9 Applications of the Blockchain technologies that could simplify our lives
The term “Blockchain” became rather popular in the last couple of years and despite the fact that people mostly associate it with Bitcoin and cryptocurrencies, the applications of this type of technology are way more diverse.
Blockchain could be implemented in various spheres that concern our society and it could even facilitate activities that we are a part of on daily basis.
“The application of the Blockchain technologies is a great asset for society, as long as it is being implemented by institutions on regional and national level. This is a technology of the future, which could simplify our lives and securely protect the information against fraud and illegitimate activities that concern our privacy. The advantage of Blockchain is that this is not a centralized, but a self-regulatory system”, explains Viktor Andonov, Head of DataArt Europe.
Here are some of the fields where the Blockchain technologies could be implemented successfully in his opinion:
Control of ownership
The chain of blocks a.k.a. Blockchain represents a method for storing data in a computer network through a continuously increasing list of records. These records are grouped in blocks and they cannot be changed or manipulated. This is exactly why the control of ownership is exceptionally secure. The release of any monument and the whole process of legalization of ownership can be absolutely automated with total transparency of who is the owner; and how, when and where they acquired that real estate, for instance. This could assist the real estate deals and decrease such frauds to the absolute minimum.
Online voting system for parliament, regional and presidential elections
As long as a country’s legislation system allows it, voting on elections can be executed fast, easy and transparently with the help of Blockchain. “There are European countries where such systems are already being implemented. This solves a lot of problems connected to buying votes, fake bulletins, vote substitution, etc.”, points out Viktor Andonov and adds: “An e-voting system generates a unique code for everyone who has the right to vote and afterwards the voter’s data is sent electronically to the centralized storage, which actually hinders the possibility of fraud due to the fact that the storage is centralized. Creating an unaltered register that contains only legitimate votes from real voters could be a massive step towards fairer and more democratic elections.”
Currently in the insurance market there are various possibilities for malfeasances and data inaccuracy. The Blockchain technologies are a new way for managing these services and verification of all sorts of data that is usually included in the insurance contracts.
Blockchain would be beneficial for all sorts of insurances, that are based on real data, for example – harvest insurance. “This technology could help simplifying the processes, decreasing the expenses and faster execution of the respective procedures. Moreover, the insurance could be paid automatically based on intelligent contracts”, explains Viktor Andonov.
Blockchain systems give opportunity for more intelligent storage of documents connected to patients. “It could help prevent violations connected to paying for medical checkups – for example – to double pay for one checkup when the patient didn’t even go through it”, adds Andonov. According to him, the technology could also prevent frauds connected to draining hospital funds by listing non-existent patients, and it could even help the communication process between different medical specialists. That would be extremely helpful for determining the nature of a patient’s disease more accurately.
Issuing of diplomas, driving licenses and other official documents
For now, the issuing of such documents is connected to an extremely sluggish bureaucracy and an investment of a lot of money, time and human resources. Besides that, the storing of data in one place raises the issue of intentional or accidental substitution of data, which could be changed, deleted or used ill-intentionally. The Blockchain technology could solve this issue as well, due to the fact that it saves time and resources, and on top of it the data is stored on a list of records that cannot be manipulated.
Voting of shareholders in public companies
Generally, at the end of the year public companies have to make a decision regarding their development and everyone who owns shares has to vote. Until now this process was also quite sluggish and even painful – there is a form that needs to be filled on paper and then sent via post offices. Afterwards, the results are being processed manually and it is visible what the stakeholders have voted. Nowadays, there are secure online voting systems, based on Blockchain, like the one that DataArt developed for the National Depository of Russia. Every vote can be checked – when it was given, how the voting was executed and what are the results of it, without compromising the anonymity of the voter. Voting and counting the results of it through Blockchain can be done extremely fast, it is a matter of a few hours and not a few weeks, as it used to be.
Adjustment of copyrights
Compound features of Blockchain are the so-called “Intelligent contracts”. The limits of what can and cannot be executed is described In a computer algorithm. A Blockchain platform will always deny to execute a transaction that is not allowed. This basically makes Blockchain quite suitable for adjustment of copyrights, as the system could show who is the rightful owner of these copyrights without risking any manipulation of the data.
When it comes to charity, the most common concerns of people are connected to whether the gathered resources are being used appropriately. This concern compels a lot of the potential contributors to not get involved, which reflects on the gathered amounts. Implementing Blockchain technologies as a method for transparent tracing of the received resources creates security, that the charitable donations are being spent appropriately and on time.
Banking system and payments
According to some prognosis, Blockchain could be as big of an impact on the banking system as the Internet is for the media. The Blockchain technologies could be used to give access to billions of people to financial services, including citizens of Third world countries, who currently don’t use such banking services. Despite the fact that the Blockchain ledger is public, the data on it is being verified and encrypted through a complex cryptographic system, which makes more secure from hackers and illegitimate activities.