Day: October 6, 2022

Where Blockchain Technology Makes SenseWhere Blockchain Technology Makes Sense

The application examples for blockchain technology are widespread. They range from banking, trade and industry to the public sector.

These are the main uses

International Payments

Blockchain technology enables international payments without a middleman like a bank. This reduces transaction costs and increases speed at the same time. Projects are also underway in some banks to use the blockchain to automate and simplify their manual international transactions.

Peer-to-Peer Transactions

Paypal is an example of such transactions. The aim of the applications is to enable virtual money between individuals and businesses. However, these systems have weaknesses and limitations. Blockchain technology could be used to avoid the risk of hacking or international restrictions.

Insurances

Insurers can use blockchain technology to transparently regulate contracts as well as claims settlement. All contracts and all claims for damages would be managed by the network and false claims would be filtered out.

Artists, media, advertising

Pirated copies and the rapid spread on the Internet make it difficult, especially for musicians and authors, to earn money on the Internet. With the help of blockchain technology like bitcoin 360 ai, the created content could be distributed and paid for when used. The advertising industry could easily offer advertising and have it processed via the blockchain.

Discover fakes

Since the information in a blockchain cannot be altered, it can also be used to track individual products. For instance, products or medicines can be provided with a code. With this, the entire history of the product could be called up and counterfeit medicines could be uncovered, for example.

Mobility

By allowing information to be shared and property to be made available to someone for a certain period of time, the blockchain would also change your mobility. So it would be possible to use a car and pay for it directly. Cost, ownership and usage would all be registered on the blockchain.

Energy

Great progress could be made in the complicated energy market thanks to the transparency and traceability of blockchain technology. Private solar systems can bill better, tracking the energy is easier, asset management is simplified and certificates of origin are issued more easily.

Another example can be electric cars.  The energy can be allotted to each car separately, no matter where it refuels in the network. This would make billing easier.