Top 10 Real-World Applications of Blockchain Technology
Everyone is raving about the blockchain, and rightfully so. The blockchain is one of the most disruptive technologies to have been created after the emergence of the Internet. Simply put, the blockchain enables seamless transfer of products in the absence of any centralized authority.
Top Real-World Applications of the Blockchain Technology:
- Healthcare: Using the blockchain, patients can now access their health records easily. They have a right to get accurate health information about their medications and procedures performed. Security and privacy of health-related information is most crucial, and to keep these record safe, hospitals are now switching to the blockchain. Blockchain stores patient data confidentially; patients are provided with digital keys to access such data. Due to the major role of blockchain in healthcare, cryptocurrencies are also used for secure transactions. Cryptocurrencies can be used to purchase services and medication from a healthcare provider. In addition, cryptocurrencies are widely adopted by even common people as it’s a great source to make a significant profit. To know more about crypto trading, visit https://kryptoszene.de/bitcoin-robot/bitcode-prime/, an auto trading bot that makes crypto trading easy.
- Supply Chain Management: A common complaint in shipping industry, for example, is a lack of transparency and communications due to the presence of multiple logistics companies. If the shipping industry was to use the blockchain, much of these problems could be swiftly resolved. The blockchain offer data transparency and allows businesses to keep track of products, right from its production to delivery. It makes logistics procedures cleaner and automated, helping businesses save a lot of money.
- Smart Contracts: These are similar to regular contracts, rules of which are enforceable in real-time. There is therefore no requirement for middlemen and all parties are accountable for conforming to terms of the contract. Businesses can use these self-automated contracts for saving money and time, ensuring compliance from all parties involved.
- IoT: The Internet of Things will bring about the next boom in blockchain use cases. With a growth in numbers of IoT products there will be higher chances of hacking and data thefts. But a blockchain-infused IoT can guarantee a much higher security level to stop data breaches as it focuses on transparency and data immutability.
- Personal ID security: According to Life Lock, an ID theft expert, almost 16 million US citizens had been victims of ID thefts in 2017 alone. This shows how rampant hacking can be and how vulnerable your personal information is. To ensure that birth certificates, Social Security Numbers, and sensitive data stay secure, the blockchain is being used by governments.
- Digital voting: Strange as it may sound, blockchain has the potency to improve voter engagement. It can safeguard authenticity of voting as it offers incorruptibility and security, enabling voters to vote through mobile devices.
- Media: Most problems in this industry center on issues of royalty payments, data privacy, and ownership rights. Media digitalization has led to widespread content-sharing, but this has infringed on copyrights. Only the blockchain can resolve this problem by making piracy practically impossible as it offers a transparent ledger.
- Government efficiency: This can be a surprising real-world application of the blockchain. This technology not only keeps government data secure but also promotes bureaucratic efficiency. It has the power to cut through hours of red tape, holding public officials responsible via smart contracts and making sure all public records are transparent.
- Wills: Paper wills are now passé; they are being replaced by digital wills that can be secured through blockchains. These are like smart contracts which make the documents legally-binding. They categorically state who will receive what assets in the event of a death.
- Food security: Using blockchain to trace the journey of food products, straight from its origin to the consumer’s doorstep, can help identify sources of contaminants, if any. The blockchain has an immutable nature which means all records of the product’s movement from source to finish will be traceable, immutable, and transparent.