Surprising Uses Of Blockchain Outside Cryptocurrencies
Blockchain is a technology that has the potential to be a key element in worldwide recordkeeping systems although it was only launched ten years ago. Blockchain is a technique for storage of data in an arrangement that is hard or impossible to modify or hack it.
Blockchain is a type in distributed ledger tech where transactions are recorded with hashing which is an unchangeable digital signature.
Why blockchain is getting so sought-after?
Blockchain was the concept of a group of developers who recognized weaknesses in the current banking system. They disapproved of the notion that payment validation and payment settlement could take as long as five business days for cross-border transactions. They saw banks as third-party entities and stealing transaction fees as unnecessary. Transparency in transactions (even across boundaries) are feasible using blockchain technology and banks are removed entirely from the equation and could reduce transaction costs.
In its essence, blockchain technology is simple to grasp. Blockchain technology is comprised of an open database that has entries that need to be checked and secured using peer-to-peer networks.
Blockchain technology is however able to serve numerous other applications, beyond being a fuel source for Bitcoin. Below, we've listed a few of the new uses for the technology in other areas.
Processing of Payments
The most obvious use that blockchain technology can be used for is speeding the transfer of money from one person to the next. If banks are eliminated from the picture, peer-to peer transactions can be completed 24/7, every day of the week with transactions settled in a matter of seconds, rather than days.
Voting
All over the world, people are worried about fraud in the voting process. States might consider using blockchain technology to enable voters to vote electronically while still being transparent enough to allow authorities to detect changes in the system immediately. It will combine the convenience of voting online with the immutability of blockchain technology to make sure that your vote is recorded.
Food Hygiene
A different and unanticipated use for blockchain is the ability to trace food items from the source until your plates. Since blockchain data cannot be changed and unalterable, it would be possible to trace food products from their source to the supermarket. Additionally, if there was a food-borne illness it could be tracked by blockchain to the source of the contamination faster than it does currently.
Keeping Medical Records
The medical sector has already begun the transition from paper records to digital. Blockchain is, however is more secure and accessibility. Patients could access their files if were granted access to the key, and would also be able to control who has access to their data, in addition to keeping them.
Business Supply Chain Management using Blockchain Applications
The unchangeability of blockchain's ledger makes it perfect for applications such as real-time tracking of commodities that move and shift hands throughout the entire supply chain. For businesses who deal in these commodities, the use of blockchain can open up a variety of possibilities.
Blockchain can be utilized to organize events in the supply chain, like the distribution of goods to different shipping containers after they have arrived at the port. Blockchain provides a fresh and flexible method to manage and monitor information.
Healthcare
General information such as gender and age and possibly essential medical history information, such as immunization history , vital signs are all examples of health information that is suitable for blockchain. This data cannot be used to determine an individual patient by itself, which is the reason it is stored on a blockchain that is accessible to a wide range of users. look at without causing privacy issues.
Blockchains can connect medical equipment to a person's healthcare record. As they get more prevalent and are increasingly linked to that record. Equipment can be used to save and link information gathered on a healthcare blockchain to medical records of personal.
Real Estate
In the course of five or seven years an average homeowner sells their house The average person is moved 12 times during their life. With all this happening, blockchain could prove beneficial for the property business. It can accelerate home sales by immediately verifying financial data, reducing the risk of fraud by encrypting it as well as ensuring transparency through the entire purchase and selling process.
Applications of Blockchain in Government Records Management
The federal, state and local authorities keep individual information, including marriage and birth dates and even property transactions. However, organizing these data can be difficult and many of these documents are only available in paper. Additionally, residents might be forced to visit their local government offices in order to change their records, which can be costly, time-consuming, and unreliable. Blockchain technology is able to streamline record keeping and make information more secure.
Although blockchain isn't perfect and needs yet to develop, there is many practical applications for blockchain.
