Getting Started Series 02 - What is the value of blockchain? Which fields can it be applied to?

The blockchain can build trust because it represents a true shared record. Data that everyone can believe will help promote the development of other new technologies, and will greatly increase the efficiency, transparency and trust of mutual cooperation.

Other uses of blockchain include:

Cryptocurrency

As a powerful medium for wealth transfer, users can send or receive funds to people all over the world, which takes much less time than ordinary bank transfers (the handling fee is often minimal), and cryptocurrencies cannot be forged, ensuring the authenticity and reliability of transactions .

Conditional payment

If two people who don’t know each other want to bet on a sports game. Then the two can initiate a smart contract. After the game is over, the smart contract evaluates the result, and then the deposit is sent to the winner.

Distributed data

Blockchain can choose to integrate with distributed storage devices to manage files.

Securities

Securities include stocks, bonds, funds and other types of securities. Although the security-based cryptocurrency based on blockchain will introduce a certain degree of counterparty risk, it can bring much-needed improvements in the financial industry, inject new circulation and portability into the current securities field, and realize asset tokenization.

supply chain

High-efficiency supply chains are at the core of many successful companies and are related to how goods flow from suppliers to consumers. However, traditional methods have difficulty coordinating multiple stakeholders in a specific industry. Using blockchain technology, irreversible databases can be introduced, and an interoperable ecosystem can be established on this basis. Multiple companies can share an information platform, which will raise the transparency of countless industries to a new level.

game

Players rely on servers controlled by game companies. But players do not have real ownership, and game assets only exist in the parameters of a specific title. If the blockchain operation mode is adopted, players will be able to own their own assets and gain the ability to trade with other players and the market.

Medical

The transparency and security of blockchain technology provide an ideal platform for storing medical records. Hospitals, clinics, and other health service providers and other medical industry components work independently. If they rely on centralized servers, they will put sensitive information in a centralized and fragile state. If encrypted personal medical records can be safely kept on the blockchain, patients can not only protect their privacy, but also can easily share the information with any organization that wants to use a global database.

money transfer

Cross-border remittance through traditional banks is very troublesome. Not only is the handling fee expensive, but the lengthy settlement time cannot meet the needs of urgent transactions. The main reason is that the intermediary network is complicated. Cryptocurrency and blockchain can avoid these intermediary ecosystems. At present, many projects are using blockchain technology to realize cheap and fast transfers.

Digital Identity:

In the digital age, we urgently need a digital identity solution. Physical identification is easy to forge and difficult to obtain for many people. The so-called "self-identity" can be linked to the blockchain ledger and bound to the identity owner; the identity owner can selectively disclose personal information to third parties without sacrificing personal privacy.

IoT:

Some people speculate that more and more real-world devices can access the Internet, whether in household or industrial scenarios, it will greatly contribute to blockchain technology. The growth of these devices requires a new "machine-to-machine" payment economy, relying on high-throughput micropayment systems for support.

charitable:

When receiving funding, charities often encounter obstacles. Using the inherent characteristics of blockchain technology to enhance transparency, international participation and reduce costs can expand the influence of charity to a greater extent.