09 JAN 2018

Blockchain, range and use in business

In an earlier article we explained what Blockchain is and how it works. In this article, we will look at what the possible areas of use for the Blockchain paradigm are and what advantages can emerge using this paradigm that allows you to manage and track transactions that are carried out on the network.

Blockchain can create added value in different sectors and at the same time allows you to keep track of different types of transactions, whose characteristics are immutable and ensure maximum level of security of the exchange.

In which areas can Blockchain be applied and what could be the advantages in using it?

Blockchain technology can be applied in a series of different environments with different applications and benefits depending on the type of transaction required. In addition to the banking sector, the areas in which the use of Blockchain can bring the greatest benefits are health, insurance and the industrial sector, as well as bringing effective improvements in the public administration sector. In the technological field there are application in the Internet of Things and in the commercial field it could contribute to creating added value in the purchases of stores.

Let’s look at what the applications of Blockchain in the main market areas are, in detail.

Blockchain, what are the applications in the healthcare sector?

Applying the Blockchain paradigm in the Healthcare sector could provide multiple advantages in terms of archives and data history. A concrete example: the entire clinical history of a patient could be saved on the network so that at any moment the doctor can have information on illnesses and treatments that the patient has had, and this would allow him to prescribe treatments more quickly.

Blockchain, possible uses in the insurance sector

With regard to the insurance field, thanks to Blockchain technology, insurance companies could have more secure information about their customers and this would allow them to offer customers tailor-made services, improving the user experience. Thanks to the application of Blockchain, insurance companies could reduce management costs, increase market share and prevent fraud.

Blockchain in the industrial field: from production to logistics

In the industrial field, the adoption of Blockchain technology can improve production, logistics and the supply chain.

For example: let’s take the case of a company that produces wine and has to distribute the bottles produced to various stores, but these arrive late. Since all the transactions are registered, the company can find out why there was this delay: perhaps the wine was produced late or there was a transport problem.

Blockchain in the Public Administration

An immediate use of Blockchain in the PA could apply to the digital identity of every citizen. The introduction of the Blockchain in the PA would create and strengthen the digital identity of citizens: each identity would always be available associated information and this information could be shared easily. A concrete and direct example of this application can be that of various public institutions that communicate with each other by typing the name of each citizen and finding the history associated with that person. At the same time, thanks to the introduction of Blockchain paradigm, tax evasion could be combated. Finally, thanks to shared history, PA could offer personalized services based on the needs of the individual citizen.

Internet of Things and Blockchain

In the IoT universe, Blockchain technology would make communication between the various objects connected to the network faster, safer and easier. In the network and in the interconnection between the two areas, a relationship of increasing trust and a greater possibility of creating applications is expected.

Blockchain for sales, security and marketing opportunities

Blockchain and Bitcoin would also be used in retail outlets. On the one hand they would serve to make customer payments safer, on the other they would allow keeping track of customers’ purchases. The analysis of the purchase could provide useful prospects for marketing in order to create customized offers based on the tastes and needs of each customer.

Blockchain for the business, what are future scenarios?

What we have presented here is just an overview of the effects of the introduction of Blockchain on the market. There are many other fields that could benefit from the introduction of Blockchain. However, whatever the application area is, Blockchain technology should be reviewed and improved on the basis of the characteristics of the reference market and the application use. To this day, the processing time of a transaction is still very high in a market that, on the other hand, is always getting faster.

Elaborated by Lucia D’Adamo, in collaboration with Roberto Piccirillo, supervised by Marco Pirrone

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