blockchain, is a continuously growing list of ‘blocks‘ (records), which are linked and secured using cryptography (secured information/data). The authenticity of each block is guaranteed by a community of ‘miners‘ and not by a central authority. Blockchains are secure and decentralised by design.

By design, blockchain data is resistant to modification. It can record transactions between two parties efficiently and in a verifiable and permanent way. A transaction can not be altered anymore once it is recorded. All parties can review previous entries and record new ones. Transactions are grouped in blocks, recorded one after the other in a chain of blocks.

This makes blockchains technologies potentially suitable for the recording of events, medical records, records management, identity management, transaction processing, documenting provenance, food traceability, voting… without the need for a central authority to validate this data.

Business impact

Blockchains are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them. The technology is expected to have significant impact on industries including payments, finance, insurance, energy, IoT, exchanges, music and many more.

  • One of blockchain’s biggest strengths is its security. The technology was initially developed for the bitcoin business model and the ability to avoid interception or other wrongdoing is particularly important for financial transactions.
  • Identity is still primarily verified and managed using paper documentation and various disassociated digital systems. Soon, those systems can be replaced by a single digital one backed by blockchain.
  • It is a revolution for the healthcare industry, as medical records can easily be added to our digital identities, which would remove some of the problems associated with individuals being unable to share their history and prescriptions easily between different providers and facilities.
  • Blockchain technology can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman, a smart contract is created.
  • Share trading is being impacted by blockchain technology as it allows greater trade accuracy, and a shorter settlement process. Blockchain technology speeds up and simplifies cross-border payments – and also reduces the costs significantly.
  • The technology’s decentralized framework is especially suited to the music industry, where a series of middlemen – including agents, marketing professionals and music studios – results in inefficiency and diminished revenues for artists. It can be used for a variety of applications within the music industry, including ensuring direct payments to artists and establishing large digital rights management services run by artists themselves. That is why Spotify acquired Mediachain, a startup that uses blockchain as a base to develop media technologies. This can easily be copied to real estate, editors, art, tourism,…

At Endare

Endare already developed multiple proof of concepts with blockchain. One of them was for Mercedes were we developed a solution with smart contracts based on Ethereum . Each Mercedes car is a ‘user’ in the blockchain network that can perform transaction. Transactions in this use case are payments to make use of parking lots, a carwash, a gas station,… This blockchain-based solution allows self driving cars to use these services and pay for them autonomously without the involvement of a human being. Smart contracts are used to determine the boundaries on how much the car can spend at which location. The use of blockchain ensures us that each transaction is secure and undeniably.