You already know what cryptocurrency is, but do you know exactly what blockchain technology is? Well, if you don’t, we’ve got the answer ready for you. Basically, it is a database, but not the regular kind. The difference can actually be found in the name: as new data enters the system, it is put in a new block, which when is filled, is chained to the previous block, and so on. Therefore, a chronological blockchain of data is formed. In the case of cryptocurrency, this is used mainly because all the users involved can have control, rather than only a certain person or group.
With this information in mind, here are some of the domains which chose to use not inly cryptocurrency, but also blockchain.
In this case, we think about games for example, like the online casino types, where cryptocurrency is used. This way, there is access for smart contracts to make sure every information is safely locked and make the whole process visible. Also, it offers the possibility for the whole process to become global, as there are no interdictions for cryptocurrency around the world. Therefore, wide and diverse societies can be formed, surpassing country borders. All in all, the industry has a great opportunity to expand and develop with this kind of technology.
Here is a huge number of companies involved, and almost each one chose to implement blockchain for a different kind of reason. Some did so in order to make sure that the customers and themselves can be able to track their products, no matter the type, therefore assuring quality. This is done by tracking the way of the specific product all the way from its provenance origin to their delivery platform. This strategy is great for companies that struggle with trust issues from their customers, as the information is as transparent to them as it is to the owners of the companies.
In healthcare, if we were to explain it without any additional details, blockchain is mainly used to real-time manage patient claims, thus ensuring efficiency, and also keeping sensitive medical records and even clinical trials safe, without any danger of them reaching anyone else. In addition, similar to the supply chain industry, pharmaceuticals can also be traced, cutting out any possibility of dangerous or contraband medicine.
Considering this domain is a source of safety, it also has to function on safety. For this, blockchain contributes by keeping away any fraudulent activities. In this context, customers can also provide documentation easier and without any worry. Innovations can also be done this way. For example, there is the possibility of creating a smart insurance platform, through which the several international insurance problems can be handled.
The possibilities are as wide as the number of energy resources available. In the case of oil, blockchain is used for crude oil trading, preventing fraud and making a case for transparency. Also, it can be used for noble causes, like more sustainable energy systems. This comes in extremely handy as the electricity demand keeps increasing, while the supplies are still running low. Another way this is supported is through tracking the usage and accessing the stored power when necessary.
Have you ever wondered how come you get loyalty-based offers from airlines? Well, for this you can thank blockchain! In order to make this possible, your information is safely stored and analyzed, therefore determining what offer suits you best. Not to mention it is a win-win situation for both you and the company. Also, other airline companies use it to increase their customer reach, or, as we just mentioned, protect information. In this scenario, different platforms and initiatives like Blockchain for Aviation raised: other participants get included, like aircraft manufacturers, logistics providers, software developers and many more that contribute to the functionality of airlines. This way, all the parts keep connected, therefore improving communication and efficiency.
All in all, the industries keep evolving together with time and it is understandable that they begin to use the new technologies available, because on the other hand, why wouldn’t they? As long as it means nothing but improvement and offering their customers a better service, there is no reason why they shouldn’t take on recent trends. Also, the best thing about them is that they are extremely versatile, so almost any kind of business can benefit in one way or another. With the world of cryptocurrency on the rise, we can expect nothing but further and better innovations as time passes.