With Bitcoins and blockchain being two of the most talked about
segment in the technology world, it is not a surprise if you find yourself
attracted to this sector. In fact, it would be the most natural thing to do,
given that blockchain is now being treated as a prominent technology for the
future.
When we talk about blockchain application, the first thing that
comes to our minds is what are the real-world uses of this technology, or if it
has one. The good news is that blockchain is much more than just a platform for
cryptocurrency to operate.
In the most basic terms, the blockchain is a technology that
provides a way for performing secure and transparent transactions involving
digital assets like cryptocurrencies. In technical terms, it is a decentralized,
distributed public ledger that verifies and stores all the transactions that
pass through it. As a technology, the blockchain has immense applications in
every sector which involves a digital transfer of valuable assets and/or
information.
The problem with cryptocurrencies like Bitcoin is that they are
highly volatile in nature. This limits their general uses by a large audience.
However, the underlying technology, blockchain, is not limited by any such
issues. It has the power to be used in relevant applications in a wide range of
industries. Following are some of the most significant benefits of blockchain
for businesses in a variety of sectors:
Supply Chain
The major problems of the supply chain industry include lack of
transparency and high cost. Blockchain can effectively deal with these issues
by providing a secure way of tracking the movement of supplies while reducing
the cost of communication and transaction.
Accounting and
Record-keeping
Security remains a big concern with online storage of records
and any type of digital files. Blockchain provides a secure way for not only
storing but also transferring such records without any human intervention and
less chances of error.
Voting
Voting is one of the areas which are seeing active use of
blockchain-based applications. Even some of the governments have started
experimenting with this technology for conducting completely electronic and
fraud-free elections.
Freelancing
Freelancing is one of the fastest growing industries around the
globe. The freelancers’ problems of finding reliable and cost-effective
platforms for work can be resolved by the blockchain technology. EraSwap is one
such project which involves building a blockchain-based platform to allow
freelancers to provide services directly to potential clients, eliminating the
middleman, reducing the cost and increasing the transparency.
Healthcare
The healthcare sector can also benefit a lot in terms of
decentralized public access to records and data of medical care, hospitals and
doctors which will enable patients to get the right care at a right time and in
their budget.
There are many other industries, such as quality assurance,
banking & finance, stock exchange, digital identity and energy supply,
which can benefit immensely by the applications based on the blockchain
technology. The attempts to improve the blockchain technology to make it
suitable for general uses and worldwide applications are ongoing, and it won’t
be long before we will see many more such applications out there.
Visit our website: http://www.blocklogy.org/
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