What are the application areas of blockchain technology?

The application fields of blockchain technology are: 1. Financial field; 2. Internet of Things and logistics field; 3. Public administration field; 4. Digital copyright field; 5. Insurance field; 6. Public welfare field; 7. Energy field; 8. Transportation field.

The application fields of blockchain are:

Financial field

Blockchain is used in international exchange, letters of credit, Financial fields such as equity registration and stock exchanges have potentially huge application value. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.

For example, Visa launched Visa B2B Connect based on blockchain technology, which can provide institutions with a lower-cost, faster and safer cross-border payment method to process business-to-business transactions worldwide. Be aware that traditional cross-border payments require waiting 3-5 days and paying 1-3% transaction fees. Visa also launched the first Bitcoin debit card in conjunction with Coinbase, and Citibank is testing the cryptocurrency Citicoin on the blockchain.

Internet of Things and Logistics Field

Blockchain can also be naturally combined in the field of Internet of Things and logistics. Through blockchain, logistics costs can be reduced, the production and delivery process of items can be traced, and the efficiency of supply chain management can be improved. This field is considered a promising application direction of blockchain.

Blockchain can achieve comprehensive transmission of information throughout the network through a scattered network hierarchical structure connected by nodes, and can test the accuracy of the information. This feature improves the convenience and intelligence of IoT transactions to a certain extent. Blockchain big data solutions make use of the automatic filtering mode of big data to establish credit resources in the blockchain, which can double improve the security of transactions and improve the convenience of IoT transactions. Save time and cost for smart logistics model applications.

Blockchain nodes have very free entry and exit capabilities and can independently participate in or leave the blockchain system without any interference to the entire blockchain system. Blockchain big data solutions take advantage of the integration capabilities of big data to make the basic user expansion of the Internet of Things more directional and facilitate user expansion among dispersed users of smart logistics.

Public Service Field

Blockchain is closely related to people’s production and life in public management, energy, transportation and other fields, but the centralized nature of these fields also brings some problems, which can Transform with blockchain. The decentralized, fully distributed DNS service provided by the blockchain can realize domain name query and resolution through point-to-point data transmission services between various nodes in the network, and can be used to ensure that the operating system and firmware of an important infrastructure are not Tampered, you can monitor the status and integrity of the software, detect bad tampering, and ensure that the data transmitted by systems using IoT technology has not been tampered with.

Digital copyright field

Through blockchain technology, works can be authenticated, proving the existence of text, video, audio and other works, and ensuring the authenticity and uniqueness of ownership. After the rights of the work are confirmed on the blockchain, subsequent transactions will be recorded in real time, realizing full life cycle management of digital copyright, and can also be used as a technical guarantee in judicial evidence collection. For example, Mine Labs, a startup company in New York, USA, has developed a blockchain-based metadata protocol. This system called Mediachain uses the IPFS file system to realize copyright protection of digital works, mainly for copyright protection applications of digital pictures.

Insurance field

In terms of insurance claims, insurance institutions are responsible for fund collection, investment, and claims settlement, and often have high management and operating costs. Through the application of smart contracts, there is no need for the policy holder to apply or the insurance company to approve it. As long as the claim settlement conditions are triggered, the insurance policy can automatically settle claims. A typical application case is LenderBot, which was launched in 2016 by the blockchain company Stratumn, Deloitte and the payment service provider Lemonway. It allows people to register customized micro-insurance products through the chat function of Facebook Messenger and exchange between individuals. high-value items are insured, and blockchain replaces the role of a third party in the loan contract.

Public welfare field

The data stored on the blockchain is highly reliable and cannot be tampered with, so it is naturally suitable for use in social welfare scenarios. Relevant information in the public welfare process, such as donation projects, fundraising details, fund flows, recipient feedback, etc., can be stored on the blockchain and transparently and publicly disclosed conditionally to facilitate social supervision.

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