Let’s see some of the real cases about Blockchain for the business and industrial sector. But first, what is Blockchain?
We can define blockchain as an accounting record, with account sheets and that each of these is like a block. These sheets follow an order, one after the other, and we cannot modify the order or the content once registered. Each sheet shows the data of the transactions movements that have been carried out. Therefore, we talk about a cryptographically linked data structure.
Why is Blockchain important?
Due to the characteristics of Blockchain technology, we can specify the possible use cases.
Blockchain in different sectors
Banking Sector – Blockchain
The nature of this technology lies in financial exchanges. We can create a secure registry, updated instantly and exchanges anywhere in the world at a speed never before seen of value through tokens. We forget what a bank transfer takes, what it costs, the problems between the currencies of different countries … In this sector is where it is being used and studying use cases. We focus on agility of payments and cost reduction.
Many entities are creating their own cryptocurrencies, some backed by the values of the entity itself making the cryptocurrency stable in value to the market to be able to use it and use these benefits in their day to day and control over the monetary mass of their business.
Insurance industry – Blockchain
It is one of the sectors most benefited by blockchain and in this case the automation of smart contracts. We can incorporate IoT systems (internet of things) to almost everything and through smart contracts they generate reactions. An insurer can measure how you drive and at what speed in real time and several automatically by ranges the price of your insurance. If we talk about food, we can use the same temperature gauge in a refrigerated truck and find out if the cold chain has been broken by a driver’s failure (intentional or not).
Health Sector – Blockchain
Can you imagine a secure environment where you can access your health data safely and, if not all, where administrations, health companies or hospitals around the world can exchange and view that information as long as they have access to them? Can you imagine that you can give permission from who reads that information and what can they do with it?
Energy Sector – Blockchain
If we put together smart contracts, tokens that represent energy, for example 1 token = 1 Kw / h, and an oracle that tells us the price at the right moment of a transaction, we can devise the following plan:
A self-sufficient building generates its own energy through, for example, solar panels. Many of those days generate more energy than the building needs, it is accounted for and placed in a secondary market at a market price marked by the oracle. The next building that needs more energy that day automatically buys that energy and uses it.
Tourism Sector – Blockchain
Many countries owe their income to this sector. We could talk from the management of data of citizens visiting the country, to automated claims through smart contracts or to improve the management of hotel reservations.
Real Estate Sector – Blockchain
Buy houses through smart contracts? Why not? Seller imposes some requirements for the sale of the property, the Buyer meets those requirements, the smart contract self-executes and changes the owner of the property in the registry instantly. Does Blockchain serve to remove intermediaries, facilitate transactions in a safe, fast, lowering costs and automatically? Well it seems that enough. There are already countries with examples.
If we enter the STO world, a company can tokenize (create shares) of a property that it rents.
Sector Legal – Blockchain
We can streamline and automate registration processes against the administration, preventing them from being vulnerable to changes or modifications in the course and avoiding computer attacks since the network would rest on several numbers of nodes making these attacks more difficult and expensive.
Logistics sector – Blockchain
We are in the famous Industry 4.0 (until 5.0 is invented) in which many new technologies converge; Artificial intelligence, internet of things, machine learning, augmented reality … Who can channel, trace, give security and authenticity to all that information? BINGO! Our dear Blockchain.
Sector AgroAlimentario – Blockchain
Logically the traceability of the product and optimize its safety. There are platforms that automatically put raw material sellers in contact with buyers and base the execution of the purchase on a product quality, attested by a quality control that is registered in the blockchain along with the transaction. Intermediaries? It seems less and less.
Other cases of use of Blockchain technology:
Very involved in Industry 4.0, leaving aside the traceability of products, building trust with the final consumer … We enter the purchase of products, as well as property titles or pricing at source avoiding speculators (or taken advantage of).
- Media: A newspaper in which you can write and receive monetization (money) for impressions, likes, ratings from the readers themselves. We avoid censorship, political positions, organizational charts full of friends of the boss …
- Bureaucracy – Administrations: Transparent governments. With or without Bitcoin, digital money is a reality and will be based on this technology.
- Digital vote: Through a Digital ID authenticated by the government we can vote from our smartphone or device, the vote would be faithful, secret and quantified in real time.
- Smart Cities: If we value all of the above we will realize the enormous possibilities of cities and their citizens.
- Governance (DAO): If I as a company look for talent, because I do not put the work in a common space and reward that I give it through a smart contract. I no longer have to hire anyone, the protocol gets that person with his talent to accept my offer and deliver what I ask and automatically closes the deal by agreeing both parties.
What does all this tell us? That the possibilities of blockchain are enormous and it is important to train companies to increase their competitiveness in the market.