Blockchain technology continues to gain popularity day after day. Only the massive phenomenon that the internet brought about in the 1990s is comparable to the social impact that this technology is having.
In the year 1998 there were a million users on the Internet. Today it exceeds 4 billion, which represents more than 50% of the world's population. Blockchain currently exceeds three million users, 0.5% of the world population.
We are still far from a widespread implementation of Blockchain. Even so, in many sectors the important advantages it offers are already being exploited. Being a peer-to-peer (P2P) network within a system, the time and costs of intermediaries are considerably reduced. This possibility of eliminating intermediaries greatly facilitates its viability and implementation, as a need that society has been demanding for some time when making transfers of any kind. The structure of our system places small competitors and companies at a great disadvantage that, through this decentralized system, achieve a much more equal position in their favor.
The particularity of relying on this technology means that the content of the blocks added to the chain can be consulted by anyone at any time, and whose information cannot be deleted or modified. Blockchain simplifies the transaction system by eliminating intermediaries and incorporates an important added value: total transparency.
The exponential growth of Blockchain development has resulted in, and because of, a large number of startups working on developing platforms or solutions that use Blockchain. Large companies and even governments of some states are joining these initiatives, trying to be pioneers in their application on new uses.
The rise of cryptocurrencies in 2017 gave a boost to the fame of Blockchain, hand in hand with Bitcoin, Ethereum or Ripple. Now, companies are looking to expand its use by taking it to fields such as logistics, authentication or smart contracts. Next, we will discuss some of the most important uses that are being given to this technology.
Through the Blockchain development of applications for health care, Blockchain is postulated as one of the main tools that can help reduce wasted time on a day-to-day basis. Thus, information on the status of a patient can be collected through this system and a historical record of all patients can be kept.
Important companies in the sector such as Walmart are developing food safety applications, through which consumers can learn about the process a food has gone through until it reaches their hands.
The American company Corporation Cargill has been one of the pioneers in using the Blockchain system in food. On November 23 of last year, Thanksgiving, they introduced codes printed on the turkeys, so that any consumer could consult all kinds of details about the product in front of them.
Transport and logistics
The use of Blockchain in this area provides an improvement in information flows throughout the logistics chain. The enormous complexity that usually accompanies these systems makes the entry of this technology even more favorable, thanks to the automation of processes, the reduction of administrative and customs procedures and the reduction of fraudulent activities.
It is true that in this area it is proving costly and slow, but the introduction of this technology is already being noticed and promises to revolutionize the concept of transport and logistics in the next decade. The Bosch-led consortium has been running for more than a year and has already incorporated blockchains into logistics supply. At an international level, there are also different use cases such as port operations that involve enormous complexity or to increase security in the transfer of containers and waste.
Government and democratic processes
The cryptographic function provided by these blockchains represents a historic advance in data security and integrity. Different initiatives are betting on revolutionizing the internal system of governments by automating fiscal tasks. Security systems have also been implemented in electoral areas, being used for the counting of votes.
This is one of the greatest advances that this technology has provided us. Smart contracts are digital agreements backed by blockchains and work as a "cause-effect", where, for a contract to be executed, you must previously meet some requirement.
But, without a doubt, LegalTech technology is the one that has most revolutionized the legal field. Many entrepreneurs have created projects that attract the attention of investors. It is startups that are taking over this ecosystem, and from Cysae, we have already taken the initiative and incorporated LegalTech tools into our systems, such as Stamper . From privacy and cybersecurity to advice on contracting with the provision of Blockchain technology: LegalTech tools promise to revolutionize the sector, either through applications based on big data or the automation of processes, generation and correction of contracts, or software to reduce tedious paperwork.
Soon, this system will be present everywhere, from loans between individuals to financial transparency, giving greater control to people day by day and strengthening cybersecurity in all areas. It seems that this Fourth Industrial Revolution is not even going to allow us time to assimilate its arrival.