Blockchain – a life-changer or just a buzzword?
Some associate it only with cryptocurrencies, and others believe that it can become a force for change in the functioning of companies, governments, and even the whole society. Blockchain, because that is what we’re talking about, is raising more and more interest, and according to Statista, global spending on blockchain solutions will reach $15.9 billion by 2023 alone.
7 April 2021 | Reading Time: 3 minutes | Share:What makes Blockchain special?
The chain of blocks allows you to store and transmit information about transactions made on the Internet. The principle of its operation is to maintain a shared ledger of transactions in a digital form, in identical copies dispersed over the network. All this to enable decentralization of services and eliminate any need for using external institutions or middlemen.
A blockchain network can be public, private, available to authorized users only, or created by a consortium. However, no matter how it is built, it is always based on a dispersed, decentralized, independent, transparent and democratic virtual database.
Why is it worth getting interested in blockchain?
Despite the fact that the media often describe almost limitless possible uses of Blockchain, it actually has three basic applications:
- Data notarization – storing data, confirming its accuracy and ownership.
- Smart contracts – business logic automation to improve data exchange, value, and enforcement of rules.
- Value exchange (cryptocurrencies) – conducting peer-to-peer transactions between trading parties which saves time and expenses, eliminates data asymmetry, and the need for data reconciliation.
Why is it worth investing in this technology? Because it guarantees transparency of stored data as well as security and system reliability. It also allows you to adapt your software to the current needs and requirements of users and shift the burden of trust from network members to the technology.
Who is going to benefit from Blockchain?
Blockchain is a technology for practically everyone, and the number of companies and industries which recognizing its potential is increasing.
What opportunities can it offer to different sectors of the economy?
- Finance – the finance industry was the first to recognize the huge potential of Blockchain, and according to data gathered by Statista, by 2020 alone almost 30% of companies in this sector have already used it. Blockchain makes it possible to securely store various types of documents and information about transactions, as well as to significantly simplify and accelerate processes related to giving loans, leases, or insurance. It also enables remote authentication and signing of documents.
- Logistics – in this industry, Blockchain enables individual transactions or accounting data to be recorded online using cryptographic algorithms. Moreover, in the near future, it is certainly also going to actively contribute to revolutionizing the supply chain. Here, the product passes through many intermediaries on its way to the customer. The use of Blockchain will make it possible to guarantee the consumer full information and certainty about its transport history and origin.
- Medicine and pharmacy – by using this technology, it gets electronic access to medical records that make it possible to store information about patients’ health in a single, appropriately secured place. It also gains the ability to collect and securely store data from clinical or epidemiological studies.
- Real Estate – Blockchain will enable the real estate industry to speed up and simplify sales transactions. It will allow storing and managing contracts, deeds, and all the indispensable information regarding, for example, the legal history of a building. It will also enable virtual escrow accounts and signing of smart contracts, where sales agreements are automatically concluded in the system after both parties have fulfilled certain conditions of the transaction.
- Public administration – Blockchain will allow public institutions to significantly reduce the amount of red tape. It can also be successfully applied to the organization of referendums and elections to support the processes of identity verification and vote counting.
This revolutionary technology will certainly change the way businesses from almost all industries operate over the next ten years, so it is worth paying attention to.
Blockchain in Euvic
One of the main goals of our activities is the technological and business support of innovative IT projects, and Blockchain is undoubtedly one of them. It is one of these technologies which makes it possible for us to revolutionize your business or even an entire industry.
What services from this area can we offer you?
- Virtual wallets that support Bitcoin and Ethereum.
- Cryptocurrency exchanges.
- Dedicated payment systems (POS).
- Blockchain analysis and consulting – analyzing the potential of various solutions (Hyperledger and some public blockchains).
- Powerful cryptocurrency mining platforms – hardware and software implementation, monitoring, management, automation.
- Blockchain as a Service (Baas) – prototyping, implementing changes and supporting fast and cost-effective market entry by using IBM Bluemix, Microsoft Azure, and SAP Cloud platforms.
Take advantage of our comprehensive support in Blockchain projects including strategic consulting, implementation, and integration as well as support and managed services for implemented systems, and let us make your vision a reality.
