Blockchain, also known as distributed ledger technology, was once the realm of esoteric digital financial transactions. However, other industries are finding blockchain technology useful. In this article, we show you 60 real uses of blockchain.
Any transaction requiring a virtual handshake and immutable agreement could benefit from this technology. Further, it cuts out the need for a third party to broker the deal, preserving anonymity and confidentiality — and saving costs.
Learn more about the purpose of a blockchain and find out how this disruptive technology is impacting the supply chain, real estate, banking, and manufacturing.
WHAT IS THE PURPOSE OF A BLOCKCHAIN?
A blockchain (from block-chain or a chain of blocks) serves as an anonymous digital ledger to simplify transactions. Users can manipulate the ledger securely without the intervention of a third party such as a bank or legal representative. This is why more and more businesses must think about their uses of blockchain.
WHAT ARE THE ADVANTAGES OF BLOCKCHAIN TECHNOLOGY?
Blockchains are decentralized systems, which prevents any single authority from taking control. By using a blockchain, you can share a database with no central administration. Eliminating data storage in a computer system prevents unauthorized access to the details of the transaction.
By using blockchain, individuals and companies can reduce the cost associated with hiring experts to coordinate transactions and contracts. Further, blockchains prevent cyber-attacks by using cryptography.
All data in the blockchain is viewable to everyone. This includes changes made, which are publicly viewable. Take cryptocurrency for example. Every transaction gets recorded and displayed publicly.
If you use cross border transactions in your business, you already know that banks can take days to complete transactions. With blockchain technology, you can transfer digital currency via decentralized blockchain transactions. No paperwork is required. This tends to be faster than traditional transactions.
It’s not easy to change data recorded in a blockchain. Unlike traditional Ledger systems, you can’t go back and make corrections to the prior week’s transactions. This prevents changes to every block of data that comes after the transaction. A separate transaction is required to make changes to the original transaction results.
The unchanging nature of blockchain lends itself to use as a historical record. Bitcoin has transactions dating all the way back to the day it began. Also, because there is no central data repository, there is no downtime for blockchain technology.
WHERE IS BLOCKCHAIN USED?
This game-changing technology is currently used in the real world. Uses of blockchain are manyfold as the number of business cases we have. Next, we introduce you to some of the ways that industries have started using blockchain technology to create more secure transactions.
Starting from payment processing, up to monitoring supply chains. Even Retail loyalty rewards programs are done by using blockchain technologies. One of the biggest advantages of the blockchain is security. Therefore, digital ID’s are major use cases, same as digital e-voting. Data sharing is in the nature of this technology.
Copyright and royalty protection are huge advantages for the media and entertainment industry. Even real estate transfers can be done without the need for a notary or any other 3rd party. When it comes to Agriculture and grocery stores, then blockchain is the big enabler food safety. In Healthcare, for example, medical recordkeeping is not just easier but much more secure. Finally, we all benefit from saver internet connections while blockchain is managing the Internet of Things (IoT).
Source - Read More at: imiblockchain.com