Applications of blockchain technology
Blockchain technology is getting track in a lot of sectors at the moment. For some sectors the use is better suited than for others (at least for the moment). Below are some sectors mentioned where blockchain technology can be of great help.
This is at the moment the most successful instance of the blockchain revolution. Besides IBM nearly 100 companies are collaborating to track shipments across hundreds of nodes. Also dozens of other actors on the market find that a decentralized, immutable, transparent ledger is actually very useful for managing the supply chain.
Banking and financial services
The banking and financial services sector is one of the more obvious one for the use blockchain. This technology provides secure and transparent banking records, cheaper transfers, seamless automated payments and tracking, transparent borrowing and lending procedures and automated smart contracts.
A chain of real estate records would enable easier ownership tracking, smoothly transactions, automated payments and notifications, transparent and streamlined buying, financing, leasing and repossession procedures. Blockchain in combination with real estate can also make the market more liquid and within reach of smaller investors.
Blockchain technology can be of great help in the insurance sector by use of incorruptible and transparent distributed ledgers. A lot of possibilities will come to the user with the use of blockchain among which are claims processing, automated payment management, policy management, automated notifications, secure data management and easy identity verification.
Transparency in the world of digital rights will be of great benefit for the involved parties. Some possibilities are transparent ownership records, easy tracking of intellectual property rights, managing payments and merchandise supplies.
Blockchain voting could be a big opportunity in this sector. It could prevent us from keep on using the old paper voting (and the slow results of the voting). Besides voting local, national and international authorities would benefit from immutable, anonymised public records. Think about automated social security payments and public funds management.