Blockchain has become a revolutionary concept for all industries in recent years, but how does it affect our daily lives? This technology is capable of revolutionising the world thanks to its immutability, traceability and transparency. In this article we explore 8 use cases that could bring about a radical change in our daily lives.
Within this sector, blockchain brings above all security, trust and transparency. By continuously tracking products, the supply chain is simplified and costs are immensely reduced. In addition, monitoring the condition of fresh produce and its provenance ensures a better consumer experience. Given all these benefits, it is likely that this technology will be able to solve a global problem: food safety.
Real estate sector
In this sector, blockchain technology could accelerate property sales and, at the same time, reduce fraud. Through the use of Smart Contracts, the owner would have the ability to set the sale or rental price in a blockchain and as soon as the payment is completed, the contract would be executed instantly giving entry to the property. Thanks to this type of smart contract, the transaction will be carried out in a secure and transparent manner, guaranteeing the impossibility of fraud. In addition, by entering the property details, blockchain would help to compare the different aspects of the property, thus facilitating the search for a home.
Similarly, thanks to Smart Contracts, copyright protection is guaranteed. By registering a work on blockchain, evidence is automatically generated that will remain in time and will be accessible from anywhere in the world. In response to this need, iCommunity presents the Musicdibs and Davcopy platforms. The first one allows the registration of songs, lyrics or rhythms while the second platform authorises the registration of audiovisual creations such as photographs, videos or scripts.
The energy sector is currently controlled by large companies, but blockchain could be able to bring about a revolution by allowing individuals to trade energy. Through a network of blocks between homes, an exchange of energy can take place, promoting electricity transactions. Therefore, the price would be quoted in a free and open market.
In the public sector, blockchain would be able to improve tax management. By avoiding human error and reducing costs, the technology would be able to calculate and deliver taxes immediately based on information as basic as salary. Also, a fair and transparent electoral system would be expected, without fraud, as every vote cast would be immutable and anonymous.
Blockchain technology improves the insurance industry in general, bringing benefits to both the insurance company and its consumers. Firstly, it eliminates the intermediary, making the process faster and less costly. Secondly, it would facilitate access to information, thereby improving customer service as insurance companies would be able to make much more informed and comprehensive decisions. Finally, through smart contracts, insurance would be settled fairly and automatically, thus also facilitating claims, compensation and reimbursement.
Here, a data chain would help solve fundamental problems such as baggage handling and tracking but also more complex issues such as payments, ticketing and insurance. When travelling abroad, the likelihood of your personal data being exposed is extremely high, so through a blockchain, sensitive data remains secure from any kind of theft.
Thanks to the traceability provided by blockchain, companies and individuals would be able to certify the authenticity of a luxury product or trace the origins of an item to check its provenance or the materials used. Apart from reducing fraud, this technology would be able to put an end to most of the industry’s current problems such as child labour or greenwashing.
In conclusion, these use cases demonstrate the bright future of blockchain technology not only for businesses, but for the whole world.
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