Blockchain is a distributed ledger that is transparent, secure, auditable, and tamper-proof, enabling organizations or institutions that use it to achieve transparency, decentralization, efficiency, and security. With the continuous iterative development of blockchain technology, blockchain infrastructure has also emerged, promoting the development of different fields including finance, supply chain, and public services, and providing better choices and greater value. Today, let’s give a run down of the industries and fields that are deeply affected by blockchain technology.
｜Digital Identity
Digital identities have gradually become people's identity marks on the Internet, and the authenticity, security and authority of digital identities have gradually become the focus of attention. The value of personal information has subverted the one in the past. It represents not only a personal identity, but also a personal asset. In this situation, the blockchain technology, as it is distributed, tamper-proof, traceable, asymmetric encrypted and zero-knowledge proof, provides new solutions for identity authentication and information protection.
｜Energy Management
Energy management is a highly centralized industry, but it has been constrained by isolated infrastructure and lacking of transparency and efficiency. Energy producers and users cannot directly trade with each other. They need the public grid or a trusted private intermediary to facilitate the trade. How to certify the source of green energy is the key? Based on blockchain technology, users can directly buy and sell energy in a peer to peer manner, so that the source of energy can be traced. Transaction transparency and security have been enhanced.
｜Payment System
Blockchain is currently the fastest in its technical application in the payment field. Blockchain technology can avoid complicated systems and create a more direct payment process between payers and payees, whether it is domestic transfers or cross-border transfer. This method has the characteristics of low price and high speed, and there is no intermediate handling fees.
｜Healthcare
Medical is a system that relies on the retention of large amounts of data, and it is also an industry heavily influenced by blockchain technology. One of the challenges faced by hospitals with outdated infrastructure is the lack of platforms for storing analysis data, and they are often attacked by hackers. Blockchain technology just allows hospitals to safely store data such as medical records, and allows authorized professionals or patients to share the data. Blockchain-based healthcare solutions will achieve faster, more efficient and safer medical data management and medical supply tracking and promote medical progress.
｜Decentralized Finance (DeFi)
In the existing financial system, whether it is the most basic deposit and withdrawal transfer, or loan or derivative transactions, financial services are mainly controlled and regulated by the central system. DeFi establishes a transparent, accessible, and inclusive peer-to-peer financial system through a distributed open source agreement, minimizing trust risks, and enabling participants to control and understand their own funds. It gives participants the opportunity to access the global market and the opportunity to substitute local currency or banking business.
｜Capital Market
For the capital market, blockchain can obtain capital more conveniently, at low cost, and quickly. It reduces issuance barriers and enables peer to peer transactions, faster and more transparent settlement and clearing, and reduces costs and counterparty risks, and simplifies auditing and compliance. Revolution caused by regulatory and technology in the market and economic transformation in core business areas, the capital market industry is undergoing profound changes in business dynamics.
Blockchain is undoubtedly one of the most promising new technologies. In the future, more and more industries and fields will be redefined by blockchain technology. Do you know other industries and fields that are deeply affected by blockchain technology? Welcome to share with us~
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