What other Blockchain Applications are there?
For the past decade, blockchain has continuously transformed the financial sector all over the world. Banks and other intermediaries are fast adapting to the changes brought about by the technological advancement of blockchain, which is the core foundation of over 2000 cryptocurrencies in the world today.
What is blockchain?
Blockchain is not “rocket science,” which needs thorough research to understand. It’s a digital record-keeping technology that is decentralized, distributed through a public ledger. Blockchain is responsible for maintaining all the cryptocurrency transactions in an extensive database without intermediaries like banks or government.
Why Blockchain?
Bank and government regulated institutions are in the game of earning commissions from the services they offer. However, creators of blockchain wanted to reduce the paperwork involved in the conventional banking systems and increase the turnaround time in the exchange of funds. That way, the transaction fees are reduced, and the middleman becomes a spectator in the game.
Other Blockchain Applications
Just like time, technological advancement is always on the move. More industries are joining the blockchain craze and are testing and implementing various use of technology alongside currency. These include:
Financial Services
There has been a quantum leap in the financial sector since blockchain was introduced. The transactions are transparent, secure, cheap, and efficient when compared to the conventional banking system. Fund managers, asset management, freight, and insurance, among other industries, enjoy the technology, which is error-free and straightforward to use.
Smart Property
There’s a boost in investors’ confidence when blockchain technology is in use; tangible and intangible assets like houses and company shares or equity have underlying smart technology as its pillar. With the blockchain database, the storage, access to buildings, and money are all pegged on the technology. Blockchain Internet-of-Things (IoT) is a great example.
Monitoring Supply Chains
Blockchain has reduced the cumbersome paperwork that business owners and customers have had to endure. Real-time monitoring of the supply chain gives accurate information to enable quick decision making for business; customers get instant notification on their consignment’s progress. Inefficiency in the process is identified and dealt with as is when is.
Digital IDs
Personal security is being threatened by technological advancement. Over half a billion people face identity challenges and organizations are suffering due to either identity theft or loss of intellectual property.
Microsoft is developing digital IDs to give control back to people through an Authenticator App. Such Apps are using serverless technology to help preserve privacy, which blockchain is designed to do.
Food Safety and Tracking Prescription Drugs
Blockchain has its roots in the health industry by improving the standards of how food is handled worldwide. People can place an order; trace the mode of delivery, and pay for the services from mobile phones’ comfort. This has also improved food safety management systems in companies producing food. Authorities have a strict measure of ensuring that contaminated food is traced back to the production plant through batch number identification.
Medical prescriptions, generic medicine can also be recalled or traced back to the manufacturer using blockchain technology.