What else can you use blockchain for?
Blockchain may be most famous for its connection to bitcoin and transactions, but the blockchain technology is kind of a multi-purpose tool.
Here are some examples of areas where blockchain technology is already or can be used:
Value chains is an obvious field where blockchain technology can be used. There are many steps in a value chain, and by having all movements in the chain under control, you can easily get a more coordinated view of the situation.
Example: Imagine Mærsk and all the containers they have to keep in check in their registry.
By registering all outgoing and incoming containers in a blockchain, Mærsk will always know where a container came from, where it’s going, and who handled it on its way. All with an added layer of security, thanks to the distributed ledger.
When you’re transferring money across country borders, it requires different approvals from local governments, making the process heavy and slow.
Example: You’re sending 100 DKK to Maria Jensen, who is located in Canada. First, your bank needs to approve the transaction. Then, your bank needs to coordinate with Maria Jensen’s Canadian bank, who in turn also needs to approve the transaction.
This also implies some manual work from the banks’ side, which could take some time. The result of which can be delayed payments.
With a blockchain, transactions would be more or less automatic. The transaction is verified by the network, and the money is ready to be transferred.
That system was already created by Banco Santander in 2018, for example.
- Combating money laundering
Money laundering is a real issue for many communities around the world, and Denmark is no exception. By developing a financial system based on blockchain, a lot of money laundering would be hindered in theory.
Take the example from earlier with the hacker, John Hansen. Here, John Hansen was quickly exposed, and his attempt at tampering with tax payments was immediately stopped.