Blockchain has captivated the interest of numerous people over the world. Unquestionably, due to its significance in the cryptocurrencies! But things have changed. Blockchain just no longer only play a role in the cryptocurrencies, it provides effective assistance at doing different everyday operations.
The blockchain is the digital, distributed, and decentralized ledger, playing a key role in logging all transactions through a secure digital network since it generates multiple records stored in a decentralized manner. In simple words, it enables us to carry out transactions and/or logging information using new means, rather than the old conventional ways. Now, blockchain is beyond cryptocurrencies and probably has grounded its roots in several operations.
Here we are going to take a look at the 8 potential uses for blockchain technology.
Quick Payment Process
Perhaps the most common use of technology is transferring funds from one party to another. With the old traditional banking system, the process of transferring funds takes a significant amount of time. But without any intermediary, and round the clock banking operations, blockchain can be settled within seconds.
The acceptance of digitalization in conducting vital everyday operations has brought significant ease. And with the availability of blockchain technology processes have become much more secure.
Well, blockchain offers the ability to vote digitally, offering transparency to the entire process. Since the technology keeps logs of their every step in a secure digital network. It provides ease of mind to the voters and makes their votes count.
Monitor Supply Chain
Blockchain has turned out to be a real game changer for supply chain management. It allows a secure and transparent track of all information within a supply chain network. At every time an update has been made in the network, the technology creates a permanent log and dramatically reduces any chances of errors. Eventually, cutting added costs and eliminating time delays.
Major logistics companies like DHL and FedEx have already integrated blockchain in their supply chain operating system. Hence found improvements at recording, tracking, assigning, linking and sharing data and information in their network.
Cloud storage has given a totally different picture of storing data in a more secured accessible way. And it wouldn’t have been possible without a decentralized and distributed storage marketplace. This is when blockchain technology plays a significant role. It stores data on multiple nodes across the globe while offers easy access to download and upload files. Companies like Google Cloud and Amazon Web Services use the same technology to proud cloud storage to consumers around the world.
Nobody can deny the importance of record keeping in the medical sector. And the good news is that it has already taken measures in better record keeping. Well, the move away from paper recordkeeping to a digital one was an astonishing one on its own. However, integrating blockchain technology has offered more convenience and safety to the entire process.
Storing patient records, tracking medical reports and automated interaction has brought major improvements to the entire system. At the same time, patients also possess the key to their medical records, all thanks to decentralized and distributed storage of data.
One couldn’t expect to trace food from its origin to their plates. Well, that’s quite possible now. This has been one of the intriguing uses of blockchain in the food industry. The immutable nature of blockchain allows tracking the transport of food products from their origin to the supermarket. This allows consumers to get complete information regarding a product before making a purchase or ordering something to eat. This helps in letting consumers get aware of contamination found in the food considerably quicker than in the old days.
Assets Ownership or Wills
With the help of blockchain, people can now make smart contracts for their asset ownership or writing wills. These smart contracts are alternate to paper documentation to prove ownership of assets. Blockchain allows creating and storing a digital will on a secured network. Hence allow wills to be crystal clear and legally binding, leaving no confusions as who is the owner of an asset and who should receive assets when passes away. Also, gives easy regularly track payments, taxes, and change of ownership with the aid of blockchain technology.
Blockchain help creates a better digital ID. It notably reduces third-party intermediaries and eliminates chances of record-keeping failures. It gives a private key tied to unique personal identifiers (biometrics). Let individuals control their private key while offering portability and persistence.
With the authentic digital ids backed up blockchain technology, it has become a lot easier for online users to verify information, make payments, and set up a business online without hassles.
The history of blockchain dates back to late 1970s when it was designed with a simple concept to offer a secure peer-to-peer connection in a computer network. Passing from the time when it was considered just an important part of the cryptocurrencies, it has grounded its roots into numerous everyday operations.
Today, the integration of blockchain in the digitalized world has made us perform everyday operation effectively in a much quicker and a secured way. Needless to say, quick payment processes, outstanding record keeping, and pinpoint information tracking has only become possible due to this powerful innovative computer technology we know today as “Blockchain”.