The Usefulness of Blockchain Technology

Application area

You don’t need to have a special gift of foresight to confidently say that in the near future, blockchain-based technologies will not only become an integral part of business, but will also enter our everyday lives. We can list for a very long time the opportunities that blockchain technology brings to the world, or you can limit yourself to a simple statement that it is a very flexible, convenient and promising technology. Both statements will find confirmation in the coming years.

Despite the fact that there is still an opinion that blockchain is associated exclusively with Bitcoin and cryptocurrency, in fact this is no longer the case. Blockchain technology today provides enormous opportunities in the development of various areas of human activity. And, of course, within the framework of this technology, broad prospects are unfolding for various companies. By implementing their projects with the involvement of software development companies like Dysnix, businesses solve a large number of problems. These include tasks related to flexible, reliable, fault-tolerant architectures and automatic scaling, tasks to reduce infrastructure costs, tasks to maintain cloud technologies, as well as many other individual solutions.

In the wave of the popularity of blockchain, a completely reasonable question may arise: are the hopes placed on this technology as a universal means of application for solving almost any problem justified? It should be noted that many users, having appreciated the innovativeness of blockchain technology, began to use it for almost every project, significantly increasing its value. And it got to the point that many people, companies, investors began to try to use this technology in cases where this was not useful. And as a result, they were disappointed because in many cases blockchain did not solve their problems in the way they had hoped. However, if any company uses blockchain technology “wisely,” the result will certainly be successful and significant. And this does not depend on the scope of the business – medicine, games, the public sector, marketplaces, the automotive sector, or any activity where there is a problem of trust between users.

Blockchain application examples

As an example, consider how blockchain technology can be applied in the public sector, particularly in elections. There are already precedents for how some companies have used blockchain in the election system. Elections conducted using a blockchain solution are considered as fair elections, since everyone can see the transactions used, in particular, who voted, when and for whom. It is almost impossible to replace this data subsequently, at least unless a “fifty-one” situation occurs. This means that it is possible to change the blockchain data if 51% of the nodes change their voting decision. Each election participant who has cast his vote can always return to it and make sure that no one has changed his choice.

In addition to voting, blockchain technology is also actively used in the field of charity. You can always track how much money was collected and which specific addresses became their recipients. All this information will be open and transparent, of course, because we are talking about a public blockchain, which is why such charitable projects are gaining more and more popularity .

The marketplaces also fits well into the using of blockchain solutions. At the very beginning, marketplaces tried to implement smart contracts in order just to get away from usual agreements. The terms of the concluded agreements were written into the smart contract program code. However, during the transaction itself, especially a long-term one, contractual terms could change, and counterparties could even refuse transactions. In such situations, smart contracts were of no value. In addition, at that time, smart contracts were not accepted by the courts as evidence. Today the situation has changed significantly and the introduction of smart contracts into the marketplace no longer seems senseless. This is all the more useful, since many conditions can be immediately assigned to the smart contract code, including making them with deferred transactions.

Another interesting example of the use of blockchain solutions is the management of sales of obsolete cars. This means that on sales platforms for such cars, you can record the place of origin of the car being sold, as well as track the main points in its history, for example, the place and time of service, events related to repairs, numbers and origin of replaced parts, etc. .

In conclusion, let us once again recall that one of the goals of blockchain is trust between counterparties or partners, since this technology makes it possible to transparently track information that was stored in the past. There are several types of blockchain solutions – public, private and combined. Examples of public blockchains were given above. Private blockchains are trusted for a closed category of business. Another advantage of  private blockchain solutions is that it does not have to be a completely new approach. Along with the traditional approach, an additional blockchain solution can be used, for example, as part of an audit.