It is the technology that underpins crypto currencies like Bitcoin, Lite coin and the rest.
But while its application with these has garnered all of the headlines, Blockchain technology is enjoying rapid adoption across a number of other, much more diverse sectors.
For those who aren’t familiar with the technology, Blockchain is a decentralised public ledger without a single governing authority. Its tamper proof and provides a means for the guaranteeing and verifying of any kind of transaction. Everyone that connects to a Blockchain has access to all previous transactions that occurred on that Blockchain. This information is distributed across computers around the world.
One use of Blockchain technology has been the development of smart contracts – code which runs when defined conditions have been met. Its uses, where some form of exchange is the desired result, are virtually limitless: companies use it within their supply chains to guarantee the quality and despatch of products, for instance.
But what other uses of Blockchain technology and what industries could adopt Blockchain technology? London based PR agency CCgroup have taken a look at the current practical applications of Blockchain technology. In summary, here are five exciting uses of Blockchain technology: –
While all the headlines have been around cryptocurrencies, the mainstream finance sector has been researching Blockchain technology for some years and it is easy to see why: the use of Blockchain based applications means expensive and time consuming internal processes can now be achieved in hours by cutting out third party entities to record transactions while increasing security and trust.
Retailers have been researching Blockchain technology for years and its uses are growing by the day. Its most valued application within the retail sector is by guaranteeing products, particularly high value ones like diamonds and art. Retailers are also leading the way in using Blockchain technology to protect customers from fraudulent transactions, which is crucial if they are to maintain a positive online reputation.
Farmers and consumers use Blockchain technology to chart the journey of a product from rearing through to purchase. It allows farmers to be able to command higher prices by guaranteeing the quality of their produce and allows consumers to see exactly where the product they are buying has come from.
Insurance is a new but exciting area for Blockchain technology where the industry is estimated to spend more than $2 billion each year on fraud and compliance. Blockchain could significantly simplify the claims process by providing insurers with greater access to reliable data and creating a direct link between the customer and their provider.
Energy companies will be able to use Blockchain technology to give consumers complete visibility over where their energy is coming from: how it is generated and distributed. The consumer will also be able to use applications built using Blockchain technology to get more accurate information about their energy use, enabling them to make better decisions and so save money.