offer clients to transact in “decentralized energy generation schemes”. In other words, it is a new way to generate, buy, and sell energy to neighbors, saving money, and avoiding third parties.

SEE ALSO: Blockchain: Token-based rewarding models

facebook