Main directions of development of blockchain technology

Blockchain will no longer be a pilot technology. The practical capabilities of a distributed ledger allow you to store digital records, create smart contracts and conduct efficient monetary transactions. Because of this, there are many real-world applications for it, from the financial sector to logistics and healthcare.

Blockchain, in essence, is a very reliable and efficient way of exchanging information. It creates an immutable digital ledger of transactions that is maintained by a distributed network of computers. This technology's potential, secure architecture and complete transparency make it the perfect tool to revolutionize the entire supply chain and logistics chain.  

Healthcare and insurance

The main three areas of use in the healthcare sector are tracking the supply chain, conventional drugs or drugs containing narcotic substances and subject to special control, maintaining a patient database (electronic medical records) and medical insurance. The pharmaceutical industry will also apply blockchain management. 

Manufacturing

In the manufacturing and manufacturing industries, blockchain will become a key tool for tracking supply chain transactions. Blockchain allows you to change logistics and control the origin of certain data due to the fact that the history of any material or product in the system can be tracked back to its first appearance. Therefore, prototypes of systems with smart contracts will begin to appear for origin control services and authenticity of various documents and goods. 

“Smart” profiles instead of resumes

Blockchain will change the work of the recruiting and HR sectors. It will enable the creation of resume authentication databases for job seekers to increase transparency. More and more platforms will appear on the market that will allow users to create “smart” profiles on the blockchain. Such profiles will contain not only users’ resumes, but also information on their career merits and achievements, as well as certificates of educational programs and any other information.. 

Financial sector

The main use of blockchain systems is to implement internal regulatory functions such as KYC (customer information), CIP (customer identification program), working with client documentation, mandatory reporting and much more. Additionally, interbank fund transfers via abstract cryptocurrencies and blockchain ledgers will soon expand beyond test transactions. The use of zero-knowledge proof protocol (Zero-Knowledge   Proof) could remove one of the biggest barriers to blockchain use in the private financial sector. This could fundamentally change the way IT operates in the financial sector. 

Large banks are interested in using payment systems on the blockchain due to the advantages of a distributed registry, such as real-time data processing, reduced risks, lower costs and transparency of transactions. 

The Age of Biometrics

Businesses are gradually coming to understand that the intermediary objects used for our identification, passwords, bank cards, PIN codes, even when using two-factor authentication, can be hacked. That is why the future of personal identification lies in biometric databases based on blockchain technology. 

Video analytics

Video content analysis systems will become a kind of “third eye” of business: these technologies can provide companies with deeper knowledge about customers and the market, high productivity and efficiency. They will be in demand in a range of industries beyond traditional public order, from retail, healthcare and the automotive industry to education and entertainment.

Read also: Save us, Blockchain, from ourselves!