Use Smart Contracts, Money Transfer, IoT, And Other Areas Of Application: Use Cases For The Use Of The Blockchain
TechBuzzard
4 min read
Blockchain is now a trend mainly used in large companies, as there are numerous ways to optimize business processes. Interesting application areas for distributed ledger technology are smart contracts, financial services, and IoT. In this article, we give an overview of the possibilities.
Blockchain technologies can be used wherever data should be stored decentrally, and the participants should be linked transparently. The focus for companies is on logistics, health, and finance.
Many companies and IT specialists wonder what options there are for using the blockchain and how projects with blockchain applications can be implemented. Anyone dealing with blockchain should first obtain information from the Hyperledger Foundation website about which platforms, frameworks, and tools are available in the open-source area.
The easiest way to get started with the blockchain is when developers start with a small project and familiarize themselves with the possibilities of the tools and frameworks. Since the most important tools for this are available as open-source, extensive investments are not expected. Options for using blockchain technologies are already available on almost all cloud platforms.
Hyperledger is one of the most important players in developing solutions for blockchains. Blockchains store their data decentrally within the blockchain.
All data is available for all participants. There is no single point of failure or the possibility of falsifying data. In general, blockchain technologies can be used anywhere where data can be stored decentrally (observe data protection), and both participants should be transparently linked. The absolute focus of blockchain technology is in logistics, healthcare, and finance.
Also Read: Six Digital Technology Trends – That Are Changing The Way We Work
Use The Advantages Of The Blockchain – Smart Contracts
The use of blockchain technologies is particularly useful if the advantages of this technology are to be used: In a business network, for example, there are transactions in supply chains that must be traceable, transparent, and accessible everywhere for every participant.
Since all transactions are saved in a forgery-proof manner in a blockchain and can trigger further transactions, it is possible to use blockchain technology to start automatic ordering and payment processes via “smart contracts.” This accelerates the processing of actions in supply chains, increases transparency, and enables very fast integration of other participants in the network.
Smart contracts are small programs that run in a blockchain and contain if-then logic. Actions can be carried out automatically here. As in a traditional contract, conditions and measures apply. Intelligent contracts benefit from the possibilities of the blockchain and can therefore trigger the automatic processes securely for all parties without the need for an intermediary.
Transferring Money With Blockchain
Blockchain technology became known through Bitcoin. The cryptocurrency is based on a blockchain. Of course, other blockchains can also be used to transfer money.
The advantage here is that the transmissions are transparent, safe, and fast. Companies in the financial sector can use blockchains to eliminate red tape and reduce fees.
In general, blockchain technology can help wherever there is a need to decentralize finance.
Internet Of Things And Blockchain
In the Internet of Things, many devices, including sensors, are connected to the Internet and an IoT network. In general, a lot of data is exchanged here, for example, measurement data from sensors, smart home devices, or microtransactions from certain devices.
Here, too, the blockchain can store the data securely and transparently, which can be accessed securely and transparently by all participants. The focus here is on the secure connection to the corresponding IoT network and the numerous options for flexible expansion.
Personal Identification Of People
With blockchains, people, employees, guests, and other human contacts can be verified and proven in a forgery-proof manner. In the blockchain, data such as birth certificates, dates of birth, security numbers, and numerous other features can be stored securely, flexibly, and, above all, transparently. Companies can use these technologies, for example, authentication and authorization of employees to access different areas.
Illinois / USA is one of the pioneers in the practical use of the blockchain in public administrations with the Illinois Blockchain Initiative. The state-funded initiative uses blockchain technologies to improve the security of birth and death certificates, voter registration cards, social security numbers, and more.
Delaware / USA also uses the advantages of the blockchain in business and administration. Currently, the archiving of public documents and securing private records with blockchain technologies are mainly handled. The next step is to implement smart contracts between the government and businesses.
Data Protection And Licensing In Media
With blockchain technologies, license fees can also be processed more easily, and media content piracy can be prevented. Since many media are now used digitally, blockchain technology is particularly easy to use, as MP3 files can be linked to blockchains, for example. Of course, this also applies to other multimedia content. In this case, the blockchain can also ensure the integrity of the data.
The Open Music Initiative is a Boston-based not-for-profit organization that develops an open-source protocol for identifying authors and owners of music rights. Blockchain technologies are used here. This makes it easier for artists and musicians to get paid for their work. The initiative is supported by numerous producers and radio stations and Netflix and Spotify.
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