The Blockchain or chain of blocks is a form of information coding, a somewhat abstract computer concept that, for all practical purposes, fundamentally means security, veracity and disintermediation.
In this article we defined at the time who were the protagonist agents in a Blockchain network but, beyond the functional part and how it is encoded, do we know how the Blockchain will be applied to our daily life? When companies start developing softwares based on this technology and adapt their services to this new paradigm, what can we find?
Blockchain applications and their impact in multiple industries
The Blockchain allows to register virtually any value that can be expressed digitally: birth certificates, property titles, votes, financial accounts, etc. Its application began being economic, but as systems based on Blockchain are developed, it will mean a great advance at a social level. Look at these examples:
Now to send money, for example, from Spain to the United States, there are payment providers that work with a standard of messaging between banks that gives truth to the transaction. This movement is delayed between two and four days.
With the Blockchain technology, secure, encoded and validated by the network consensus, these payments could be instantaneous and free of intermediaries.
The insurance industry could redo much of its operations thanks to the Blockchain and the possibility of working with smart contracts or smart contracts, this is explained in a simple way, a contract with the ability to self-execute without intermediaries.
Thanks to the Smart Contract, insurers could work, let’s say, “ex officio”, in case of any incident. For example, if a passenger has an airline ticket with reimbursement insurance and finally does not board their flight, they will directly receive the amount agreed in the contract with their insurer because there is an intelligent contract.
This system reduces costs, speeds up the procedure and generates a totally satisfactory user experience.
It is expected that the Blockchain will become the great ally of the energy industry, since it could make possible the purchase of energy point to point, at least we already know some initiatives in the Netherlands or in the United Kingdom.
The Virtual Power Plant, a system of distributed energy generation in which consumers become producers of that energy, would be one of the great beneficiaries. In the United Kingdom, the Electron company aims, precisely, to develop the renewable industry with the Blockchain to make it more efficient and flexible.
Public entities also have a very important trick of digitizing with the development of systems based on the Blockchain, since up to now they are still incapable of giving integral answers to the demand of today’s society.
Some countries are already exploring this technology in the registry of title deeds, vehicles, licenses, subsidies, sanitary registrations … Also the electronic vote is waiting for the opportunity to be viable thanks to the security of the Blockchain, an achievement that would save a lot of time to the citizens, and money to the administration.