The finance industry was an early-adopter of blockchain and the technology is now transforming the entire industry. Finance and banking as we know it could dramatically change, with optimised business processes and the sharing of data in an efficient, secure and transparent system. Blockchain began as the technology behind Bitcoin as a way to ensure that payment systems could not be corrupted, hacked or duplicated. Since then, the potential for the finance industry became clear, along with a number of benefits for all parties involved.The financial industry has begun to adopt smart contracts for quicker, cheaper processes, making financial products self-executing and self-maintaining.
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THE FINANCE INDUSTRY
BLOCKCHAIN APPLICATIONS IN THE FINANCE INDUSTRY
FRAUD REDUCTION
Previous exchanges in the financial world required a higher number of intermediaries and economic crime was high. Most banking systems, stock exchanges and money transfer services are built on a centralised database. These databases are vulnerable to cyber attacks as hackers could gain access to the systems. Blockchain is a distributed ledger, shared in real-time, that can only be updated when all parties are in agreement. The technology helps to reduce errors, fraud and transaction processing times.
SMART CONTRACTS
The financial industry has begun to adopt smart contracts for quicker, cheaper processes, making financial products self-executing and self-maintaining. The use of smart contracts requires computer code that is executed once all parties enter their keys. Smart contracts allow parties to exchange money in a transparent way without the need for a middleman. The contracts are a public ledger that automatically enforce obligations.
PAYMENTS
Blockchain is here to transform payment processes. There’s no need for a central authority to authorise payments, and the distributed nature of the ledger makes all processes highly secure.
THE REAL ESTATE INDUSTRY
Buying a new home is an exciting, if not stressful, event. Complex and expensive contractual processes were once necessary, but blockchain technology could be changing the entire real estate industry. Blockchain can bring together a vast amount of property information on a single digital database, rather than on private and government databases. This can cut costs and significantly reduce fraud and credit risk.
HOW CAN BLOCKCHAIN TRANSFORM THE REAL ESTATE INDUSTRY?
DISINTERMEDIATION
The real estate industry has traditionally been opaque, involved lengthy processes and multiple middlemen. Intermediaries such as brokers, government databases and notary publics add time and money to real estate transactions. If we can access the information they hold, we eliminate the need for them. Blockchain offers a solution. Its distributed database is public, uncensored and uneditable. Once people are able to easily access and verify property records themselves, real estate processes will become safer and more straight-forward.
SMART CONTRACTS
Smart contracts reduce the need for humans to handle and verify an agreement. Replacing property contracts with smart contracts avoids the potential for one party to fail to honour the contract. Results of the transfer are available publically and occur as soon as funds are received.
FRAUD PREVENTION
Fraud in the real estate industry can be common, especially when paper documents are easily forged, titles can be faked and rental scams are on the rise. Blockchain presents its strength in proof of ownership, transaction, exchange and value. Networks would exist to allow users to record and verify documentations uploaded by others, eliminating fraud and costs associated with real estate fraud.
MONEY 2.0
Unlike paper forms of money, blockchain currencies like Bitcoin are 100% software from birth. Using coding, it can be programmed to distribute itself and people are not needed. The multisignature bitcoin function is a way to prevent issues such as a landlord that refuses to return a rental bond.
THE HEALTH INDUSTRY
It’s expected that blockchain will revolutionise the health industry. A leading concern in healthy organisations is based around maintaining patient security, whilst still allowing access to records by patients and relevant industry bodies.The implementation of blockchain technology will dramatically reduce these shortcomings.
HOW CAN BLOCKCHAIN BE USED IN THE HEALTH INDUSTRY?
DATA EXCHANGE
Blockchain is a way to improve security and reduce costs when managing patient data. It will enable access to high quality clinical trial data without the need for regulatory bodies, which can potentially lead to bias and skewed results. Blockchain data exchange systems are cryptographically secured and irrevocable.
ONLINE SECURITY
Medical data is in high demand on the black market, and lost or stolen client data affects millions of people. Blockchain provides a secure option for data storage and has the potential to bridge gaps in data, radically transforming reliability of the industry.
DRUG SUPPLY CHAIN INTEGRITY
Estimates state that pharmaceutical companies incur an annual loss of $200 billion globally, due to counterfeit drugs. Basing the pharmaceutical supply system on blockchain could mean that every step is tracked. Private keys and smart contracts will also provide proof of ownership of the drug source and manage drug supply chain integrity.
THE FREIGHT INDUSTRY
The freight industry was crying out for a technological advance. Blockchain is set to shake up the industry and impact society in a huge way, helping businesses to remain competitive. The shipping industry is notorious for its amount of intermediaries, opaque prices, uncertainty, complicated risk and cargo theft. Moving goods from A to B should be a transparent process, and that’s where blockchain comes in.
USES OF BLOCKCHAIN IN THE FREIGHT INDUSTRY
SMART CONTRACTS
The freight industry is another area where more companies are seeing the benefits of smart contracts. Unlike traditional forms of contracts, this technology enforces rules controlling the transfer of goods under specific conditions. The details of all transactions are available to participants across the blockchain network. This cuts the needs for a central authority to maintain records, making processes more efficient and slashing costs.
FRAUD REDUCTION
Procryptogain technology makes for quicker payment, better security and reduction of fraud. It makes all processes less opaque to improve traceability and trackability, which is ultimately a benefit for customers.
INCREASE CONFIDENCE IN TRANSACTIONS
Procryptogain applications are set to make all freight transactions more simple for all parties involved. The freight industry will see a major benefit in the accurate performance history records, that cannot be tampered with. This will allow new businesses to work together without the need for previously established trust, as the information will already be available to them.
IDENTITY INDUSTRIES
Some industries require strict proof of identity, and could be a major way to apply blockchain benefits. Blockchain technology has a number of applications for industries such as security, identification documentation and banking.Hacked databases and breached accounts are always rising, calling for security innovations that prove and protect identities. Blockchain methods are a digital solution where an identity can be authenticated in an indisputable way. It relies only on centralised trust authorities and is safe from internal and external threats.
BLOCKCHAIN APPLICATIONS IN IDENTITY INDUSTRIES
VOTING
Votes for governmental positions ultimately impact the way your country is run. There’s less trust in the system when votes can be tampered with. Blockchains are a way to revolutionise and increase accuracy in votes. There will be no way to edit or remove votes, add extra votes or publish false information about the counts of votes.
PROOF OF IDENTITY
Governmental organisations are required to distribute identity documents like passports, driver’s licenses and financial histories. These organisations use isolated, centralised identity management systems and long processes. Identity management is a long, costly and risky thing.To change the landscape, blockchain will offer systems that simplify routine tasks, reduce errors and system fraud. Applications like acquiring a new credit card or verifying identity to make a purchase will no longer require approval from a third party.
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