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Computers and Technology

BLOCKCHAIN FOR COMPANIES: 5 SECTORS THAT WILL TAKE OFF WITH BITCOIN TECHNOLOGY

The Blockchain technology is one of the pillars for the digital transformation of our society and economy. What changes are you going to introduce in the productive processes and what business models are already implementing their advantages? Discover the advantages of Blockchain for companies and what sectors will benefit from its use.

The importance of blockchain art for companies is beyond doubt. The technology of the block chain will revolutionize many of the productive sectors of our economy and, in short, will serve as the basis for the promotion of new business models to which it will change both in its internal functioning, and in the relations with its customers.

In which sectors will the implementation of the Blockchain technology be key? In summary we can point out these:

1- Banking sector

If we talk about the impact of Blockchain for companies in the immediate future, it is essential to look at the banking sector. The so-called fourth economic revolution is going to assume, according to experts, a before and after for financial institutions that, for years, explore the possibilities of Blockchain for the banking world and are even developing their own consortiums to boost of the ‘chain of blocks’ in its sector.

Own cryptocurrencies, security in transactions, shielding of property titles, smart contracts, applications related to the Fintech sector … Blockchain will change banking as we know it. Do you want to know more? Watch this video with keys for the application of this technology in the financial sector.

2- Insurance sector

One of the most important revolutions of this technology will come hand in hand with the implementation of Blockchain for insurance companies. The digital transformation of the Insurance sector will have one of its main pillars in the block chain to boost the insurtech sector.

What are the advantages of Blockchain for the insurance sector? The experts point out that thanks to the inviolability of the blockchain, a key aspect will be advanced, such as the prevention and detection of fraud, as well as the development of an entire ecosystem of applications that, it is estimated, will lead to economic growth in the sector the 1,394 million dollars in 2023.  You can expand information in this video.

3- Health sector

One of the most benefited sectors of the Blockchain technology will be the health area, both from the point of view of the administrations, and from the side of the health companies. Blockchain allows the secure management of the data of millions of people in a totally secure context in which the exchange of files and sensitive data will be shielded by the technology of the ‘chain of blocks. From the side of the patient, blockchain predicts a decentralization of services and a universal access of patients to their medical data. You can expand information in this video

4- Tourist sector

The use of Blockchain for companies in the tourism sector is already becoming a reality. Tourism mobilizes billions of euros and is undoubtedly one of the main business routes for countries such as Spain. The implementation of the Blockchain technology will bring important advances such as the safe management of personal and banking data of tourists for companies in the sector, as well as for the users themselves. The use of smart contracts that will reduce fraud and claims, as well as better management of reservations for the hotel industry, the implementation of new platforms for tracking baggage or reservations.

5- Energy sector

The digital transformation will bring important changes in the energy model. Both from the point of view of the commitment to new models and more sustainable energies, as in the section of the operators. What role will Blockchain play for energy companies?

The use of this technology will allow both the secure management of smart contracts and the relocation of the energy market to small producers and consumers who will find in Blockchain the perfect ally for the management of consumption. In the same way, Blockchain will be indispensable in applications such as smart meters or the management of new systems and energy models. 

 

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