Applications of Blockchain Technology
Applications of Blockchain Technology: The blockchain is now a new replacement for traditional currency, centralized banking, and transaction methods that are changing the way we handle financial transactions, not only. Blockchain will also be the best way to share information in times to come. so let’s discuss blockchain.
What is a Blockchain?
We will discuss various authore definition of BlockChain:
Definition 1
Blockchain is apparently a clever imagination- it was invented by Satoshi Nakamoto. Blockchain is a chain of blocks that contains information. Each block records all recent transactions, and once completed it moves to the blockchain as a permanent database. The block is completed each time, a new block is generated.
Definition 2
A blockchain is a constantly growing ledger that keeps a permanent record of all the transactions that have taken place in a secure, chronological, and immutable way. Let’s explain the key.
- Ledger: It is a file that is constantly growing.
- Permanent: It means once the transaction goes inside a blockchain, you can put up it permanently in the ledger.
- Secure: it placed information in a secure way. It uses very advanced cryptography to make sure that the information is locked inside the blockchain.
- Chronological: Chronological means every transaction happens after the previous one.
- Immutable: It means as you build all the transactions onto the blockchain, this ledger can never be changed.
What are the Applications of blockchain technology?
It can be used in practically all current scenarios where middlemen are involved. Here are some of the applications of blockchain technology.
Fund Transfer
We all know that blockchains began from cryptocurrency and it is money transfers from one account to another account. But It’s all related to fees that banks charge when you need to pay for something or transfer money to somebody. This transaction can be settled within a matter of seconds of Blockchain.
Supply Chains
supply chain is a application of blockchain. we can document every transaction of supply chain. We can reduce manual human input and make the whole range more efficient using supply chain. It will also allow customers to see how products perform and show what quality control perspective as they approach the retailer from the origin.
Blockchain Healthcare
Blockchain can play an important role in the healthcare sector. blockchain includes general information about patients. it’s information such as age, sex, and medical history data such as vaccination history or vital signs. As you know, keeping patient data secure is a top priority in healthcare. This data is shared and distributed only when studying that data helps facilitate better provision of healthcare in hospitals, governments and research institutes.
Data Sharing
The use of data is becoming more and more all over the world. Due to this, there is a lot of problem in data sharing and it can be said that there is not much transparency in this area. For this reason, it is very important to use Blockchain in data sharing. Apart from this, there is a lot of useless data on the Internet, due to which there is a lot of problem in surfing the Internet. But this problem can be solved by using blockchain technology.
Smart PropertiesÂ
In today’s era, everyone has some property. This property is a type of asset such as car, home, mobile, company etc. There is a long process of registration of these properties. Many times the owner is also afraid of fraud. But using blockchain technology, the complete information about the property will be placed in Public Ledger so that it can easily verify its ownership and Fraud will also be reduced. Because its information will remain in Public Ledger which is completely Transparent.
Digital Identity
There are many big companies that are working on digital id such as Microsoft and GitHub. GitHub also launched its Digital Passport in 2014, so that they will be able to Verify themselves with just one Blockchain Address. Smart devices like smartphones, Smartwatches, and IoT devices can be easily accessed with the help of a digital ID.
Voting
You all know that it is the right of every citizen to vote. Every year elections are held in the country. An election commission plan is made, how will elections be done in the country, but even then the voter continues to worry about fraud. Well, don’t worry about blockchain technology. Blockchain can be used to facilitate the modern voting system. The blockchain provides the ability to vote digitally. The blockchain protocol will also maintain transparency in the electoral process, reduce the personnel needed to conduct elections, and provide almost immediate results to officials.
Smart contracts
As you know, there are many big industries in the country that depend heavily on contracts, such as insurance, financial institutions, real estate, construction, entertainment, and law. If we use blockchain, then all industries will be benefited by this technology. Because by using this technology, you can update, manage, track and secure all your contracts without any dispute. Smart contracts, which are embedded with if / then statements and which do not require the involvement of the intermediary party to execute.
Managing Internet of Things networks
The ability of IoT to benefit small businesses is immense. The kind of connectivity it provides between humans and machines improves agility, collaboration, and knowledge sharing in an organization. Using the IoT system, owners can set up offices wherever they want, hire employees remotely, make their operations more secure, and ultimately generate more revenue. Networking giant Cisco Systems may be behind a blockchain-based application that would monitor Internet of Things (IoT) networks. We can explain it with two facts. Firstly, blockchain can communicate with all your devices simultaneously. And secondly, it saves lots of money because it eliminates the central hub and acts as a bridge between all IoT devices.
Applications of blockchain technology: Every blockchain-based application, wants to tell you how useful blockchain can be for your business, no matter how big your company. Through these applications, you must have understood how important blockchain is. Since it is a very advanced technology, we recommend you implement blockchain. But also because the future of the system is very bright.