Are you interested in blockchain technologies 1

What can blockchain technology be used for?

Possible application examples for blockchain technology in practice

The advantages mentioned make it clear that a blockchain can be used in many business models. The technology can help overcome existing challenges and reduce costs within individual processes.

1. Blockchain technology in the context of international financial transactions

One of the best-known examples of the use of a blockchain are financial transactions. Above all, the cryptocurrencies mentioned at the beginning illustrate how the technology can be used in the financial world. In the course of a blockchain, individual transactions are verified and distributed to the so-called nodes. This results in a high level of data consistency and a particularly high level of transparency. These properties are the basis for banking transactions. Encryption - this is done by using a hash function - secures the data and protects it from manipulation.

This principle opens up interesting application possibilities for international payments. Since the verification takes place within the network, intermediaries can be excluded and transaction costs reduced. The lack of intermediaries also ensures higher transaction speeds.

2. The use of a blockchain in healthcare

In the health care sector, too, it has been shown that the blockchain can certainly offer advantages. A blockchain can be configured in such a way that only selected users have access to the stored data. Nevertheless, the data can be stored in the distributed network so that the sensitive data can be stored here. In particular, personal documents such as patient files, medical reports and the course of illness can be stored on a blockchain. Access to this data is only given to selected users who have previously been activated by the owner of the data.

3. Blockchains for identity management

Verifying a person's identity is a challenge in selected business areas. With the help of blockchain technology, however, people's identities can be identified more securely and more quickly than before. This is based on extensive databases that enable identification and verification. In particular, existing identification documents - driver's licenses, passports and ID cards - could thus be digitally implemented securely. In addition, manipulation would be almost impossible. Loss of data would also be prevented since the data is stored decentrally.

4. Avoiding money laundering

To date, money laundering is a major problem in the economy. The blockchain can be used to eliminate this problem by transparently storing all concluded contracts on a blockchain. Through recordings, the individual transactions can also be assigned to the respective parties involved, thus avoiding money laundering.

5. Processing of insurance via the blockchain

Modern blockchains in particular offer the possibility of developing smart contracts. These are intelligent scripts that automatically initiate transactions on the blockchain. This option offers great added value for insurance companies, because the processing of claims or insurance benefits can thus be presented in an automated and secure manner. So z. For example, it can be recognized that a single customer wants to assert multiple issues for an identical claim for damages.