Blockchain technology is currently attracting attention around the world. There are many countries that have already started demonstration experiments and operations using blockchain technology. In what fields is blockchain technology actually applied?
While citing some application examples, I would like to look at the benefits of introducing blockchain technology that can be seen from it, and the four problems when introducing it.
Reasons why blockchain technology is being repurposed
Blockchain technology is expected to be diverted to various fields. What aspects of blockchain technology can be applied to various fields? I would like to see why blockchain technology is diverted.
Blockchain fairness and transparency
Blockchain does not have a central administrator, and each user shares data on the network and manages information in a distributed manner by monitoring each other. On the blockchain, each user is connected fairly, and since everyone manages it, it is impossible to do anything illegal. There is transparency there.
Universality and security of blockchain
Blockchain technology is expected to be used in every field. Distributed management of data and high security can be ensured even from the viewpoint of the P2P network system. It will be difficult for the technology to be applied to various fields without universal safety.
Blockchain traceability and manageability
On the blockchain, data is recorded in each block. This data is connected like a chain for each time series. Therefore, the data recorded in blockchain has a high tracking ability compared to other systems.
In addition, since the data is distributed and managed, there is no risk of system failure, making it easy to manage data.
Blockchain data sharing capabilities and data storage
Blockchain technology is characterized by ease of data sharing and highly transparent data storage. Blockchain technology allows users to share and manage data. Data on the blockchain can be accessed by anyone, and due to its characteristics, it can be said that fraud is unlikely to occur.
Application examples of blockchain: Examples of use in finance and asset management
Blockchain technology has already started to be used in the financial industry and asset management. What characteristics of blockchain technology are being utilized in the financial industry?
I would like to take a look at a simple example.
Avoid fraud and system failures by utilizing the financial industry such as banks and securities
In the financial industry, such as banking and securities, centralized management systems have been the norm until now. It is said that it is impossible to fraudulently or falsify data by utilizing blockchain technology.
In addition, by decentralized management of data, even if one system goes down, other systems can be used, so you can avoid the risk of all systems going down and business stops.
Blockchain technology is already being used in the insurance industry
The insurance industry has started to use blockchain technology. In the insurance industry so far, the pricing of insurance premiums has been opaque and difficult for consumers to understand.
Insurance company AIG issues insurance policies using blockchain technology. By using blockchain technology to digitize all the processing associated with various contracts, the associated operational efficiency has improved dramatically.
Already used in Ukraine for real estate transactions
Attempts to introduce blockchain technology into real estate registration have already begun.
The government is the administrator in the real estate registry of land, but by introducing blockchain technology, it is possible to safely manage information without an administrator. In addition, processing costs can be reduced compared to conventional methods, and processing can be performed efficiently.
In Ukraine, a government-led demonstration experiment of blockchain real estate registration has begun.
Blockchain technology is used in CAT bonds
Blockchain technology is also applied and utilized in CAT bonds.
CAT bonds are bonds issued by companies in preparation for financial risks caused by natural disasters. Pays higher interest than regular bonds. Blockchain technology is used in systems such as the payment of CAT bonds, making it possible to make highly transparent payments.
Examples of blockchain applications: Examples of uses other than finance and asset management
Blockchain technology is a highly versatile technology that can be applied in various fields. Blockchain technology is also used in fields other than the financial and asset management fields introduced earlier. I would like to introduce some typical use cases.
Applied to garbage management, taxation, public works, etc.
By introducing blockchain technology, it will be possible to monitor the amount of garbage disposed of and accurately understand the costs involved. It is also being actively introduced in the fields of taxation and public works projects. By utilizing blockchain technology, even highly confidential data can be safely managed and processed efficiently.
Prevent fraudulent transactions by using it for diamond transactions, etc.
Blockchain technology makes it possible to assign IDs to all diamonds, create a database of all diamond information, and trace everything from mining to delivery to consumers.
By recording the entire diamond distribution process on the blockchain, it is possible to streamline operations and prevent fraud. Consumers can also know the origin and authenticity of diamonds, and can purchase diamonds with confidence.
Easy to apply to games, SNS, streaming, etc.
Blockchain technology can be said to be a technology that is easy to apply to games and SNS. By introducing blockchain technology, it is possible to reduce the risk of fraud and tampering.
In games, it is possible to prevent pirated copies from circulating, and in SNS, it is also possible to prevent impersonation fraud. With streaming, it will be possible to buy music directly from artists, for example.
Blockchain technology is already being applied in travel, airports, etc.
Blockchain technology and smart contracts are also being applied in the airline industry. Attempts have begun to centrally manage information on airlines and airports, share information, and respond to smart contracts under certain conditions.
Blockchain technology is starting to be widely used, such as using virtual currency to pay for airports and travel agencies.
Future issues seen from examples of blockchain applications and services
Blockchain technology is an excellent technology, so we tend to focus only on its benefits, but it is also true that there are still some issues. I would like to see what kind of problems exist from application examples using blockchain technology.
Falsification is impossible or difficult, but security differs depending on virtual currency
Blockchain technology makes it difficult to falsify data, but the blockchain technology used by virtual currencies is different. There are several types of blockchain technology, each with different levels of security, so it is important to use the blockchain technology that suits your field.
Blockchain cannot be applied in all fields
Blockchain technology is said to be a technology that can be applied in all fields.
However, the introduction of blockchain technology may reduce work efficiency . should be considered carefully .
It is unknown what the regulation of blockchain will be in each country in the future
Blockchain technology is already being used in various fields in various countries. However, the reality is that they are being used without complying with the regulations enacted in each field. It can be said that how to prepare regulations related to blockchain is an issue that is required in each country.
Perfect security is hard! Cat-and-cat game with hackers
Blockchain technology is extremely difficult to fraud or falsify, and cyberattacks are also evolving day by day. Blockchain technology is also a technology that continues to evolve, and the possibility of being subjected to any kind of cyber attack cannot be ruled out.
Summary of blockchain applications
We have seen how blockchain technology is being applied in various fields. Blockchain technology is already being used in a wide range of fields, and has achieved results along with it. I believe that more and more companies will adopt blockchain technology in the future.
However, blockchain technology is also compatible, and when considering its introduction, it will be necessary to carefully consider why it is being introduced.
