Potential applications of blockchain technology
Transparency and safety are vital in digital applications
In the blockchain, transactions take place in a transparent and safe yet private environment. Based on digital connections, open-minded and courageous trailblazers are developing innovations for a new era in technology. They change people’s collective values and confirm their role as autonomous and cooperative individuals.
However, the effect of digitalization does not only depend upon individual technologies. They technologies also utilize synergies and require safe environments. It doesn’t matter whether we are talking about artificial intelligence, the Internet of Things, 3D printing or robotics. Transparency and safety are integral for trust in innovations and for them to thrive in the world of digitalization.
Blockchain technology is a popular and controversial topic of information technology around the globe. In line with this, analysis and development of potential applications pave the way towards new solutions. One application could be improving the supply chain in food transportation to uncover causes of dangerous contamination. Every year, up to 400.000 people worldwide die from food contamination according to WHO statistics.
Evidently, speed and decentral structures are also essential components in the efficiency of international tourism. Booking of hotel beds of large hotel chains could be via the blockchain by showing travel agents which subsidiary still has beds available.
Unquestionably, safety is vital for the success of the IoT (internet of things). Attacks by hackers and theft of data pose massive challenges. The blockchain ensures that the originators of transactions remain visible and that the stages are transparent and safe. For example, test projects include applications for various projects, such as mileage indicators that cannot be manipulated, over reliable quality tests of luxury goods to smart financing of commercial transactions.
All in all, to dispel the doubts of the naysayers who regard blockchain technology and cryptocurrencies as mere instruments of speculation, providing information around the globe on blockchain technology and potential applications is vital. Blockchain technology offers many chances and a wealth of opportunities in numerous areas and industries, many yet to be discovered.
(Source: This article is based on a post by Karl-Heinz Land on It-Daily and IT-Management Magazine 11/2017.)