Blockchain Technology Scopes

Blockchain is mostly known as the financial technology, which the cryptocurrency operation is based on. But the application of distributed ledgers can spread far beyond the financial area. The largest companies acting in different fields also paid attention to the current technology while being ready to use all blockchain useful features provided. Let’s look at a few ideas that are not only interesting in theory, but could be put into practice in the near future.

Identity management

Blockchain will help users to create a numeric identifier able to replace names and passwords rather soon. It can be used to access apps and websites, as well as to verify the digital signature authenticity.

Registration and verification

Blockchain provided an opportunity to create more secure distributed ledgers on its basis than in traditional databases. For example, a card index with patient data in medicine, a deal for the property rights transfer and buy-sell in real estate. It will help to register vehicles as well as their ownership history check.

Contracts execution

Some blockchains, including Ethereum, provide an opportunity to create smart contracts. They store the contract terms in blockchain while automatically executing it in case of meeting such terms. That’s why it is possible to exclude intermediaries from the deal which contributes to the cost reduction.

Goods origin purity and supply tracking

Now it is rather hard tracking the movement of goods since they are supplied by different companies from different places. Blockchain is going to relieve the manufacturers and consumers of counterfeits as well as facilitate the certification of the products being tracked.

Distributed data storage

Distributed storage uses the technology like P2P to store data in contradistinction to the centralized systems which store data on particular company servers and is susceptible to loss or hacking. This involves a lot of users who will store encrypted pieces of data in different network parts while getting a reward for this.

Fair voting

Blockchain will ensure anonymous voting in elections via the Internet. One citizen will not be able to vote twice while maintaining his confidentiality which contributes to fake votes impossibility. Such a vote will both reduce the elections cost and increase the processing speed. Such a system will be useful in social surveys, in addition to politics.

Application in media

Blockchain allows the publishers to provide readers with an opportunity to pay only for the necessary articles and periodical pages they are interested in, using microtransactions instead of the usual monthly subscriptions via own websites.

Insurance industry

The blockchain application in insurance will provide a transparent and undeniable control system. The parties’ responsibility degree may increase through the smart contracts use.

Notarial sphere

It will become possible to create immutable records and track all notarial documents while using blockchain. It will verify their authenticity, ensure the deal security, reduce the notarisation cost and guarantee confidentiality.

Copyright

Blockchain will contribute to the authorship right maintaining for own works by creative professions people. There will be developed creative products, which rights may be transferred from the author to the buyer directly while using digital identification and certification. The intellectual property will be legally protected without using the intermediaries’ help in the current field.

Internet of Things

The current IoT platforms are centralized and connections between devices are controlled by the company. It will be better to ensure exchange data between devices on their own. Blockchain contributes to such an exchange due to its decentralization while creating the registry of devices’ exchange messages with its safety and reliability.

Automated security

A combination of smart contracts and IoT electronic blockers will create automated security systems. For example, code storage in blockchain will allow access to the house or vehicles to their owner or family members only. The system will ensure absolute keys-free security.

Property rental

The previous system can be used in conjunction with a rental smart contract. Let’s say you own an apartment and want to rent it out. You can develop a smart contract in which you set the rental fee for a specific time while saving this data in the blockchain. When a tenant pays for the deal registered in the blockchain, the execution of the smart contract will occur, giving a tenant access to the apartment for a specified period.

As we can see, the blockchain technology has a lot of scopes and these are just small examples that have already been implemented or are planned in the near future. The blockchain will give more opportunities and will expand the limits of trade, services and automation while transferring control to people instead of central authorities.