Many aspects of how we do business are to be revolutionized by blockchain technology and the blockchain hype may even be as disruptive as the internet was before it. Businesses find it harder to envision how they might implement the technology in the future.
Blockchain technology ensures storing, managing, and protecting data by promising a practical solution to these challenges. Information, identities, transactions, and more are authenticated in a useful and highly secure way. It also provides a real-time updating in creating a super-secure record. A blockchain is a way of storing data. In other words, it is a form of open, distributed ledger (like a database).
Blockchain technology makes the data to be distributed (duplicated) across many computers. Information may be authenticated via a peer-to-peer system and the ledger may be decentralized i.e., with no one central administrator. The best-known examples of blockchain technology in action are cryptocurrencies like bitcoin. From financial transactions and contracts to supply chain information and medical data, pretty much anything can be stored on a blockchain.
Blockchain technology can enhance any process of recording, overseeing, and verifying information. The true scale of transformation that blockchain may bring is yet unknown as this technology is still in its infancy. To show how blockchain could be put to very practical use across a wide range of sectors is as the industries are investing heavily in blockchain technology. Blockchain is great at facilitating transactions that are understood by bitcoin.
Automation of processes, facilitate smooth claims, and cut insurance fraud in the blockchain which revolutionizes the insurance industry. Insurance is a blockchain-based marine hull insurance platform. To facilitate 500,000 automated transactions, the platform was projected and also to handle risk for more than 1,000 commercial vessels in its first 12 months. Insurers and insures provide vital real-time information which includes ship location, condition, and safety hazards.
The banking industry is exploring many blockchains uses such as blockchain is being rolled out as a way to validate identities. It also detects fraud in line with Know Your Customer (KYC) rules. Bluzelle is a Blockchain-based startup that developed a KYC platform. Blockchain cut costs by 25 to 50 percent and thus reduces duplication and provides a clear audit trail.
To reduce some of the common bugbears around traveling, blockchain is being used which includes waiting in line at passport control and customs. The blockchain-based system improves the flow of data between travelers and customs officials as the system collects and stores identifying information from frequent travelers and also reduces lines at the airport.