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The financial sector and the world of crypto-currencies are not the only ones who can benefit from Blockchain technology. Many sectors are seeing the potential that this technology has, which added to others, can be very useful.
In fact, according to a study conducted by IBM's Institute for Business Value in 2017, by that time 33% of companies were already using Blockchain or were planning to use it soon. In addition, 78 percent of respondents said they were exploring its use to develop new business models or in response to changes in their industry.
With regard to the financial sector, the World Economic Forum has stated that “In the coming years, we will witness the Blockchain revolution, as it will eventually become the "heart" of the global financial system”.
Banks are already using this technology to speed up payments, transfers, and remittances, and to lower the costs associated with these processes. Stock markets such as Nasdaq also use it.
But as we have said, Blockchain's applications are not limited to the financial system. These are the areas in which this technology is also being used.
Distributed cloud storage
Blockchain allows distributing data storage. That is, instead of depending on services such as Google Drive or Dropbox, which are centralized cloud storage, files can be saved in a P2P (peer-to-peer) network, which means that they will be saved by several users.
In this way, since the information is not stored in the same space, it is more difficult, if not impossible, for it to be attacked by hackers or to be lost due to technical problems or natural disasters, for example. An identical copy of the data will be stored in each node of the network, which makes the system more secure.
Decentralizing the Internet of Things (IoT)
Most Internet platforms of things are based on centralized models, meaning that a single company controls the connected devices. However, this system is not very functional, since as the popularity of this technology increases, it becomes more necessary for the teams to be able to exchange data with each other quickly and autonomously.
The solution is in the development of decentralized IoT platforms and Blockchain allows it. With the Blockchain the data exchange is done in a safe and reliable way and in addition, an unalterable record is created of all the messages that have been exchanged by the different connected intelligent devices.
Some companies are already opting for this solution, such as IBM, which has created the ADEPT (Autonomous Decentralized Peer to Peer Telemetry) platform in collaboration with Samsung. Using the Blockchain technology, this system is capable of generating a distributed device network.
Identity Management
Another great application of Blockchain is in identity management. With this technology, users can create their own digital identity, which is secure and reliable because it is tamper-proof. Experts assure that this kind of ID based on Blockchain could replace the increasingly vulnerable user names and passwords online in the near future.
People will be able to use their Blockchain identity for many things, from simple actions such as accessing websites and applications to signing digital documents. In fact, there are already companies that have such services such as Keybase, Onename or ShoCard.
Registration and Data Verification
Not only can this technology be used to store financial transactions securely and immutably. It can also be used to store any other type of information, thus generating an incorruptible distributed record, which also stands out for being more secure than traditional databases.
This application can be used in several sectors. In clinics and hospitals, for example, it can be used to create a record with the medical history of patients. It can also be useful for the protection of intellectual property and creative digital products such as e-books, music, photos, etc. It can also be used for the registration of vehicles or property.
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