What are Some of the Most Interesting Blockchain Use Cases at Present?
By Space Coast Daily // May 16, 2021
In today’s world, blockchain is one of the most commonly used terms when we discuss technological advancements. Needless to say, blockchain technology positively impacted numerous aspects of our lives.
This technology has brought about a revolution in the systems of record and has been described as the ‘magic beans’ due its high usability in several industries across the globe.
What is blockchain?
A digital and decentralized technology that helps in maintaining records of all transactions that take place over a peer-to-peer network is known as blockchain. The data is stored in decentralized systems that are interconnected. Each block is connected in a chronological order to form a chain. The primary advantages of blockchain technology are that it reduces vulnerability and promotes transparency in the business sectors. This is because there exists no centralized repository of data and there is no intermediary involved in the transaction. The technology is distributed in nature and is not controlled by a single entity.
Most promising use cases of Blockchain technology
1. Management of Supply Chain: The network that exists between a business and the supplier is known as the supply chain. Lack of transparency is one of the major issues in most supply chain systems. Blockchain technology resolves this issue by the digitization of the assets. By blockchain technology, products can be assigned unique identities and tagged. These products are then transplanted into a secure blockchain where crucial information about the products is stored. In this way, consumers can easily track products across different locations.
2. Digital Identity: With the centralization of data repositories, digital identities are becoming increasingly susceptible to breaches and identity thefts. As the data is concentrated in online applications and we unknowingly provide consent for them to use our personal data. However, in blockchain technology, users have some amount of control over their information and the digital identity is safe as it is stored in an encrypted digital hub. Access to personal information can be revoked by the individual as and when he or she wants.
3. Voting: Fraud is one of the most pertinent issues plaguing the voting system in today’s world. In turn, the overall voter turnout is negatively impacted. Blockchain technology provides a safer system for voting as clear records of the number of votes casted is maintained. This system is tamper-proof and is extremely difficult to hack. Blockchain can make the process of voting convenient and safe.
4. Healthcare System: The blockchain technology provides a secure database that helps medical practitioners to maintain proper records of their patients’ medical history. At every stage of the supply chain, medicines can be identified and tagged. This prevents the counterfeiting of drugs.
5. Intellectual Property: Blockchain technology aids in the clear ownership of IP assets. The safe blockchain technology uses timestamps to record the exact timing of ideas. The blockchain technology also helps users to protect their IP assets from infringements and hacks.
6. Real Estate: The blockchain technology can help in completely revolutionizing the rental property payment systems. Having a shared database helps in faster decision-making, cost-efficiency, and time-efficiency. The entire process becomes automated and as a result, users can save on inspection costs, loan fees, taxes, and registration fees.
7. Food Safety: Supply chain of food is a complex and long process. The lack of transparency in the supply chain risks contamination of food products and therefore, makes it unsafe for consumption. Blockchain technology can help in quick verification of the status, location, and history of food products. Details about the production dates, expiry dates, and processing information are easily maintained by the blockchain technology. Blockchain technology, therefore, improves the efficacy of the food supply chain.
Blockchain technology can help in securing digital relationships. More and more companies are employing blockchain technology to secure data and enhance the business processes of different industries. Blockchain helps in storing information in a better and safer way. Know more about blockchain technology and its uses by learning Oil Gold Stock