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9 top blockchain applications in today's life
Top blockchain applications have proved how “hot” this technology trend is in Vietnam and around the world today. Let’s find out how this technology has been applied in the article below.
Firstly, Pando Infinity has provided an overview to readers about What is Blockchain in the previous article. This time, readers will understand more about the most practical applications of Blockchain in many areas of life.
Current Blockchain applications are divided into 4 main categories based on development status: Smart Contracts, Digital Currency, Preservation of Records and Securities.
Smart Contracts: Extend Blockchain, bring financial applications to the market. Assets include shares, checks, debt, title, and anything related to an agreement or contract.
Self-driving cars, turnkey rentals or insurance premiums… are just a few examples of how smart contracts could dominate businesses and people’s lives in the future.
Digital Currencies: Includes currency conversion, remittances and digital payment systems. This is also the most familiar area to us, considered the territory of Bitcoin and other cryptocurrencies.
Record Keeping: Brings Blockchain beyond financial borders and into areas like education, government, health and the arts.
Securities: Includes specific applications such as Debt, Crowdfunding…
In these four main categories, Blockchain has been researching to develop products and applications in many different fields such as financial services, healthcare – healthcare, retail, real estate…
This is the first field that applies Blockchain technology. It can be said that Blockchain has created a great revolution in the field of finance – banking.
Transferring money across borders using traditional methods is often time-consuming and expensive. Money has to go through multiple banks to go to the final point of payment.
Therefore, Blockchain helps to shorten and speed up the process for cross-border transactions while supporting a more accurate, less expensive transaction fee.
Trade finance is another application of Blockchain in the financial sector. Many banks are using Blockchain trade finance platforms to create smart contracts between participants. As a result, platforms gain efficiency and transparency, and open up new revenue opportunities.
In the future, Blockchain’s ability to accurately record could cut down on current cumbersome clearing procedures. Accordingly, it not only helps transactions become faster but also reduces the costs for financial institutions.
Banks and financial institutions cannot conduct online transactions without identity verification. A verification process involves many steps, which is time-consuming and could easily lead to customer dissatisfaction.
Blockchain application ensures to record and process customer information quickly and limits fraud. When customer information is secure, banks can gain more public trust and also speed up the verification process.
Credit reports significantly influence a customer’s financial behavior. Recent data breach cases have shown that Blockchain-based credit reporting is more secure than traditional server-based reporting. Blockchain also allows companies to take into account non-traditional factors when calculating credit scores.
Financial markets often carry out the exchange of assets, goods and services through complex networks, which include brokers, exchanges, payment centers, custodian banks…
Although these transactions happen very often, the procedures are completely handled by paper. As a result, it leads to stagnation in transactions and raises the risk of information security.
Blockchain eliminates third parties and their rights to transfer assets. As a result, users can reduce costs and time to buy and sell assets, and at the same time, limit the instability of the stock market.
Blockchain also creates a decentralized database of digital assets. It consists of a distributed ledger that allows the transfer of property rights through cryptographic messages, which become the external representation of that asset.
The healthcare field applies Blockchain technology with the aim of:
The field of e-government is effectively applying Blockchain as it brings many innovations to the public sector. In particular, data governance is an important factor in piloting and implementing the e-government model.
Blockchain voting model issues each user a unique “wallet” (user authentication) and a unique “coin” (opportunity to vote). Users can vote by transferring “coins” to the wallet of the only candidate that they choose, so that the voting process is transparent, accurate and convenient.
Blockchain is also used to store and protect government records, which help avoid information manipulation or concealment. It also helps to distribute the verification and data storage process to many parties, thereby decentralizing power more effectively. It makes the database transparent, increasing the level of trust between government agencies and the people.
Moreover, national organizations apply this technology to reduce operating costs, maximize work efficiency and achieve higher approval rates. At the same time, the firm can use the amount of savings to invest in other areas such as education, security and public health.
In fact, in the Blockchain system, each regulatory agency plays the role of verifying and distributing data. This makes it difficult to forge or cheat, and it also sets up a more flexible level of authorization, limits the errors in the data entry process or comparing retrieved information.
Blockchain supports the retail industry with data security, convenient payment, product traceability, and automatic accumulation of points for users. Many famous retailers in the world such as Walmart, Amazon, Unilever or Nestle have been experimenting with Blockchain in business activities.
Blockchain technology assists retailers in implementing incentive programs and gift cards. Moreover, it offers a cheaper, more secure process by eliminating middlemen, using its validation capabilities.
In addition, the Blockchain platform supports the process of accumulating points for loyal customers. Thanks to this accumulated “cryptocurrency”, customers will continue to shop for the items they need.
In the retail industry, customers regularly provide personal data to businesses. Then, the enterprise stores the data into its system. This poses a potential security risk.
By using Blockchain, retailers record important information in a decentralized directory which makes it harder to steal the data. Businesses can also limit who can access files based on mutual consent.
Blockchain application digital payment process enables cross-border payments, which provide more convenient payment options for users. Blockchain also offers electronic memos for quick, easy payment processes and automatic refunds.
Current customers are paying more and more attention to the country of origin and impact on the environment. Thanks to Blockchain technology, the entire supply chain process will be displayed on the system and cannot be changed.
Therefore, both customers and retailers can track goods at each link in a supply chain.
The energy sector uses Blockchain technology to increase the reliability of end customers and energy suppliers. It allows clients to see where their energy comes from.
Blockchain also benefits from smarter products that offer accurate data on energy usage, providing customers with a better experience.
Many energy companies around the world are experimenting with Blockchain-based projects. All of these projects are designed to connect or provide a direct path between suppliers and customers.
Blockchain technology brings many benefits to the field of real estate field:
Blockchain is used as the backbone of a distributed network using Internet of Things devices.
A blockchain will act as a public ledger for a large number of devices. Besides, there is no need for a center to mediate communication between them. The devices will then be able to automatically communicate with each other to manage software updates, bugs or power management.
Blockchain application in network security eliminates the risk of a single point of failure. When a node is attacked or malfunctioned, the whole system will not be destroyed. It is impossible to destroy the entire node to bring down the system.
Here are some common benefits when applying blockchain in network security: Information verification, anti-counterfeiting, software data integrity verification, IoT security, privacy assurance.
Social networks built on the Blockchain platform ensures decentralization so users can completely control their own personal data. The Blockchain’s distributed ledger will record users’ activities on this Social Network. Therefore, no one can delete the content once it is published.
Blockchain Social Networks ensures the benefits of no single point of failure, uncensored content, and permanent content storage. Users can even get rewards from creating and sharing valuable content for the community.
The Blockchain Social Networks platform is supposed to change the way users interact with the Internet. The most attractive feature of this technology is that users have a complete control over personal privacy, as the information security is on a new level.
Through this article, many practical industries using blockchain with the aim to bring significant efficiency in operation and business process. In the future, along with Artificial Intelligence (AI), Big Data, Internet of Things, Blockchain technology is expected to develop strongly and apply in more fields.
If you want to apply this technology to your business, you’re coming to the right place. Pando Infinity is a leading company in the software development industry in Vietnam. We specialize in blockchain development resources, especially Blockchain Integration, Decentralized Application and Smart Contracts Development. Contact our experts to figure out what values we can bring to you and your business.
Pando Infinity is a software development company specializing in the blockchain and web3 industry
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