What are the trends of promoting the use of block chain technology?

The block chain is the underlying infrastructure behind the encrypted currency, but is not limited to the field of encrypted currency, and many block chain trends are also promoting the use of zone chain technology.

Supply chain

The block chain can become a technique of changing the game rules in multiple industries, especially for the supply chain industry. Globalization has created more complex distribution processes than ever, bringing new challenges to supply chain management. The block chain infrastructure can be used to improve the transparency and automation of the supply chain process worldwide.

Due to the limited supply of vaccine and the need for refrigeration, the distribution of vaccines produces more stringent logistics requirements. Therefore, two British hospitals have begun experimentation zone chain technology – they previously trace chemotherapy drugs with block chain technology – to monitor and track the supply chain of vaccines. Vaccine transportation is equipped with internal temperature sensors, which will automatically create an entry in the block chain in the block chain, delete the affected dose from the supply chain.

IBM also provides validated COVID-19 vaccine data and health passage using block chain technology. The IBM block chain driven distribution system is intended to inject higher speed, accountability and transparency throughout the supply chain. By using the IBM block chain, distributors can get real-time visibility of the process, and manufacturers can improve their recall management.

I believe that with the increasing maturity of block chain technology, more integration of more integrated zone chains around the world may cause more interest in supplying block chains to supply management.

Intelligent contract is promoting the use of block chains

The adoption rate of the block chain in 2021 has increased, and a large part of them must be attributed to the development of intelligent contracts. The intelligent contract is essentially an agreement between two or more parties, recorded as computer code on the block chain – making it unable to tamper with all parties. When satisfying the set predetermined condition, the block chain will automatically perform an intelligent contract, so that there is no trust protocol without any intermediary.

The intelligent contract algorithm enables companies that have not capable of investing in a block chain network in its area for many years, can use the block-based service. DEFI platforms such as Taiqui, Solana and Avalanche enable the company to create intelligent contracts directly on its block chain and benefit from their invariance. Valuates Reports’s statistical data predictions, the global intelligent contract market will increase from $ 106.7 million in 2019 to $ 345.4 million in 2026 – the increasing popularity of banks, supply chain, insurance and real estate is some of the main drive factors in the industry.

Intelligent contract is a versatile tool with multiple applications. For example, insurance companies can use intelligent contracts to simplify bookkeeping and automatically issue insurance payments. French insurance giant AXA has been using intelligent contracts through FIZZY since 2017, which is a flight delay product that uses Email Intelligent contracts to automatically compensate for more than two hours.

Intelligent contracts are also effective in simplifying flows with multiple friction points. Ujomusic is another platform built on the Ethereal Square that uses intelligent contracts to allow artists to sell their music directly to fans. The intelligent contract can even simplify the tax payment, and automatically send them to all the relevant parties, from the producer to the record company and manager. The government can benefit from intelligent contracts by applying intelligent contracts to land ownership records. The intelligent contract algorithm allows property to transfer and recording automation, thereby increasing efficiency and transparency during the process.

Renewable block chain

The energy consumption of encrypted currency has received attention, and the high energy consumption of Bitcoin is especially reviewed by its workload certificate consensus algorithm. However, the emergence of the zipper chain protocol based on equity certificates, the energy consumed by the protocol is reduced by about 99.5% compared to the Bitcoin’s workload. Tanfri is the second largest encrypted currency in the market value, but also to improve energy efficiency and prepare to migrate the model to the equity certificate from its working volume in 2022.

In addition, due to the cheapest energy source of renewable energy, the encrypted mining business will increasingly seek more green pastures. The remaining block chain space is also seeking to become more environmentally friendly to further supplement the global net zero carbon emission goal and make the industry more sustainable.