The Most Curious About Blockchain
The Most Curious About Blockchain
Blockchain technology, whose name has been heard by the large masses within the crypto money sector, has been used by the giant companies of the world for a while and is rapidly spreading.
What does blockchain technology do?
In today’s world, where the importance of information and data security has increased, the costs and risks such as storing and changing data are eliminated with blockchain. Fast and secure access to the data, the fact that the data cannot be changed and a new record must be added to the system for correction makes it easier to follow up all the transaction details. Instead of identity information, transactions can be made with blockchain-specific identification numbers, which are important for data security. Since it is a decentralized system, all the costs necessary for the business such as data storage and the possibility of hacking are reduced. To summarize the benefits briefly: Data security and transparency, data tracking and the inability to change the data, fast access to data and efficiency, automation, fewer intermediaries.
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How can blockchain change our lives in the future?
If official institutions are also involved in this process, since the system cannot be changed, passport, identity and similar document transactions that require physical identity declaration and that are made in official institutions will be made completely remotely. In sectors such as food, it will be possible to monitor the entire supply chain by following the process from the source to the end user and all the operations performed, the emergence of costs and profit margins, and accordingly the more efficient and effective processing of big data. In this way, both the cost management for companies and the consumers and public authorities will be able to instantly identify possible exorbitant prices and disruptive aspects in the supply chain and to make appropriate arrangements. As a result, whether in financial institutions such as banks or in the real sector, blockchain that provides transparent and unchangeable data will create many opportunities such as inflation, effective agricultural production, cost accounting for companies or consumers to see real prices. In addition, possible fraud and fraudulent transactions will be prevented. For example, when you buy a car, there are many inquiries such as whether there is a pert registration or not, but it is a question mark how healthy these inquiries are. With IOT, that is, the Internet of Things, you will be able to see all previous transactions in all asset classes and act accordingly. In summary, it will pave the way for the elimination of all the problems stemming from the information asymmetry we face today.
Is Blockchain technology only used for cryptocurrencies?
As we mentioned, this topic is much broader. Many fraudulent issues such as data validation and data security, from the internet of things, can be eliminated with blockchain. While realizing more effective structural policies based on accurate data for states, waste of time and resources can be avoided. While companies manage production, sales, service, logistics and all similar activities more quickly and effectively, individuals can fulfill the correct pricing behavior in all asset classes in the market. Simply put, you will have the opportunity to see where all the ingredients in the food you eat at the restaurant were grown, when they were purchased and the cost. Or the previous owners of the house you bought, the renovations made in the house, the previous sale prices.
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In the financial sector, due to the lack of mutual trust, there will be a change in the functioning of banks and other financial institutions that act as intermediaries. These institutions will now be platforms in the position of service providers with blockchain. Issues such as funding and project financing will be made possible through P2P. Areas such as patient and drug tracking in the health sector, and automatic billing at electric vehicle stations in the energy sector can be listed as channels suitable for the use of blockchain.
Which companies in the world use blockchain infrastructure?
It would be more explanatory to give an example of some global companies using this increasingly widespread technology.
Boeing has developed an exclusive air traffic control system using blockchain technology for drone tracking. Source: https://cointelegraph.com/news/boeing-uses-blockchain-to-track-and-sell-1-billion-in-aerospace-parts
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Cargill has switched to blockchain technology to keep track of pre-Thanksgiving turkeys.
Carrefour tracks dozens of product lines, from eggs to salmon and cheese. Linking the increased sales to this, the company plans to increase the number of products to 100.
The Chinese construction bank has established a blockchain-based platform where it can identify borrowers and institutions in the risky group and offer more attractive rates to low-risk customers.
CreditSuisse has set up a settlement system that enables blockchain-based clients to buy and sell securities directly with each other without intermediaries via P2P. While the swap period is 2 days when it is an intermediary, an instant swap can be made in this way. The examples can be extended further and there is no limit to the application area.
What are the benefits of smart contracts over blockchain?
Smart contracts, which are not based on trust and enable two or more stakeholders to interact with each other, can be defined as digital agreements/programs that must comply with certain rules running on the blockchain. These rules are predetermined and copied by the entire network, if the conditions are not met, the contract will not enter into force. In this way, commitments can be made on the blockchain without intermediaries, without the need for trust.
As for the application areas, there is no limit of the area subject to the agreement, as it can be personalized. From the purchase of goods and services, financial funding, health services, games and mobile applications can be listed among the usage areas.
This technology already provides speed, reliability and cost reduction automatically. For this reason, factors such as the area where this technology will be used, the frequency of use in daily life and user demand are the factors that will make the project successful. Technically, it is expected that the number of blocks will increase with the increasing number of transactions. In this way, it is possible to benefit from all the benefits, including the security element provided by blockchain technology.
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