Getting Started In addition to financial innovation, how will daily life benefit from blockchain technology?

Original title: "In addition to financial innovation, how will the blockchain bring more value by changing people's lives?

Original: Wayne

There is no doubt that the blockchain is an exciting technology that has the potential to transform many industries. However, because the media has greatly exaggerated the blockchain technology, it is difficult to find out its actual daily application.

In other words, the blockchain sounds great, but what does it mean for us to eat in the real life, what does it mean ?

01

What is blockchain technology?

Before discussing how to apply the blockchain in everyday life, let's talk about what the blockchain is and how does it work?

A blockchain is an open, distributed database that is essentially a computer file used to store information (data).

The name of the blockchain comes from its structural characteristics: the file consists of data blocks, each block is linked to the previous block, forming a chain, each block containing data, such as transaction records and when the block was edited or The records created, the information (data) are time stamped, which is the origin of the blockchain.

It is critical that, unlike a centralized database owned by a company or government agency, the blockchain is not controlled by any person or entity, and the data is completely replicated (distributed) on multiple computers.

Because it is a way of decentralized storage and access to data, it makes it extremely secure. Because unlike a centralized database, the attacker does not have a single entry point, and the security of the data is more secure.

In addition to the decentralization and security features, the blockchain becomes a leading technology that distinguishes it from other technologies :

Unable to modify : Once you enter the blockchain, no information can be changed, and even the administrator cannot modify this information. It gives the blockchain an easy-to-audit advantage.

Accessible : Information is easily accessible to all nodes in the network.

No third party : Blockchain can help peer-to-peer transactions, so no matter whether you are trading or exchanging funds, no third-party approval is required. The blockchain itself is a platform.

02

How will daily life benefit from blockchain technology?

1, digital identity

Now a lot of information is published on the Internet, so digital security has become the focus of everyone's attention. As an open space, the Internet is vulnerable to hackers. This is a big problem facing the world, but the blockchain is likely to be a solution.

With this technology, digital identities can be easily tracked and managed without worrying about information leakage. In addition to protecting data, this also reduces costs. Since everything is distributed across a single web platform, people in the system can easily access information.

Blockchain identity use cases: 1. Passport 2. Birth certificate 3. Marriage certificate 4. Electronic residency 5. ID

Blockchain digital identity is popularized, we can enjoy the bonus brought by blockchain technology, no longer need to prove "my mom is my mother", which will greatly facilitate our use of digital identity, only need to do A blockchain digital ID can be used in a variety of scenarios where identity information needs to be proven.

2, health care

Healthcare is a big industry. Although current systems can process this data efficiently, it takes a lot of time to manage and extract the information that is needed.

With the blockchain, we can create a universal record repository with timestamps that makes it easy to extract data across different databases. As a patient, we don't have to run a broken leg for reimbursement of medical insurance. In order to change the hospital, we must repeat the physical examination, and truly let the "data run more, the masses run less errands." We can also save more medical expenses.

3, travel consumption has become more convenient and low cost

Companies such as Didi, Ctrip, Meituan, and Uber, abroad, act as aggregators (a centralized platform that connects service providers to customers who need it). Centralized aggregators are controllers that set their own terms and conditions from each transaction. Today, blockchains are being used to remove intermediaries and create secure, decentralized ways for service providers and customers to connect and trade directly.

TUI Group, the world's largest travel company, is taking the lead in using blockchains to eventually replace travel aggregators such as Expedia. The company has used its private blockchain to consolidate its contracts and is actively creating a public blockchain that allows agents and customers to interact directly with the hotel. But TUI is not the only company that has taken such a measure. Winding Tree is another company dedicated to creating a decentralized travel booking system, so we can expect to hear more about the blockchain subversive travel industry in the coming years.

4. Better banking and trading

If you know a little about the blockchain, you must have heard of smart contracts. They are becoming more and more popular. Smart contracts are legally binding programmable digital contracts .

Let me explain how it works: for example, A and B want to exchange some money at a particular time in the future, and this exchange will only happen if a particular condition is met. All of this information is programmed and placed in the system. Once all the conditions are met, the system automatically releases the funds.

These information and conditions will be programmed as smart contracts. Once the predetermined conditions are met, the funds will be released and sent to the other party. Because everything is automated and the system performs tasks, it makes the entire transaction process easy, fast, and efficient.

This will lay the foundation for a faster and lower-cost service for the financial services industry. The blockchain platform allows users to create smart contracts that become active when certain conditions are met, which means that automatic payments can be released when both parties agree to meet their conditions.

The increasingly popular DeFi Financial (DeFi) will also be able to offer more financial services options, no longer subject to geographical location and time, and truly enjoy the benefits of inclusive finance and decentralized finance.

5, smart supply chain

Knowing the status, status, and provenance of each product in the supply chain is critical to the business, and for consumers, the source is becoming an increasingly important issue. DeBeers plans to use blockchain technology to track diamonds from mines to end customers, which will increase transparency and enable customers to verify that their diamonds are from non-conflict areas.

Wal-Mart also uses blockchains to track the safety of agricultural products. In 2018, a large number of contaminated lettuce in the United States made dozens of people sick, causing retailers to withdraw lettuce from the store, which is a preventive measure to protect consumers.

Beginning in 2019, farmers will have to enter detailed records of their produce into the blockchain, and if there is any pollution panic in the future, Wal-Mart will be able to more easily identify potentially contaminated batches. The smart supply chain will make the food we eat every day, the goods we use more safe, and let us feel more at ease.

6. Insurance efficiency will be improved

National insurance companies are experimenting with a blockchain solution called RiskBlock, which provides insurance proof information. The goal is to help law enforcement officers and insurance companies (not to mention the insured) verify coverage in real time and make the claims process faster and more efficient.

Through the intelligent contracting of the blockchain , it ensures the payment of effective claims and has the potential to innovate insurance claims. For example, the blockchain will immediately know if multiple claims have been filed for the same incident. Moreover, when the corresponding claim conditions are met, the payment can be automatically triggered without any manual intervention, thereby greatly speeding up the resolution of the claim.

7, digital voting

The biggest obstacle to successful democratic management practices is the transparent voting process. Using blockchain technology, the voter can be confident that his/her ticket has been successfully cast, while others do not know who they voted for. This is no longer a paper, as early as 2014, the Freedom League in Denmark has become the first organization to vote using the blockchain.

03

summary

When it comes to blockchain, everything looks very promising, and its application and potential for this technology are emerging in the future. Over the past two years, the rapid development of blockchains has laid the foundation for creating more efficient and powerful future technologies. At this rate, the blockchain will bring some major changes and innovations in business operations.

What industries do you think blockchain technology will apply to in our daily lives? why? Feel free to share your opinion in the message area.

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『Declaration : This article is the author's independent point of view, does not represent the vernacular blockchain position, and does not constitute any investment advice or advice. You are not allowed to reprint this article by any third party without the authorization of the "Baihua Blockchain" sourced from this article.