Blockchain applications and their impact on multiple industries
The blockchain allows you to register virtually any value that can be digitally expressed: birth certificates, property titles, votes, financial accounts, etc. All this, more quickly, safely and transparently. Its application started out being cheap, but as blockchain-based systems are developed, it will mean a breakthrough on a social level. Look at these examples. Click here for bitcoin price.
Banking System
Banking is about to take a radical turn in the way it works thanks to the blockchain in services such as international transfers or settlement of transactions. Now to send money, for example, from Spain to the United States, there are payment providers that work with a standard of messaging between banks that gives veracity to the transaction. This movement takes between two and four days. With blockchain technology, secure, encrypted, and validated by network consensus, these payments could be instant and free of intermediaries. Visit this site for bitcoin price.
Industries
The insurance industry could redo a large part of its operations thanks to the blockchain and the possibility of working with Smart Contracts or smart contracts, this is explained in a simple way, a contract with the ability to self-execute without intermediaries. Thanks to Smart Contracts, insurers could work, let’s say it, “ex officio”, in the event of any incident. For example, if a passenger has a plane ticket with refund insurance and ultimately does not board their flight, they will receive directly the amount agreed in the contract with their insurer because there is a smart contract. This system reduces costs, speeds up the procedure and generates a totally satisfactory user experience.
Insurance
Another example can be seen in car insurance. Let’s imagine that a driver wants to insure his vehicle and, thanks to the blockchain, he could transmit his claim history anonymously. Even if your car was connected, (we give way to the Internet of Things here), you could send a report on your driving habits. After analyzing this information, the insurer could send you a Smart Contract adapted to your profile, and with a completely personalized cost and coverage. The driver would prove to be the owner, enter the money, and receive the certificate. All thanks to the verification, coding, security and transparency network that blockchain offers.