The interest in blockchain technology and in its applications is constantly increasing. Many banks have already started exploring the options offered by this technology, while several public organizations are already looking at the advantages of using blockchain in public services. Two examples, in real estate and the health sectors, have already been mentioned in the previous section, and given below is an indicative list of potential additional applications.
One of the areas that the blockchain technology could be applied is the management and analysis of Big Data. The blockchain technology can be used to store and distribute data in a secure, fast, easy, and more efficient way.
The public sector can use blockchain to automatically tax the executed transactions, since every transaction in blockchain environment would be visible to the public. Also, interesting applications in the health sector have already been discussed in the previous section.
Blockchain for Voting
Another use of this technology is in voting. The technology allows citizens to
vote anonymously, avoiding the risk of someone changing the vote, while simultaneously bringing the whole cost for holding elections down.
Blockchain in Tourism industry
Hotel or ticket reservations could be executed automatically with the use of
smart contracts without human interference.
AML and KYC
Anti-money laundering (AML) and know your customer (KYC) details require banks to perform a complex and time-consuming process for each customer. This could be avoided if data is stored on blockchain since the information contained in the blockchain cannot be falsified.
Blockchain in Sharing economy
The sharing economy has a proven success record. Companies like Uber and Airbnb are now widely accepted by the public. Consumers that make use of such sharing services need to rely again on intermediaries like Uber. Blockchain, by allowing peer-to-peer payments, enables direct transactions without the need of an intermediary in this industry.
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