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Blockchain and the new future it promises

Blockchain and the new future it promises

About Us / 2019-09-04 13:00 PM

The blockchain technology is capable of transforming the existing business processes and the way companies communicate with regulators. The blockchain remains the hottest topic in the sphere of the financial services and on the stock markets. Large organizations at once form teams to research the potentialities of the technology and some participants of the market join into consortiums to develop the standards of the technology application. In this article, you will find what application the blockchain tech has found in different and sometimes even surprising spheres.

Banks

Banks serve to securely store and exchange valuable assets. The blockchain as a secured digital ledger is capable of conducting both functions. So, there is a good reason to wait for the blockchain to provide nice influence on banking. Some market participants even believe that such technology will allow banks to save about $20bln with no need to spend fortunes on intermediaries. The decentralized payment technologies can transform the business architecture of money transactions that has stayed the same for 100 years. The blockchain can bypass all the inefficient systems and create more open, more rapid and a commission-free global flow of payments.

Insurance

According to experts, 5-10% of insurance claims are fraud. These claims cost about $40 bln per year. To increase the efficiency of recognizing fraud cases, information falsification there is being considered an opportunity to create a special blockchain base that will operate as a commonly distributed ledger containing both external and personal data. It will help:

  • To confirm the client’s identity, authenticity of their documents, ownership as well as to verify the origin of their funds;
  • To verify claims submitted to the police as well as the similar documents;
  • To confirm the date and time of issue of insurance certificates;
  • To confirm data on the change of owner or on the change of his/her location.

Testament

About ¼ of Bitcoins is going to be lost as a result of the death of their owners. Experts have come to the idea to create platforms that will make it possible to control the wallets in any conditions. Sudden death is one of such conditions. Smart contracts used on the platforms presuppose transfer of digital money to family and friends in case of sudden death. There are also smart contracts created for other conditions like loss of the private key, transfer of digital money on certain occasion and some others (certain date, birthday, etc.)

Surprisingly

With the development of the renewable and decentralized energy generation, the blockchain could be used to guarantee the 100% right purchase-sale of electricity as well as to guarantee that the company producing the electricity will get the right sum money for the volume it supplies to the energetic system. And this is what really needs to be automated.