Why does blockchain become a key technology? What industries is it used in?

Author: YuChen; Compiler: Chain Bazaar

People often hear about blockchain technology, and cryptocurrencies rely on a blockchain system to record financial transactions between people and businesses. However, the value of blockchain technology does not stop there.

In fact, there are many other uses for this type of system, which does not rely on centralized storage, and where many people can safely participate, even if they don't all know each other.

As a computer scientist exploring new technologies for future intelligent communication network technologies, I, along with many engineers and developers, have demonstrated that blockchain technology is a promising solution to many challenging problems in trust and security for future network applications . I see blockchain is proving to be very useful and has nothing to do with cryptocurrencies.

supply chain

Modern global supply chains require vast amounts of information to handle the large volumes of products being shipped around the world. They are limited by data storage capacity, inefficient paper-based processes, uncoordinated data systems, and incompatible data formats. These traditional centralized data storage methods cannot effectively trace the origin of problems, such as the source of low-quality products.

Storing information on the blockchain improves integrity, accountability and traceability. For example, IBM's Food Trust uses a blockchain system to track food from farm to retailer. Participants in the food supply chain record transactions and store them on a shared blockchain, simplifying the regulatory process.

medical insurance

Data ownership and privacy are top concerns in the healthcare industry. The current centralized system cannot meet the diverse needs of patients, health service providers, insurance companies, and government agencies. Blockchain technology implements a decentralized access control system for medical records, ensuring that the rights and interests of all stakeholders are protected.

Blockchain systems not only allow healthcare providers to securely share patients' medical records, but also enable patients to track who has accessed their records and determine who has the right to do so.

Banking and Finance

Banking and finance industries benefit from integrating blockchain networks into their business operations. Instead of developing crypto with new or different capabilities, the financial sector realized that blockchain systems were a more secure way of storing information about traditional currencies like the dollar, euro, and yen, as well as financial products.

Blockchain offers consumers the convenience of monitoring their transactions from anywhere in near real-time as they are being processed. Banks also benefit from blockchain, with the opportunity to conduct business between institutions more efficiently and securely.

Property Records

The current procedures for recording titles are cumbersome and inefficient. Traditional paper documents are time- and labor-intensive, opaque and easily lost. Blockchain technology eliminates inconvenience, inefficiency, and errors, and reduces costs by migrating the entire process to a digital form.

The blockchain system enables owners to trust the accuracy and permanent record of their deeds. Remote access is especially important for people living in areas without adequate government or financial infrastructure.

election

Verifying ballots and maintaining voter privacy seem contradictory. The blockchain system promises to be a means of promoting a fair and transparent modern voting system. Because it is almost impossible to tamper with the blockchain-backed voting system can guarantee the transparency of the election process.

A blockchain-based voting system was used in West Virginia's November 2018 midterm elections and proved sufficiently secure.

Smart City

A smart city integrates information and communication technologies into its facilities, infrastructure and services to provide its residents with a convenient, smart and comfortable living space. A smart city is essentially a network of many devices that can communicate with each other to share data. Connected devices can include people's smartphones, vehicles, electricity meters, public safety monitoring systems and even homes.

These systems have performance, security, and privacy requirements that centralized information systems cannot handle. Blockchain is a key network technology for building smart cities because of its ability to optimize operations, enhance safety and security, and increase mutual trust among participants.

The future of information technology is all about decentralization. Today's centralized architecture cannot meet the increasingly diverse needs of people. People want more free and personalized services, more transparent and secure digital assets, and a more fair and harmonious environment. Blockchain is the key enabling technology for building any secure and durable decentralized information system.