What are the Most Exciting Use Cases for Blockchain Today?
To date Blockchain and Cryptocurrency technology was understood and implemented by a minority of people and industries. Today they are recognised as truly revolutionary, with many experts and researchers expecting them to disrupt all traditional industries worldwide.
Given that blockchain is a wholly-digital ledger where information or transactions are recorded with the implementation of cryptography, its benefits can be applied to a wide range of use cases. Most notably, it is the technological backbone of bitcoin and other cryptocurrencies. Therefore, these two concepts often go hand-in-hand.
Used independently the Blockchain can be applied in many different ways.
Blockchain will be used in many ways for financial services. It will be used to speed up, simplify and reduce costs associated with cross-border payments. In addition, the technology will be utilised for increased trade accuracy and shorter settlement time. Blockchain will also be used for compliance and of course, to combat one of the biggest issues facing financial services today identity fraud.
The healthcare industry still implements antiquated methods and there are many bureaucratic challenges facing it. With poor interoperability and a lack of proper data management and analytics, healthcare providers often move through tasks very slowly and inefficiently. Blockchain will remedy these issues. Blockchain makes data exchange easy and universally available. Tim Mackey said in an article that “some of the core principles of blockchain apply to healthcare,” and “this immutable distributed ledger can better ensure the resilience and provenance, traceability and management of healthcare data.”
Government agencies could use blockchain technology to provide secure voting facilities to its citizens. Voting physically in a booth or online voting poses security issues. In both of these methods votes can be tampered with, even hackers can get to your vote. Blockchain will help with voter security to a great extent.
For automating regulatory compliance
Beyond just being a trusted repository of information, blockchain technology could enable regulatory compliance in code form in other words, how blocks are made valid could be a translation of government legal prose into digital code.
In the case of banks, for example, this could mean improving efficiency in anti-money laundering (AML) compliance. Blockchain technology can be calibrated to do different things, permit transactions or report transactions of a certain type according to exact rules.
In the spirit of inclusion in both the blockchain and cryptocurrency revolution, we’ve created Spot9. Germany-based Spot9 is focused on bringing digital and mobile banking products, fully integrated with fiat and cryptocurrencies, to the world. With a focus on executing highly secure and transparent real-time cryptocurrency transactions and smart contract-based banking solutions, we want to liberate consumers from the inefficiencies typically associated with traditional banks. Blockchain is here and so are we — smart banking for smarter people.
spot9 exists to free people from current banking limitations.
We want to simplify and enhance all banking processes and transactions for a mobile generation which demands maximum ease of use and greater choices for their money management and digital assets. The future of banking innovation is where customers can personalize their user interfaces, products and data. In short: we understand money as a service, not just as a value.
This means that you can connect all your bank accounts, credit cards, financial apps and digital assets in one secure place. It allows you to view, organize and manage your finances quickly and easily. In addition, you also have access to the best financial products and services available on the market.
spot9, your one and only bank.