Blockchain is a revolutionary new technology that is changing the digital face of finance and other industries. The ingenious blockchain technology is evolving to create a new internet, but the question on everyone’s lips is: What is Blockchain?
Blockchain provides a decentralised database to keep track of all digital transactions. Created alongside Bitcoin, it was designed to limit the risks associated with a purely digital currency. Bitcoin developers recognised potential risks, where people could copy digital information. Computer scientists called this the “Double-Spending Problem”.
“The Double-Spending Problem where a person could concurrently send a single unit to two different sources. It occurs when a person can easily misrepresent information about currency unit to the receiving sources and thus spend it twice or more without risk of repercussions.”
What is Blockchain useful for:
Users can conduct transactions directly with each other. There is greater security because there’s no centralised administrator.
Removing the middleman ensures no one person has control over the digital wallet.
The entire network is required to approve an exchange before settling a transaction.
Anyone can edit the digital ledge which means greater transparency for each transaction.
By using a digital currency, transactions are created and completed instantly.
What is so clever about Blockchain is its ability to keep track of any transaction of value, preventing double-spending without the need for a third party (like a bank). Data of any type can be recorded in a chain, including:
Created for the Bitcoin, cryptocurrencies provide users around the world secure, instant access to money.
For all forms of ownership, smart property can verify, track and program both physical and non-physical property for trading.
The system can also verify smart contracts, creating programmable and self-enforcing legal contracts.
Reduce fraud with blockchain technology, with instant identity verification management and authorisation.
Originally created for Bitcoin, Blockchain technologies are transforming the entire financial services industry. Dramatically optimising business process, Blockchain technology shares data in an efficient, secure and transparent system. Inefficient business models no longer meet customers’ expectations and any financial services company that harnesses Blockchain gains a major competitive advantage.
Financial services can also link into smart contracts creating a process which is not as slow, expensive or requires as many intermediaries’ as previous methods. Smart contracts are translated computer programs, requiring no human maintenance. By using a smart contract, the financial products are self-executing and self-maintaining.
Blockchain technology is expanding into the following financial services, including:
Blockchain technology can play a significant role for any business in the real estate industry. If your clients are concerned about security or need faster transactions, Blockchain is the revolutionary new technology that sets your company above competitors.
Clients will notice benefits such as:
Blockchain reduces fraud with a 100% incorruptible system. Forged ownership documents are impossible to create with this system, and it improves property ownership record tracking. Real estate businesses can quickly verify any records and provide clients greater peace of mind throughout the entire transaction process.
Around the world, people are using this technology to speed up the process of selling a property. Real estate businesses traditionally require their employees to access paper files and verify them through official third parties. Blockchain reduces expenses, time and labour in the process by creating unprecedented efficiencies and not relying on physical files.
The main reason companies are choosing Blockchain technology across industries is the advanced security and privacy the digital system provides. By using this system, your real estate business can provide clients with secure property transactions.
An industry that was crying out for a technological advance was cargo freight. By applying Blockchain to freight, businesses can remain competitive and even surpass market leaders. Data is heralded as the new currency of the fourth industrial revolution and with a new transaction method, your business can grow significantly. By storing each transaction in Blockchain technology, clients can access a range of benefits, including:
: Using Blockchain, clients can easily track the process of their shipments, reducing the confusion between different transporters within the freight industry.
The freight industry is infamous for requiring paperwork in triplicate, causing time delays and often interrupting the authorisation. A supply chain Blockchain application can track the balance and transfers of inventory to settle securities and finances in minutes.
As Blockchain technology is open source, it requires transactions by businesses to be validated before posting on the network. By using a decentralised network, it is impossible to defraud another member of the supply chain. This creates a more competitive market and enables new participants by reducing the costs associated with processing and delivering.
The system can also monitor the flow of goods, payments and reduce the complications in distributing production logs. Using this technology, businesses can quickly determine trends and increase their ability to respond to changes. By using a decentralised system, it is also removed from politics, making it an essential tool for companies entering new markets.
One of the leading concerns for businesses in the health industry is maintaining patient security whilst still allowing patients and relevant industry bodies access to records. By implementing Blockchain technology, healthcare industry businesses can dramatically reduce these shortcomings. The system offers a range of benefits for practitioners and patients alike, including:
Blockchain improves the management of patient data creating improved security with reduced costs. It enables high quality clinical trial data reducing the need for regulatory bodies and potential bias.
By implementing new technology, healthcare companies can establish new standards and practices. New procedures would create an optimal environment for patient data security and inclusiveness while reducing costs and errors.
The need for a secure option of data storage within the health industry cannot be underestimated. Medical data is worth more than credit card details on the blackmarket, so lost client data affects millions of people. Blockchain’s introduction has created the capacity for radical transformation, with options for secure data storage it opens the market for smarter applications.
Perhaps one of the biggest ways Blockchain can be used is in industries that require strict proof of identity. From banking, security, identification documentation and even shopping, Blockchain technology offers a range of options.
Due to the increase of hacked databases and breached accounts, identity-based security innovations are even more important for a technologically advanced society.
Blockchain offers a digital identity solution where an identity is securely authenticated in an indisputable method. It removes the reliance on centralised trust authorities, and can migrate data manipulation by internal or external threats.
The system can be applied to the following identity applications:
Prevent fraud and mistakes with secure Blockchain services for finance, property, contracts and issues involving identity.
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