• SOURCE: Allianz SE

Blockchain explained



Edited Package
Per Håkansson, Managing Editor of Inside Blockchain “The blockchain technology offers a new, secure way to transact directly between two parties with-out having to go through a third party, like a bank, government agency or institution. So how does it work? It’s a public, verified record of all the transactions that are being made on the blockchain - distributed across computers around the world. This means it can’t be hacked because it’s not stored in one place or on one computer. And it’s recorded anonymously. So what are the bene-fits? It’s fast - almost instant. It’s cheaper and more secure than the current financial system be-cause you’re not having to use a third party. But the most important benefit - the blockchain has a failure rate of zero. This is actually the reason why it was created during the global financial crisis in 2008 when we saw big, trusted organisations like banks fail. So long as the internet is running, the blockchain will run. And finally, since the transactions are publicly available - fraud and corruption is practically eliminated. Now, because the blockchain moves your transaction completely online - there are all these amazing new ways that can transform how we do every day things. ‘Reimagining passports and identity cards with blockchain” Cristobal Pereira, co-founder of godzillion.io “In the future blockchain can replace passport, identity card and driver licenses because all the in-formation will be stored in your own digital wallet so that information you can manage and you can deliver to any part of the world. So if any other person in another language wants to have access to your information you can give access or your can not give access to your information.” ‘Reimagining real estate with blockchain’ Cristobal Pereira, co-founder of godzillion.io “In the real estate industry you have a lot of paperwork to do, a lot of information to put if you want to buy or sell a house or transfer the title of a house to another person. So with all of the infor-mation verified you can put title of the information, of the house, into the blockchain and transfer in a quickly and secure way to another person very fast.” ‘Storing your medical history with blockchain’ Cristobal Pereira, co-founder of godzillion.io “So in the health care industry right now you have the hospital storing your all clinical history in a centralised database. But in the blockchain when you put all of your information in a secure way you can get access to it, and you can manage and deliver it to any doctor in any part of the world. So if you are traveling and you feel sick that doctor give you the medicine that you need for your sickness.” ‘Preventing fraud and theft with blockchain’ Cristobal Pereira, co-founder of godzillion.io “Here in Chile you have a lot of forests. One of the key or important things when you cut down to the forests is that you have a lot of robbery and you have a lot of false documentation so with the blockchain you can put the information of cutting down the forest so you can have the traceability from the origin to the destination instantly into the blockchain.”
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