Blockchain technology has revolutionized trust-based activities. With a host of applications, blockchain development can transform your company
Blockchain technology has the potential to change the way we run companies! Among its most prominent benefits are data security and authentication, transparency and disintermediation. Right now, the technology is still in its infancy, but it has already found some impressive applications. Explore some everyday cases of blockchain implementation in different branches of industry.
Payments and Transactions:
Sending, receiving and the verification of funds on an international level is usually time and cost consuming. Post-trade processing must be executed quickly as capital markets are volatile, and handled in a secure and effective way.
Remittances and Smart Contracts:
Not only can insurance companies profit from quicker payment processing, but they can also benefit from blockchain-based smart contracts. These make payments conditional, automate and streamline them and thus make the process more transparent and irrefutable in effect. As a rule, a payment is only executed when the pre-approved requirements or conditions are met.
Systems and Data Storage:
Rather than relying on one central cloud server to identify and connect with every single device, blockchain technology can provide secure mesh networks, in which various devices will interconnect in a reliable way while avoiding threats such as device spoofing and impersonation. Blockchain-powered services can be used to establish immutable evidence chains useful not only for supply chain management, but also for the identification of individuals and individual assets. In this case, encrypted public ledgers serve as data storage for registries of personal data, such as medical documentation, marriage and education certificates, and create a digital thumbprint of them. In this case, valuable assets or data are immutable and authenticity is verified and transparency ensured.
Content Distribution and IP:
Digital media content distribution usually requires third party distributors between the original creator and the final consumer. Blockchain technology allows the creator to exert direct control over the distribution and monetization of their works via a blockchain-based processes, which calculate and automate royalty payments and licensing. Data security is provided by blockchain-based notarization and patent management platforms, which ensure a long-lasting attribution and provenance verification of intellectual property.