Smart contracts, money transfer, IoT and other applications use use cases for the use of the blockchain
Blockchain is now a trend that is mainly used in large companies, as there are numerous opportunities to optimize business processes. Interesting applications for distributed Ledger technology are smart contracts, financial services and IoT. In this article we give an overview of the possibilities.
Companies on the topic
Blockchain technologies can be used everywhere where data is stored decentrally and the participants are to be linked transparently. The focus for companies is on logistics, as well as healthcare and finance.
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Many companies and IT specialists are wondering what possibilities there are for the use of blockchain, and how projects with blockchain applications can be implemented. Anyone who deals with the topic of blockchain should first obtain information on the websites of the Hyperledger Foundation, which platforms, frameworks and tools are available in the open source area.
The easiest way to get started with the blockchain is if developers start with a small project and familiarize themselves with the possibilities of the tools and frameworks. Since the most important tools are available as open source, no comprehensive investments are expected. Possibilities for using blockchain technologies are already available on almost all cloud platforms.
Hyperledger is one of the most important players when it comes to developing solutions for blockchains. Blockchains store your data decentrally within the blockchain. All data is available for all participants. There is no single-point-of-failure or the ability to falsify data. In general, blockchain technologies can be used everywhere where data can be stored decentrally (observe data protection) and both the participants should be transparently linked to each other. The absolute focus of blockchain technology lies in the areas of logistics and healthcare, as well as finance.
Taking advantage of the blockchain-Smart Contracts
The use of blockchain technologies is particularly useful if the advantages of this technology are to be exploited: in a business network, for example, there are transactions in supply chains that must be comprehensible, transparent and accessible everywhere for every participant.
Since all transactions are stored in a blockchain in a forgery-proof manner and can trigger further transactions, it is possible to trigger automatic order and payment transactions with the blockchain technology via “smart conctracts”. This accelerates the execution of actions in supply chains, increases transparency and enables very fast integrations of other participants in the network.
Smart contracts are small programs that run in a blockchain and contain if-then logics. Automated actions can be performed here. As in a conventional contract, conditions and actions apply here as well. Intelligent contracts benefit from the possibilities of the blockchain and can therefore trigger the automatic processes securely for all parties, without the need for an intermediary.
Money transfer with blockchain
The blockchain technology was known through Bitcoin. The cryptocurrency is based on a blockchain. Of course, other blockchains can also be used to transfer money.
The advantage here is that the transmissions are also traceable, safe and fast. Companies in the financial industry can use blockchains to eliminate the bureaucratic burden and reduce fees.
In general, blockchain technology can help wherever it comes to decentralizing finance.
Internet of Things and Blockchain
In the Internet of Things, many devices, including sensors, are connected to the Internet and an IoT network. In general, a lot of data is exchanged here, for example measurement data from sensors, smart home devices or microtransactions from certain devices. Here, too, secure and transparent storage of data can take place via the blockchain, which can be accessed by all participants in a secure and comprehensible manner. The focus here is on the secure connection to the corresponding IoT network and the numerous possibilities of flexible expansion.
Personal identification of persons
With blockchains, people, employees, guests and other human contacts can be verified and falsified. In the blockchain, data such as birth certificate, date of birth, security numbers and numerous other features can be stored securely, flexibly and above all transparently. Companies can use these technologies, for example, for authentication and employee access permissions in different areas.
With the Illinois Blockchain Initiative, Illinois/USA is one of the pioneers in the experimental use of blockchain in public administrations. The government-funded initiative uses blockchain technologies to improve the security of birth and death certificates, voter registration cards, social security numbers and more.
The state of Delaware / USA also takes advantage of blockchain in business and administration. Currently, the main focus is on archiving public documents and securing private records using blockchain technologies. The next step is the implementation of smart contracts between the government and companies.
Privacy and licensing in media
Blockchain technologies also make it easier to process royalties and prevent piracy of media content. Since many media are now used digitally, the use of blockchain technology is particularly easy, as MP3 files can be linked to blockchains, for example. Of course, this also applies to other multimedia content. In this case, the blockchain can also ensure the integrity of the data.
The Open Music Initiative is a Boston-based nonprofit organization that develops an open source protocol to identify copyright holders and holders of music rights. Blockchain technologies are used here. This has made it easier for artists and musicians to get paid for their own work. The Initiative is supported by numerous producers and radio stations, as well as Netflix and Spotify.