Given the increase in popularity and buzz around the blockchain technology over the last decade, it’s fair to state that blockchain technology is certainly a game-changer. It is the next big thing within the digital world. There are so many applications developed using blockchain technology across various industries.
Here are some of those applications-
1. Create Digital IDs
Microsoft specializes in developing IDs to empower underprivileged people and migrants. In this way, they can integrate this into the financial system. Microsoft intends to execute this using its Authenticator software. It can identify users and devices with a code, thus giving extra security.. It’s a wonderful technique for consumers to regulate their online identities.
2. Supply Chain Management
Supply chains become more efficient as a result of blockchain technology. It accurately identifies the placement of products along the availability chain. As a result, paper-based trials are no longer required. It prevents losses and monitors product quality during the manufacturing process.
The privacy and security of health information are important. Blockchain allows tracking of prescriptions, serial numbers and batch numbers. Hospitals have minimized using paper records. Thus, favoring blockchain technology, which securely stores patient information. The patients are given a numerical key to access these documents, allowing them to regulate the patient information.
4. Food Safety
By using the blockchain in food safety, the food can be traced from its source to the shop. Even the source of contamination can be determined promptly and precisely within the event of food-borne diseases.
5. Wills or Inheritances
Digital wills or inheritances, can be written using the blockchain network. This is slowly replacing paper wills or estates. However, they have to be utilized in accordance with smart contracts for the document to be both legally enforceable and clear on who should receive which assets after the applicant dies.
6. Digital Voting
Historically, voter fraud has been a major cause of worry. But it’ll not be the case anymore. The blockchain allows the voter to cast genuine vote which cannot be changed. It makes voting more transparent, and regulates any network alterations.
7. Data Sharing
The blockchain can be used to share or sell encrypted data. A distributed ledger system is created by the IOTA Foundation. Enterprises’ unused data bundles could be channeled to regions that require it the most.
8. Real Estate
The blockchain stores ownership and title information. So, it will be easy for you to transfer and trace the ownership of a property using blockchain. The blockchain network stores titles, which might be seen, amended and updated at any time. The need for paper is completely removed from the equation after the coming of blockchain.
The blockchain technology is the backbone of cryptocurrency. It allows for breakthroughs in banking, education, land, voting, data sharing, and other crypto related payments. Due to Bitcoin’s blockchain technology, users have complete control over their transactions and do not need to worry about central authority– meddling or abusing their cash.
Blockchain technology is a popular concept that has been talked about far and wide. Though the advantages of blockchain are impressive, it’s important to know that it’s not an ideal solution for all problems.