Bitcoin is getting a ton of attention right now. But it's only one of the many uses of blockchain technology.
Back in the early days of the internet, we dealt mostly with intangibles -- online forums and emails, for example. Nowadays, we're dealing with assets, which is why the blockchain system has become so valuable.
Blockchain technology is quickly changing our lives in a variety of ways beyond bitcoin, from how we handle business transactions to how we use machines each day. Here's a rundown of four uses of blockchain technology that help society.
Let's get started!
1. Uses of Blockchain Technology Include Smart Contracts
Smart contracts constitute one of the several invaluable uses of blockchain technology.
These types of contracts are digital ones embedded with if-this-then-that, or IFTTT, codes. These codes give the contracts self-execution.
So, what does this mean for you? It means that you no longer need a third party to execute a contract when you use the blockchain.
In addition, every ledger participant can know the details of the contract, and the terms of the contract are implemented immediately once the right conditions have been met.
Smart contracts can come in handy in a variety of situations, ranging from crowdfunding agreements to property law, insurance premiums, and financial derivatives.
2. Claims Processing
This is oftentimes a thankless and frustrating procedure. After all, if you're an insurance processor, you have no choice but to sift through data sources that are fragmented, abandoned policies, or fraudulent claims and then process the forms manually.
But blockchain technology is here to save the day. With the blockchain, you can enjoy unprecedented transparency and risk-free management. The encryption properties of the blockchain allows for the capturing of the ownership of any assets that must be insured.
And suddenly, your job automatically becomes easier.
3. Trade Processes
Conventional processes associated with trading and managing assets can easily be risky and expensive. This is especially true when you're dealing with cross-border transactions.
Every party involved in the trade process, including the custodian, broker or settlement manager, maintains his or her own records. Of course, this creates major inefficiencies and thus can result in errors.
However, a blockchain ledger encrypts these records, thus reducing error. The ledger also simplifies the trade process and eliminates the need for an intermediary.
You can't get much more efficient than that.
4. Smart Property
Nowadays, smart technology can easily be embedded in both intangible and tangible property. Examples of such property include the following:
The registration can simply be stored on a blockchain ledger in addition to the contractual details associated with those who own the property. Then, smart keys can give the permitted parties access to this property.
Reasons to make your property smart? It decreases your chances of becoming a fraud victim as well as experiencing mediation fees or dubious business scenarios. Smart property also increases efficiency and trust.
How We Can Help
We have a strong track record of success with developing solutions to seemingly unsolvable issues thanks to our blockchain and Internet of Things expertise.
Contact us to find out more about how we can help you to improve your business processes and achieve new heights of efficiency and success in the months and years to come.