The concept of blockchain is to solve double-spending issues in digital currencies. It is a derived solution through the immutable ledger of transactions devised by Satoshi Nakamoto.
The ledger contains chained blocks of data through digital cryptography that works well for Bitcoin and other cryptocurrencies.
Besides cryptocurrencies, blockchain technology has loads of useful applications in various sectors. In this article, we list where blockchain technology is useful and has become a game-changing tool for multiple purposes, as stated by NCS.
Where Does Blockchain Being Used?
Blockchain is prominent in cryptocurrencies. But this technology is also utilised in organisational and individual settings such as healthcare systems, banking institutions, cybersecurity, transportation, and much more. It is not surprising because blockchain provides huge advantages that prompt some users to adopt it as an integral part of their system as follows:
Blockchain makes transferring money less expensive but relatively faster than typical financial services. It is highly applicable in cross-border transactions because money transfer between accounts takes only minutes compared to traditional financial institutions such as banks.
Using smart contracts built in blockchain, lending institutions can seamlessly execute collateralised loans to the applicants with a faster processing time and lesser expenses. Lenders can offer better interest rates.
Lending as a monetary transaction may include service payment, a margin call, full repayment of the loan, and release of collateral.
A smart contract is vital to the effect of lending services. Both clients and insurance providers connect with greater transparency. The claims made through the blockchain will prevent the client from committing duplicate claims for the exact cause or issue. On the other hand, the provider can process the payment much quicker for the claimants.
Real Estate Transactions
Blockchain helps to ease away the toll of verifying the legality of documents from ownership, transfer of deeds, and titles to new owners. All records of transactions are stored securely with accessibility that helps to expedite the entire process with reduced paperwork and expenses.
Securing Personal Information
All identifiable information, such as Security number, date of birth and other significant details of every individual, is kept safe and secure against hacking. Blockchains provide more secure access to this type of data than our existing system.
Government Benefits Management
Blockchain makes digital identity management clear and systematic. Beneficiaries of government welfare programs, Social Security, and Medicare are highly assured of the same benefits as mandated; controlled fraudulence and minimised operations costs. The best thing is that beneficiaries can receive their funds with fewer hassles because of digital disbursement.
Sharing of Medical Information
Patient’s medical records are accessible by doctors and other medical practitioners with up-to-date information. Suppose there’s a need to pull out records as references; they can quickly get fresh insights for a timely treatment. Additionally, they can check for patients’ insurance providers and the allotted coverage, if there are any.
Blockchain technology can ensure payments of artists, talents, and content creators in their distributed works widely over the Internet. Furthermore, there is the prevention of piracy because blockchain doesn’t permit data to exist in two places.
In the case of playbacks on streaming services, blockchain can track it all, letting original owners get paid.
Logistics and Supply Chain Tracking
Blockchain allows partners to work together with ease in managing the supply chain. They can track the mobility of items from one place to another because of the secured public ledger of transactions.
Since blockchain doesn’t allow alterations, data integrity cultivates more trust. If they find problems with goods mobility, they can devise better solutions.
Securing the Internet of Things (IoT)
The prevalent cases of hacking and
Social engineering tactics used by hackers put our data in danger, but blockchain will protect us from these risks. It provides security by storing passwords in a decentralised network. Also, it prevents data tampering because of its immutable attribute. Hackers have no chance to touch data maliciously.
Authorship and Ownership
In the many years that passed, piracy was one of the biggest problems that challenged society. But with blockchain technology, artists and creators are placed in the Ascribed marketplace. In this system, they can generate electronic versions with unique IDs and certificates of authenticity. It also permits consignment issues by ensuring the legality of the processes.
Digitisation is openly acknowledged by the education sector, especially during the pandemic. Like other sectors, it has seen potential in blockchain technology. Given this fact, student and teacher collaboration has improved to the next level. Academic records have become more manageable, and teaching and learning have scaled up in various ways due to the following:
- The smart contracts in blockchain have made the creation of courses and lessons easier and quicker.
- There is hassle-free tracking of events, grades, progress reports, attendance, assignments, deadlines, and more because of blockchain ledger technology.
- Incentivisation through cryptocurrencies may soon be a relevant approach for the students’ excellent performances. Also, payment processing becomes handy.
- Universal access to educational resources such as ebooks, podcasts, movies, courses, and examinations best suits students in remote locations.
Blockchain technology may be yet in its infancy stage. But looking through the benefits of using it holds much hope for today and the coming days, where technological advancement will earn another milestone.