Blockchain is able to build trust because it represents a true shared record. Data that everyone can trust helps drive other new technologies and will also greatly improve efficiency, transparency and trust in working with each other.
Different fields that blockchain works in:
As a powerful medium for wealth transfer, users can send or receive funds to or from people throughout the world in far less time than regular bank transfers (fees are often minimal as well), and cryptocurrencies cannot be counterfeited, ensuring that transactions are authentic and reliable.
- Conditional payments.
If two people who don't know each other want to bet on a sports campaign. They can initiate a smart contract which will evaluate the outcome and deposit will be sent to the winner when the campaign is over.
- Distributed data.
Blockchains can optionally be integrated with distributed storage devices to manage files.
Securities include stocks, bonds, funds, and other types of securities. Blockchain-based security-based cryptocurrencies, while introducing a degree of counterparty risk, can bring much-needed improvements to the financial industry, injecting new liquidity and portability into the current securities space and enabling asset tokenization (e.g., property and equity).
- Supply chain.
Efficient supply chains are at the heart of many successful businesses and relate to how goods flow from suppliers to consumers. However, traditional methods struggle to coordinate multiple stakeholders in a given industry. Using blockchain technology, an irreversible database can be introduced on which an interoperable ecosystem can be built, with multiple companies sharing a common information platform, taking transparency to new heights across countless industries.
Players rely on servers controlled by game companies. However, players do not enjoy true ownership, and game assets exist only within the parameters of a particular title. If a blockchain operation model is adopted, players will be able to own their own assets and gain the ability to trade with other players and markets.
The transparency and security of blockchain technology provides the ideal platform for storing medical records. Medical industries such as hospitals, clinics and other health service providers are composed of silos, and relying on centralized servers would leave sensitive information in a centralized and vulnerable state. If encrypted personal medical records are securely held on the blockchain, patients can both protect their privacy and easily share information with any organization that wishes to use the global database.
Sending money across borders through traditional banks is cumbersome, with expensive fees and long settlement times that do not meet the needs of urgent transactions, mainly due to the complex network of intermediaries. Cryptocurrencies and blockchain can bypass these intermediary ecosystems. Currently, several projects are leveraging blockchain technology to enable cheap and fast money transfers.
- Digital identity.
In the digital age, we desperately need a solution for digital identity. Physical IDs are easy to forge and difficult to obtain for many people. So-called "autonomous identities" can be pegged to a blockchain ledger and tied to an identity owner who can optionally disclose personal information to third parties without sacrificing privacy.
- Internet of Things.
Some speculate that the growing number of real-world devices that can access the Internet, whether in home or industrial scenarios, will be a significant boost to blockchain technology. The growth of these devices will require a new "machine-to-machine" payment economy, supported by high-throughput micropayment systems.
There are obstacles for charities to receive the fund sometime. However, the impact of charities will be maximize thanks to the inherent characteristics of blockchain technology, which can increase transparency, international engagement, and compress costs.