By now we all know of the existence of bitcoin, as we all now know that the functioning of bitcoin is possible thanks to the Blockchain technology, which in a very simplistic way is nothing more than a public register that automatically, securely and immutably verifies and records a high number of digital transactions without the need for third-party authority control.
But what are the applications beyond bitcoin, which can greatly benefit and benefit from the use of Blockchain technology?
Let's start by quoting from accounting. In fact, thanks to the use of Blockchain technology, it is possible to store an infinite amount of information and keep it transparent, accessible only to those in possession of the private keys, therefore encrypted, and at the same time make them unchanged and safe forever. Perfect features for accounting management.
How not to mention the legal field. Let's think about the work of notaries. Having a secure, decentralized technology available, capable of storing an infinite amount of data which, in addition to remaining unchanged over time, will always remain available and transparent, could certainly provide additional utilities to notarial deeds. In fact, Blockchain technology in the case of a real estate sale could be the ideal solution to manage house taxes, bills, property expenses, waste taxes. Having, thanks to Blockchain technology, a proof of existence of a specific data in a given period and in that particular format is fundamental in the legal field and beyond.
Let's think about the traceability of food. Knowing where the food comes from and above all knowing what paths it will take before ending up on the shelves of a supermarket, is useful both for merchants and for end customers. In fact, there are already many large-scale distribution chains that have chosen to focus on the blockchain to guarantee the traceability of food, to name the most important: Walmart and Carrefour. In Italy there is Foodchain, an application that uses Blockchain technology to ensure transparency and security within the agri-food chain. Today Foodchain is used in projects ranging from the traceability of coffee to that of the ingredients of a restaurant's certified recipe.
Who among you is worried about your data online or rather worried about the processing of your data online? I think most of us. Think in the future to have an identity on Blockchain and to exercise your voting power on this type of platform. Think of creating your digital identity on Blockchain technology that will forever be safe, certified, non-manipulable and above all decentralized, i.e. it will not require the intervention of third parties such as the State or large internet platforms such as Google or Facebook to guarantee the service. Blockchain technology is able to eliminate the monopolistic power over data and system rules that large internet platforms have today. It seems like a dream ? We will get there very soon.
Banking and Finance. Banks and financial institutions essentially serve as repositories and safe centers for the transfer of currency, and the blockchain - as a digitized, secure and tamper-proof LEDGER - can perform the same function. Indeed it can ensure the same function with negligible or zero costs. In fact, thanks to the use of the Blockchain in this sector, savings are estimated at a global level of up to 20 billion dollars a year in administrative expenses. Not surprisingly, global banks are among the largest investors in start-ups operating in the blockchain sector.
How not to mention the sector of payments and money transfers. Thanks to Blockchain technology, it is possible to create a more direct payment flow between those who pay the sums and the beneficiaries - within and beyond the borders of their own nation - without intermediaries, at ultra-cheap rates and at almost instantaneous speed. Here too the world banks did not stand by and are among the major investors in start-ups operating in this sector.
Finally, I mention the academic and scholastic world. Having a Blockchain certification of your studies and certifications would completely eliminate fraud in this field. Without considering the benefits in terms of time, one thing is to have a register on Blockchain technology where you can carry out any type of research, one thing is to check thousands of paper documents every year with the concrete possibility of making mistakes.
Of course the uses of Blockchain technology are not over, I will make other articles citing many others.
