Blockchain applications

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Blockchain technology is an advanced database that enables the open exchange of information within a business network. Content is stored in blocks linked together in a chain. To simplify, blockchain is a continuous chain of blocks of information that cannot be edited or deleted, only added to. Content can be stored simultaneously on multiple devices, eliminating even the slightest chance of irretrievable data loss. The platform is designed for simultaneous work by several users, their quantity can vary from hundreds to thousands! The main advantages of the technology are transparency, higher level of security, confidentiality, absence of intermediaries, fast execution of financial transactions, which is why the platform is actively used in business.

1) Finance
The tool helps you track all transactions in real time. The technology is secure and encrypted against cybercriminals, with no time limits or technical features on devices, and all software is compatible.
Cryptocurrency payments are faster than standard bank transfers.
Fast and secure transfers to other countries are also possible, with minimal fees and maximum transaction speed. The number of financial transactions within a single block is unlimited, and fees are charged in a few cents – such benefits motivate businesses to switch to e-currency and encourage customers to do so.
ALFAcoins, Cryptomus, CryptoCloud are popular services for using cryptocurrency in blockchain.

2) Real estate
It is also possible to use blockchain for real-time real estate sales. Property is also an asset that can be sold, rented or bought.
With the help of technology, it is possible to register property, exchange property between members, etc.
Previously, only the wealthy could sell a business or real estate, but now the circle has widened, because anyone can sell or rent part of their asset to investors. Smart contracts – contracts written in the form of a computer programme – are used to formalise the agreement.
The information in the chains can only be supplemented if all parties agree. Once a change is made in one block, the data is duplicated with the other participants. Transaction documents are verified by a team of notaries and are only considered legitimate after digital signatures of all parties.
Minimal transactions and a fixed cashback (not available for all transactions) and a high level of security are advantages of using blockchain. In addition, all transactions take place online – allowing for faster negotiation and the shortest possible time to complete the transaction. Participants in the trade can view the history of the contract at any time, because the cells cannot be deleted.

3) Intellectual property
Blockchain can be used to protect intellectual property. The NFT token, which is a unique object, is used for this purpose. A digital signature of the owner is needed to tokenise the token and the product cannot be copied or plagiarised in the future. For a paid subscription, third-party services can be used to escrow a product – for example, encrypting music or a song before it is premiered and distributed to the masses. However, even without the use of third-party platforms, blockchains are completely secure.
A specific registry has its own owner or group of people listed. A third party cannot make unauthorised access. If it is a company or trademark, the IP office uses a record of the first appearance of the brand, registration, product licensing or resale or other actions.
In addition, the ability to track the entire life cycle of a right can be useful for auditing intellectual property and help facilitate legal review in IT-related transactions, such as mergers and acquisitions. Confidentiality issues that may arise on the part of IP owners could be dealt with through a scheme involving the submission of explicit consent.
Of course, the first step is for the author to prove rights in order to avoid third parties infringing on their property. To do so, it is sufficient to upload a certificate or other document proving authorship to the first block.
Blockchain registries contain complete information in chains, including owners, licensees, consumers and customs authorities, in order to verify the authenticity of the product.

4) Healthcare
The technology is excellent for medical and healthcare applications as the platform ensures anonymity, data integrity and fast transfer of information between companies and enables the customer to track their medical history. The system protects and fully tracks medical data and clinical trials. This will reduce the likelihood of errors and cases of fraud. Furthermore, the software allows storage and traceability of the pharmaceutical supply chain, namely from manufacturer to supplier to sale. Systems in the supply chain will make it possible to trace the cause of delays or other problems (if any) and, of course, eliminate the risk of selling medicinal products with unproven efficacy or developing fraudulent schemes. In addition, all contracts and transactions between companies are formalised with digital signatures and smart contracts – this will protect the business and ensure great trust between insurers and other partners.

5) Logistics
The base cannot be tampered with. With blockchain, it is possible to trace goods in the supply chain from the producer to the consumer. At the same time, the necessary documentation can be attached to the cell: waybills, legal documents, etc.
A blockchain can be created in seconds, and the information in the chain is visible to all parties involved. The system has many advantages:
– saving time and money;
– inability to falsify data;
– fraud prevention;
– shorter workflows.