The Blockchain or DLT (Distributed Ledger Technology) is a technology that allows transactions between two or more users thanks to a network of computers communicated with each other for secure data management.
How does the Blockchain work?
Like Bitcoin, the Blockchain operates without a central authority; In addition, it offers more secure transmissions, protects against possible computer attacks, and obeys a consensus among users.
An example of Blockchain technology is the Smart Contact, or intelligent contacts, which validates transactions between users. Draps, or decentralized applications, allow users to control the spread of their data, and could even reap dividends for allowing its use.
What apps does it have?
Blockchain technology applications could be useful to all sectors, although many companies still ignore it.
Banks and other financial entities are probably the most affected by the Blockchain in their activity because, among other things, it will highlight the reduced need for financial intermediaries. In addition, it will serve to decentralize and automate banking activities, such as loans and remittances.
Insurance companies will also be able to see the impact of Blockchain on their business model; Some procedures such as fraud detection will be streamlined, through a unique and shared data record to detect, for example, if a user is using the same claim to collect the corresponding compensation with different insurers.
The Blockchain beyond the big banks
The Blockchain could also affect the telecommunications industry in relation to internal network and business management; as well as the opportunity to open new services or innovate existing ones.
Other sectors will also see their operations affected, such as the energy industry, accelerating the decentralization process that is already taking place and bringing energy generators closer to final consumers; who, in addition, will be able to become owners and manage these generators through the Blockchain.
For its part, the manufacturing industry will be able to work on the traceability of parts throughout their life cycle; registering, in Blockchain, the code of each piece, and all the associated data.
With Smart Contracts (smart contracts) using the Blockchain, Smart Factories will be able to coordinate logistics issues and payments and even develop industrial Marketplaces capable of offering services managed directly by customers based on a Smart Contract.
In the medicine sector, each product can be tracked, detecting its status and origin in time. Patients will have greater control over their medical history; as well as the patient-doctor relationship could be strengthened, without intermediaries.
Finally, the Blockchain could catapult a new business model linked to the media, where journalistic work is freer from intermediaries, bringing news makers and bloggers closer to readers.
Encouraging Prognosis for Blockchain Technology
For this reason, the forecast is that this technology will be installed to revolutionize the relationships of companies with their customers and suppliers, and different sectors of public activity, during the coming years.
This phenomenon could also affect the public administration, helping its modernization and decentralization; and safeguarding the data of companies and citizens.
Companies must be very attentive to the use of Blockchain technology and the transformations in each sector.
