Some individuals associate the blockchain system only with bitcoin. In fact, blockchain covers a wider spectrum and is mainly used to solve completely different problems. It’s also worth pointing out that these systems work much better than standard algorithms.
The number of areas where blockchain technology is used is limited only by the imagination of software developers. Moreover, they are far from always associated with cryptocurrency. We will talk about the spheres where blockchain will be used mostly in 2020.
The blockchain was “born” thanks to information technology, the development of computers and the global network. Therefore, if you look for where blockchain technology is used, then you need to start with IT. The main direction in which blockchain may be in demand is to ensure the safety of data. In the modern world, they are the main value.
The blockchain functions automatically. Blockchains are verified using built-in algorithms. The information is kept by every member of the network. Therefore, hacking or destroying one node will not affect the operation of the entire system in any way. Authentication occurs continuously by checking the hashes of the “neighbors”. Even if one element is “forged”, it will not pass verification and will be replaced with a genuine one. Using a “chain” allows you to prevent interference with information networks, and not deal with the consequences. It is highly anticipated that 2022 will be a year where blockchain will be massively used.
It is no longer surprising that online gambling is a dominant industry and shows no signs of slowing down. With the emergence of Bitcoin and other digital currencies, crypto gambling has also managed to firmly establish itself in the gambling industry. A lot of crypto casinos and betting sites are emerging. Basically, Blockchain can help create a protected system for providers offering live dealer casino games as well as different slots using numerous methods, in order to allow the results of RNG games to be verified. The system is developing rapidly and it is expected that 2022 will be a breakthrough in that regard.
One of the first things that comes to mind when we talk about blockchain technology in iGaming is probably fair. Probably fairness is the process that allows players to manually and personally verify the fairness of the games that they’re playing. It can be any casino game, but most frequently it applies to slots.
Sale of Goods and Services
International trade is an area of application where blockchain has almost unlimited advantages. It is considered one of the trends that will shape the development of retail over the next 10 years, and the potential of the technology has already attracted the attention of large retailers. For example, Walmart, a popular US mega-market chain, is introducing blockchain to organize purchases of goods outside the country. For this, a special program was developed. It allows you to track the supply chain from the manufacturer to the supermarket. The blocks will store information about storage periods, transportation conditions, and manufacturer as metadata.
Information industry giant IBM is paying close attention to blockchain. The company’s programmers are implementing a project aimed at controlling the quality of food and increasing its safety. They are already interested in retailers, as well as food manufacturers from around the world. In 2022 we will see even more companies
Blockchain provides guaranteed data safety. Transaction records are saved on all nodes, and they cannot be deleted or overwritten. You can only add a block that contains replacement information. With the help of blockchain, you can keep records of your education and degrees. As a result, any participant in the system will be able to verify the authenticity of the document, its author and the user who made the changes.
So far, blockchain is rarely used in educational institutions but 2022 will be different. Now similar systems are being launched at MTI and the Open University of Great Britain. Area 4 – Legislation and legal practice Due to the impossibility of changing or erasing data, distributed networks can be used as a way of storing legally significant information. For example, contracts for the purchase and sale of real estate or works of art. You can also record the proof of the transfer of the right to dispose of intellectual property. A striking example of such a case is the sale of digital paintings using the NFT token.
Blockchain in healthcare institutions is an opportunity to make data processing simpler, faster and more understandable. But the main obstacle is the low processing speed. When adding new blocks, information about them is verified by all nodes. Therefore, the procedure takes a lot of time and new blockchain algorithms with fast transactions can be a way out of the situation. The limiting factor is the legal regulation of the collection and use of personal data of patients. Therefore, you first need to adopt and enforce regulations. After that, distributed networks can be used in medicine.
As a result, the list of 5 areas where blockchain is or will be used is far from complete. In addition to the applications listed above, this technology is in demand in the entertainment industry. Take a look around, you may already be using blockchain capabilities. Even if you yourself are not aware of it.