Ines AissaniYou already know about bitcoin. You already know its incredible benefits. But, above all, you know that it is the blockchain that shaped bitcoin. For many people, bitcoin or cryptocurrencies are certainly interesting but are nothing compared to blockchain technology. Yes, cryptocurrencies are just one application of this great technology.
We are still at the beginning. And, everything you seeICO and projects are still only the beginnings of what awaits us later.
The good thing is that if you're interested in blockchain today, you're already an early adopter. It's like being at the beginning of the internet in a way, before all the startups and other things that have completely changed our way of life.
Well, here you are! And, to fuel your enthusiasm, I have put together this little article to give you an overview of all the blockchain opportunities that are available.
Blockchain technology can be used in many sectors including:
- The banking sector (which is the most used today)
- Connected objects
- Healthcare
- The administrative sector
- Birth certificates
- Marriage certificates
- The insurance sector
- The food sector
- The real estate sector
- etc,
In short, blockchain can be applied to all sectors, in reality. Let's take a closer look:
Blockchain in the banking sector:
Regardless of whether blockchain – the very backbone of Bitcoin – was created to bypass traditional financial institutions, it has its place in banks. What is needed is simply regulations to standardize everything.
In fact, with blockchain, banks will be even more efficient. Although we don't necessarily want the old traditional banks to take a monopoly on cryptocurrencies; What we want is for new institutions to take over (as is already the case in fact) and for us to be allowed to carry out everyday transactions in cryptocurrency.
Blockchain is already bringing banks together. In 2017, a consortium of the world's largest banks came together to harness the benefits of blockchain technology. The consortium – Unity Settlement Coin (USC) – includes the following member banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC. Thus, these banks have created a digital currency created by the Swiss bank UBS, jointly with the British company Clearmatics. By leveraging the benefits of blockchain technology, USC partners expect it to be faster and more secure for central banks to settle their transactions.
At the same time, Wall Street has also formed its own consortium, the Wall Street Blockchain (WSBA). WSBA is a foundation that helps participants adopt blockchain and smart contract technology. The WSBA wants to help its beneficiaries incorporate blockchain.
The widespread adoption of blockchain by major banks and Wall Street firms represents a tremendous opportunity for the development of blockchain in the financial sector. Now the banks have decided that they better stop foolishly fighting against blockchain technology. It's more than an opportunity, it's a necessity. They understand that they should instead start adopting it.
The door is wide open for companies capable of providing blockchain solutions to financial institutions large or small. Yes, because, in the end, we need the approval of the banks to take away from them what excess power they had (!).
Since smart contracts run automatically on a blockchain, there is no middleman to manage the transaction or collect any fees.
Connected objects
We can start with the automotive industry which expects the connected car market to exceed $219 billion by 2025. The adoption of IoT vehicles will be largely driven by blockchain technology.
Blockchain will serve the connected automotive industry in many different ways. Each of them offers a golden opportunity for third-party development in the coming year:
Thanks to blockchain, automation of supply chain management tasks can be implemented. Facilitate the encryption, transport, distribution and storage of the massive amounts of data generated by connected cars every minute.
Track the location, operation and maintenance of the vehicle throughout its life.
Protection of V2V and V2I data against cybercriminals in particular.
For companies wanting to get started with blockchain, there is no better sector to innovate than in the connected car market or connected objects in general. This is clearly a flagship sector for all the opportunities that present themselves.
Healthcare
The impact of blockchain on medical businesses is enormous. From patient admission to recording surgical results, each patient represents a torrent of data that must remain accurate, accessible and secure. Let's be clear: no technology can meet the demands of healthcare like blockchain.
Unlike traditional medical records databases, each entry or modification becomes a new sequential block of data within the blockchain. Whether entering new patient data or updating a patient's contact information, each change becomes a new record with its own date and timestamp.
Examples of Blockchain companies in the healthcare sector abound. Here are some examples of the use of blockchain technology in this gigantic sector:
- Storage of patient medical records.
- Tracking data through clinical trials.
- Ensure management of the healthcare provider directory.
- Automating insurance approvals and providing eligibility information.
- Monitoring stocks of medical materials, supplies and equipment.
The administrative sector: identity cards
In the current global context, terrorist threats require all valid and, above all, secure solutions. In the current context, nothing is more urgent than controlling who crosses our international borders.
The advantages of blockchain for passports and visas are also enormous. Blockchain adoption for passports and travel visas is inevitable. Until today, governments are slowly moving to digital passports, but many are considering it. Ultimately, most will have no choice but to give in within a few years.
The benefits of blockchain-based travel authorization offerings are multiple and include:
- The process of obtaining a passport will be reduced and automated.
- The same information is available in real time to all authorized users.
- Changes that suddenly limit or restrict a person's right to travel are sent to all airports at the same time.
- Travel providers can automatically verify visa authorization for a traveler.
Marriage certificates
Something as simple as a certified marriage certificate can become a major frustration when you need it quickly. Traditionally, getting yours meant going to a government office to apply. Then there is often a waiting period of up to seven days.
Remember that marriage certificates via Blockchain are already available in the USA. In Washoe, Nevada (United States), the government simplified and modernized the process by putting marriage certificates on the blockchain. However, during the pilot phase, the state contracted with a blockchain company to develop a custom solution. This will certainly be a pilot study for future countries.
The insurance industry
Hehe, among the many business applications of blockchain, the insurance sector offers one of the best opportunities. In terms of performance and especially in terms of profitability. Blockchain can easily organize, track and secure customer data. Retribution can be more reliable. There are already a few companies that have launched into the sector.
The food chain
The food that arrives on your plate has undergone a long, even very long journey before getting there. Each step involves a lot of processes that are difficult to follow and verify. Above all, the stakes are enormous. We are talking about food safety when we talk about hygiene.
Blockchain is the ideal technology for this sector as there are so many things to do and verify.
The list is still very long, but we just wanted to give you a little overview.
What you need to understand about the blockchain opportunity:
The commercial potential and opportunities of blockchain are incredible, as you will have understood. Blockahin technology can be beneficial in almost all areas. Our lives can be dramatically better. Moreover, we are already seeing the benefits, if only when we pay in cryptocurrencies;
Blockchain-based business opportunities are only beginning to be explored.
Besides, what is interesting is that we see the blockchain ecosystem in Africa grow ever stronger.
