What makes a good blockchain use case
What can blockchain technology be used for?
Possible application examples for blockchain technology in practice
The advantages mentioned make it clear that a blockchain can be used in many business models. The technology can help overcome existing challenges and reduce costs within individual processes.
1. Blockchain technology in international financial transactions
One of the best-known examples of the use of a blockchain are financial transactions. Above all, the cryptocurrencies mentioned at the beginning illustrate how the technology can be used in the financial world. In the course of a blockchain, individual transactions are verified and distributed to the so-called nodes. This results in a high level of data consistency and a particularly high level of transparency. These properties are the basis for banking transactions. Encryption - this is done by using a hash function - secures the data and protects it from manipulation.
This principle opens up interesting application possibilities for international payments. Since the verification takes place within the network, intermediaries can be excluded and transaction costs reduced. The lack of intermediaries also ensures higher transaction speeds.
2. The use of a blockchain in healthcare
In the health care sector, too, it has been shown that the blockchain can certainly offer advantages. A blockchain can be configured in such a way that only selected users have access to the stored data. Nevertheless, the data can be stored in the distributed network so that the sensitive data can be stored here. In particular, personal documents such as patient files, medical reports and the course of illness can be saved on a blockchain. Access to this data is only given to selected users who have previously been activated by the owner of the data.
3. Blockchains for identity management
Verifying a person's identity is a challenge in selected business areas. With the help of blockchain technology, however, people's identities can be identified more securely and more quickly than before. This is based on extensive databases that enable identification and verification. In particular, existing identification documents - driver's licenses, passports and ID cards - could thus be digitally implemented securely. In addition, manipulation would be almost impossible. Loss of data would also be prevented since the data is stored decentrally.
4. Avoiding money laundering
To this day, money laundering is a major problem in the economy. The blockchain can be used to eliminate this problem by transparently storing all concluded contracts on a blockchain. Thanks to recordings, the individual transactions can also be assigned to the respective parties involved, thus avoiding money laundering.
5. Processing of insurance via the blockchain
Modern blockchains in particular offer the possibility of developing smart contracts. These are intelligent scripts that automatically initiate transactions on the blockchain. This option offers great added value for insurance companies, because the processing of claims or insurance benefits can thus be presented in an automated and secure manner. So z. For example, it can be recognized that a single customer wants to assert multiple issues for an identical claim for damages.
- Why reading is important, purely personal experience
- When does popular become populist
- Grow Lucknow
- Science got discouraged in ancient China
- What can we learn from the earthquake
- Where do you grow plants
- What are the different definitions of ideology
- Was Donald Trump ever considered handsome
- Which is the best Spanish restaurant in Madrid
- Where does the word OM come from?
- How do I influence people towards me
- How did Islamic geometric patterns evolve?
- Can breed beagles with puggles
- Where does Shiraz wine come from
- What happens in a nuclear reaction
- What is the history of pasta
- Can a Jew travel to Pakistan safely?
- Who is the most American person
- Will SUPARCO one day outperform ISRO
- How is Mach1 Broadband in Kalwa
- Why was HBO's The Newsroom canceled
- What makes a woman charismatic
- Did Boris Johnson really want Brexit?
- Who is Sparx's brand ambassador
- What causes sudden myopia
- What are the best tips for organization
- Why is an API used
- What is the stock market
- Which company offers Avaya products in the UK?
- How many students are in HIM Gurdaspur
- Why did Subhas Chandra Bose leave Congress
- How do nouns form their plural?
- What is Egyptian clothing