What European Blockchain Convention brings out for blockchain development companies?
Blockchain always remains a string of evolutions as it has become the new face of digital security and privacy. Blockchain is a data security software to protect the information for secured transactions and processing. It interrupts the hacking mechanism as it distributes the data among the accessing networks without storing it in a centralized server.
Europe had always led the race in terms of blockchain application and the idea for the Virtual European Blockchain convention is one such epic move to take forward the blockchain revolution to various industries. Also, many industries do not use blockchain for various reasons. So, this convention will be a primary move to take the blockchain industry to the next level and lifting blockchain development companies.
Digital to a Self-Sovereign industry:
Blockchain is a digital software infrastructure inducted with technology tools to provide security to the industry. In that sense, the blockchain makes the industry self-sufficient without relying upon others to protect the data. So, the blockchain is itself a self-reliant industry that makes the dependent industries self-dependent in securing their data. This convention focus on improving the self-sovereign blockchain development industry.
Diverse application of Blockchain industry:
Blockchain is not only for security purposes but also for other management purposes. Supply chain management will never get easier without the assistance of Blockchain technology. Blockchain development software is inducted with management efficiency so that the operations can get completed without much human strain. But at present, the finance industry dominates the usage of the blockchain industry more than other industries. European blockchain convention tries to diversify by propagating the importance of blockchain technology.
Current state of digital currencies in the Banking sector:
It is different. Yes, even though most of the banks have admitted themselves to the digital field and digital currencies but some of them are still holding on to the fiat transactions and not digital currencies like cryptocurrencies. But in terms of blockchain, most of the financial sectors have benefitted. One of the most priority improvements is the elimination of double counting issues. This convention promotes the usage of blockchain in the finance sector with regular updates in technology and application.
Future of Payments:
Blockchain-enabled services will promote the future of payments in the entire world. The convention also believes in that. For instance, the cryptocurrencies are the most preferred payment and exchange services at present due to their reliability and their swiftness in transferring funds to international countries and doing exchanges like fiat to crypto or vice-versa. Blockchain developers focus on providing enough security to the cryptocurrency transactions making them un-hackable.
Blockchain for the financial sector:
The European Blockchain convention analyses the importance of blockchain technology in the Finance sector. It further aims to improve the application of blockchain in the sector to enhance the security and conduction framework. Apart from the financial security, the blockchain gives to their users, they also provide financial assistance services like legal settlement claims swiftly, authenticated files and associated documents, Real estate, etc. Also, it is used to filter out the complexity of the forged documents and for safety and security. The financial sector relies upon blockchain for facilitating financial management through an efficient implementation framework and protecting data transactions.
Facilitating cross border payments:
Cross border payments are no longer a huge task. With the help of blockchain security, you can send the amount securely without any to any part of the world within minutes. Cross border payments do not feel like traditional exchanges while you transact with blockchain-enabled development software. The transactions are done within a streak of time with ease. Also, most of the blockchain-enabled transaction services like Zab technologies do not charge fees for the transaction.
Blockchain and the IP industry: What is the future?
This convention will be having a positive side for the Intellectual property industry. It is because of the blockchain technology specifications. You can come to a contract with your second party using the smart contracts without relying upon the traditional documents. This combination would be exactly a heaven for those crypto traders as they need a blockchain to protect the IP industry using smart contracts.
Clinical trials and blockchain solutions:
This is the year of pandemic. With blockchain, we would have reduced the number of clinical trials and could have found out the exact combination of drugs. In this European convention in Barcelona, several applications of blockchain in the pharma and hospital industry would be discussed and further development to promote the industry performance during critical times will be discussed.
Promote international trade with the blockchain industry:
As previously discussed, Blockchain facilitates supply chain management. So, the blockchain industry will find the logistics and exports and imports easier to manage with minimal human assistance. With its light-streak response for a problem, the blockchain can boost up the international trade to the next level.
Blockchain in Pharma industry:
The two-day convention takes the application of blockchain in pharma as one of the priorities in blockchain development. Humans and sometimes the traditional technological tools make mistakes in calculating the expiry of certain medications in maintaining the pharma expiry date and their arrival date. While using the blockchain industry, it is not necessary. Blockchain maintains a structured ledger mechanism which will indicate the expiry of medications. Also, value addition and double counting issues can be resolved using the blockchain industry.
Public services management:
Blockchain can be diverted to various applications. Public services and relationship management is not an exception. Also, intergovernmental and intragovernmental secret information can be transferred through blockchain securely without relying upon some IT companies for transferring the information using certain technology. With its management capability, public services can be boomed up and addressed effectively without delay. This convention will address the importance of blockchain in public services management.
Decentralized Finance and Blockchain development:
There will be no decentralized finance without security given by the blockchain. Decentralized finance is the next level of financial application facilitation without the interference of banks or any other central authorities. But without a blockchain network, decentralized finance cannot survive.
Blockchain and Food industry:
With the convention focussing on various sectors, the Food industry had gained traction with the application of blockchain. With a huge level of demand for food post-pandemic and an increase in international transport of food materials, the blockchain can manage and provide secure transactions between countries to diversify the food industry. So, it is inevitable for the food industry to apply blockchain for efficient food product distribution and management.
Contribution of Blockchain in the Energy sector:
Blockchain technology in the energy sector can help in the distribution, assistance, and maintenance of the energy flow. It can manage the distribution network thereby providing essential levels of electricity based on the requirement. So, this convention can bring out some valuable outcomes based on blockchain applications in the energy sector.
Final thoughts:
In a nutshell, blockchain technology is used in diverse sectors. European Blockchain Convention is a step ahead for the betterment and diversification of blockchain development to multiple sectors. In this world of privacy and security, the usage of blockchain technology is inevitable. All those blockchain development companies, mark the date — September 22 and 23, 2020. A great revolution is coming.
