Application of blockchain technology

Many people know blockchain technology and its widespread influence on the financial sector is based on the Bitcoin model.

blockchain technology

But apart from the financial and monetary field, how many areas can Blockchain be applied to?

Fields where Blockchain technology can be applied to improve performance

With its outstanding capabilities Blockchain can support different industries. Open up potential trends for diverse industries: Finance – Retail – Freight – Manufacturing – Telecommunications … The application of this technology will benefit society. Blockchain technology will increase transparency and accuracy, minimize errors, avoid wasting resources.

1. Financial services industry

One of the problems of financial services is the concentration of power, easily causing user data breaches. Engaging in data changes and damage to the user.

Authenticity: There is a disadvantage when you trade, that is, there is no trust in strangers. Usually you have to go through an intermediary to do it. But now you do not need to depend on that intermediary anymore. The Blockchain system will verify the identity of the person you transact with.

Minimize costs: In fact, because without going through cumbersome procedures and other “unnamed” fees, the transaction fee on the system can be very low (Unless you want to pay an extra fee to fast express). The application of blockchain technology in the banking system will greatly reduce costs. Santander Bank, Spain used to evaluate. If exploited this can reduce about 20 billion US operations

Speed: Today, payment transactions take a long time depending on the type of transaction. Meanwhile, blockchain networks transact much faster. For example, the Bitcoin network takes an average of 10 minutes to verify and resolve all transactions conducted during that time.

Risk Management: Helps prevent risks in transactions such as system failures resulting in refunds. On the other hand, avoid the trouble when your partner is insolvent and no money in your account.

2. Blockchain technology with IoT

When applied together with IoT system (Internet of thing). Blockchain technology gives us accurate data. Through algorithms the data will be accurate with no risk of errors, tampering, lack of security.

3.Applications in the field of health, health care

IoT applications on blockchain development include monitoring and management of pathologies. Wearables can accurately measure health indicators and give feedback and enhance quality management. In addition, when transferring to another hospital, all data will be transferred easily. This makes the decision of the doctor faster and more accurate.

4.Applications in the field of insurance

Thanks to measurement equipment and Blockchain technology. Insurance companies may adjust their payment based on location and surroundings. Thereby the advisory package is suitable for customers as well as reducing risks.

5.Application in storage

Assets and documents after being digitized stored on the blockchain will significantly increase transparency. Thereby minimizing the processing, storage, paper loss and improve other processes related to records. Assets and records stored on the blockchain include the owner, collaterals, test certificates, origin … Will always be updated according to the user and stored forever.

The current use of Blockchain is still in the early stages of the era. Ecoworld Corporation is one of the pioneer companies in Vietnam to apply Blockchain technology in business fields. Typically, a shared real estate project – Ecopoint. And super connected applications – Ecoshare is applied Blockchain technology.