Part 7: Blockchain-Technology – Application areas of Blockchain tomorrow

 In Articles, Innovation

In my last article, I had addressed Application areas of Blockchain-Technology today in order you to better understand and classify the technical developments in the context of digitization and digitalization. Next step is to present some examples from various areas in this article to sensitize you to application areas of Blockchain-Technology tomorrow.

With this article you will get answers to the following questions:

  1. Application area of Blockchain-Technology tomorrow: Mobility
  2. Application area of Blockchain-Technology tomorrow: Insurance
  3. Application area of Blockchain-Technology tomorrow: Energy
  4. Application area of Blockchain-Technology tomorrow: Advanced Smart City Systems

1. Application area of Blockchain-Technology tomorrow: Mobility

Blockchain technology offers carsharing the opportunity to lean complex processes. This includes all processes, from the selection of the right vehicle to the final conclusion of a personalized rental agreement.

Share & Charge based in Germany has already recognized the possibilities of blockchain technology and uses them. They have installed private charging points with a payment system and at the same time have significantly expanded the charging point network for e-vehicles.

The advantages are obvious: There is hardly any need for infrastructure. And contracts with payment service providers become superfluous. Payment is made by the e-vehicle itself via smart contracts.

It is to be assumed that in the future more and more car-sharing and rent-a-car providers as well as car dealers will recognize the opportunities of the technology and take advantage of it for themselves.

2. Application area of Blockchain-Technology tomorrow: Insurance

Blockchain solutions are also becoming increasingly popular in the insurance sector. Existing vehicle and driver data could help in the future to set up more customized contracts. Intelligent sensors in cars could transmit data and information in the event of an accident directly to the insurance company. This could speed up damage reports and the processing of insurance claims.

Zendrive, headquartered in San Francisco and named to Fast Company’s Most Innovative list, has already started to measure and score driving behavior by using smartphones, helping insurers better manage risk.

3. Application area of Blockchain-Technology tomorrow: Energy

As part of the Brooklyn Microgrid project, in New York, ten houses were interconnected into a distributed power grid in 2016 – five of them with rooftop solar panels. The electricity that the houses with solar system do not consume, is sold to the other houses. Through the use of smart meter, which capture the flow of electricity, and smart contracts, which ensure the autonomous execution of contractual agreements, a transparent and secure exchange of electricity and payment takes place on the basis of blockchain technology.

Similar to this example, thanks to the blockchain technology, it will be possible in future to better monitor and control the electricity distribution. Too much generated electricity, e.g. through wind and water power, can be better cached and used again when needed.

4. Application area of Blockchain-Technology tomorrow: Advanced Smart City Systems

More and more cities are making a conscious decision to become a smart city. Holistic development concepts focusing on technical, economic and social innovations are in the foreground. With the help of the Blockchain, technologies can be networked to use resources more efficiently. Controlling energy requirements, reducing CO2 emissions by optimizing road traffic utilization, and nationwide broadband data connections for better communication are just a few examples of what is possible by connecting and combining new technologies.

Conclusion

The possibilities that arise seem almost limitless. The examples listed here are only a fraction of what is actually possible. These are merely the first impulses that should give you an insight and help you to develop new ideas of your own. And that’s exactly where you as a board member or business owner are in demand. Because many of the possibilities are certainly still in secret. Pioneering spirit and innovative ideas are needed to leverage existing opportunities.

For this to succeed, it is important that our Board Members and Business Owners get to grips with the topics more than ever before. A whole new market is developing right now, offering incredible opportunities.

At what point are you standing? Are you ready to contribute to new developments and shape the future? Are you ready to seize the opportunities for your business and become a market leader?

If you do not want to be overtaken by the others, now is the time to understand the connections between digitization, digitalization and digital transformation and to transfer the findings into your business.

Check how far you already are: Test your knowledge and get the answer. Here you can do a free “Digitization-Check” and if you belong to the first ones, you’ll also get the opportunity for a free 30 minutes online coaching session with me on top.

Take your chance now by clicking here!

Do you want to get more insights from Yasemin about digitization, digitalization and digital transformation? Next Part is coming soon – so stay tuned. It is worth it!

 

© Image: kwanchaift – stock.adobe.com

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