Modern society is changing, and along with it, business models are transformed and new opportunities emerge in the digital reality. Breakthroughs are made in the world every day and bring us closer to a new era — the digital economy. We can say that Blockchain is one of the most important breakthroughs over the past decade. It helped us to take a huge step towards the control and management development of digital assets and, therefore, to achieve a tremendous progress regarding the understanding what the digital value really is.
Blockchain is a quite new concept for many users, and its technical complexity and informative boom only make it difficult to determine the true significance and usefulness of this product. But, fortunately, more and more people realize the advantages of modern technologies over imperfect current mechanisms of social and economic structure, as well as the advantages of its new development strategy.
Let us consider the spheres of life where the Blockchain technology can be implemented, and what issues it can resolve.
Financial and Economic Segment
Above all, Blockchain is associated with a crypto currency, since this technology was first used in this area. The information contained in Blockchain is in open access not only to one individual or group of persons, but it is also publicly available to all users, which makes the system transparent and secure. Due to the decentralized management, the Blockchain technology allows us to exclude illegal transactions, repudiation, fraud and other malicious acts, which often occurred in an obsolete financial system. Moreover, the transaction speed of this technology is considerably higher compared with the current financial institutions, and the costs are minimal.
Blockchain is essentially a universal information repository similar to a registry book. Such data cannot be adjusted or deleted, unlike paper documents or personal digital records. In medicine, processing and storage of information play an important role, and automation of these processes will significantly facilitate and accelerate many procedures related to document circulation. It means that medical records will not be lost, patient histories will be complete and data transmission will become rapid and secure. Moreover, even if medical assistance is required far away from the place of residence, for example, in another city or country, a doctor will be able to request the patient history from the hospital at the place of residence and make new entries into it.
Jurisprudence and Law
In due time, the emergence of a crypto currency introduced a new format of economic relations, and Ethereum blockchain implemented it in the legal environment — that is how smart contracts emerged. To some extent, such contracts were used when carrying out transactions with other crypto currencies, but namely Ethereum allowed each user to create a complete legal basis for any scale of business with the possibility of holding events to attract investment (ICOs). For example, the Estonian authorities are currently using this technology as a more simplified way of managing state property.
Ownership Right and Authorship
Representatives of creative professions are already facing the problem of copyright: musicians, painters and writers. They all want to protect their works from plagiarism once and for all. The Blockchain technology is an effective way to resolve this issue. It is very simple to confirm and retain copyright, as well as transfer it to a third party, by using a decentralized registry. Blockchain-based digital platforms have already been used to verify the authenticity of any work or to verify ownership right.
In the energy sector there is also a niche where the use of the Blockchain technology will be relevant and will significantly improve the efficiency of many processes. Currently, virtual platforms of data exchange are already being developed, which will simplify product testing, analysis of incoming information, management of intelligent power systems, solving problems in the field of energy generation, consumption, management and trade. Soon, a decentralized and cryptographically protected platform for applications with built-in business logic tools will be presented to the public, which allows real-time measurement of the generation and consumption level of electricity and other indicators.
Transparency of political elections is a long-standing and topical issue in many countries. The obsolete ballot-counting system is not only impractical, but also unreliable. Blockchain can easily save humankind from dishonest elections through decentralization of many voting processes. Moreover, this March the first blockchain-based elections were already implemented. They were held in Sierra Leone (a country in West Africa) and were able to resolve current issues of residents about the fairness of vote counting.
And this is only a small part of where the Blockchain technology is applicable and really useful. Many independent financial analysts consider that the introduction of decentralized digital technologies will bring benefits. Some of them believe that the proper use of Blockchain can improve the quality of life in the whole world and even defeat the bureaucracy, as well as prevent international military conflicts, as unfair competition will be eliminated through transparency, openness and decentralization of all socially significant systems.