This discreet technology is already revolutionizing several sectors and you probably don’t know it

JVTech News This discreet technology is already revolutionizing several sectors and you probably don’t know it

After cryptocurrencies, blockchain reveals its first uses

Yes, you may have heard of blockchain with cryptocurrencies. And for good reason, it is Bitcoin which highlighted this technology by becoming a world-famous digital currency.

But did you know that its applications go far beyond simple digital currency? Blockchain can be summarized as a form of decentralized network allowing exchanges of information and value without the intervention of an intermediary. Each data circulating on it is indelibly archived in a register, in which everyone can write and consult the information but never erase the content.

Its capabilities theoretically offer unparalleled transparency and security unrivaled since the internet age. After being involved in cryptocurrencies, aspects of blockchain have visibly attracted companies from various sectors who have leveraged the technology in diverse and varied use cases – far from price curves and speculation.

Blockchain in the field

Transport and traceability of goods

Given that blockchain provides an immutable and transparent ledger, this can be used to record and verify the flow of goods at each stage of a supply chain. It is also the VeChain blockchain project which allows brands to improve the traceability of various products. By using this blockchain combined with a system of chips (NFC, RFID) and QR codes on the merchandise, consumers are able to verify the origin and journey of a product.. This system is already used by many giants such as the car manufacturers BMW and Renault and by large groups such as LVMH.

Social networks

By using blockchain, social networks can also store user data in a secure and decentralized way. Furthermore, some believe the technology can also be a way to reward users for creating content. This is the case of the social network Steemit which uses its STEEM token to offer remuneration to contributors.

Health

Blockchain is also being used to improve the medical field. Indeed, this can allow different medical structures to store medical records, to facilitate sharing between different healthcare providers while ensuring the confidentiality of patient data. This is the bet of the company MedRec which has developed a prototype using blockchain to manage patient files.

Insurance

Smart contracts on blockchain can automate compensation processes based on verifiable data, such as weather reports or disaster data. In this vein, AXA launched Fizzy, a blockchain-based insurance that automatically reimburses customers in the event of flight delays.

Gaming

The advent of blockchain has also brought to light a new form of gameplay: play-to-earn. Digital assets such as in-game items can be tokenized on the blockchain, allowing users to have ownership over what they obtain in-game. This generally involves NFTs which can be sold to other players or stored outside of the game. Ubisoft has notably already experimented with this but has encountered some criticism, probably due to the speculative connotation around the term NFT .

The sport

In the sports field, blockchain has multiple uses, but one seems particularly disruptive: create engagement for fans through cryptocurrency. This is precisely the Chiliz project which, through its Socios platform, allows a multitude of football clubs such as PSG or Manchester City to be able to sell tokens called “fan tokens”. These cryptos offer privileges to supporters, in particular their ability to interact directly with their club on various decision-making such as the color of the bus, the design of a jersey and other votes relating to the life of the club.

Events

Tickets for events can also be tokenized on the blockchainthus ensuring authenticity and allowing easier resale. Certain prestigious events such as the Formula 1 Grand Prix have already taken part in the exercise by marketing tickets registered on the blockchain – enough to keep a virtual collector’s souvenir of the race.

Education

In the same way as medical documents, diplomas and other certifications can be registered on the blockchain by educational institutions. This makes it easier to access your file and employers could even use technology to easily verify the authenticity of a candidate’s qualifications. MIT (Massachusetts Institute of Technology) has been experimenting with this since 2017 and is issuing tokenized digital diplomas.