Blockchain is becoming more and more popular in our current digital landscape. With rising applications of the blockchain, industries are eager to adopt this game-changer. It is revolutionising the way companies conduct business. Its decentralised nature makes transactions safer and faster. We have prepared a list of top blockchain technology applications that will blow your mind. Let us dive into it.
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Is Blockchain Safe?
Before we get into blockchain applications, a question must be answered: How is blockchain safe? There is a simple answer to this. Blockchain uses cryptography to encrypt and secure data. Additionally, since the network is distributed, a single point of attack does not compromise the whole network. Blockchain, therefore, is increasingly preferred by various industries. Let’s explore the different blockchain applications.
Applications of Blockchain Technology
Blockchain technology applications span a large number of industries. Besides its obvious use in finance, it streamlines various processes.
Money Transfer
Blockchain has shifted the financial scenario in the past decade. With banking processes being time-consuming and expensive, people were looking for secure alternatives. Decentralised Finance (DeFi) provides a unique solution; it lets people borrow, lend and earn interest without the supervision of a bank. This yields higher returns and fewer fees, facilitating financial freedom.
Cryptocurrency
Once pioneered by Bitcoin, cryptocurrency has gone beyond it. The popularity of cryptocurrency blew off in the past decade, making it extremely profitable. More stable forms of cryptocurrency emerged, such as Ethereum and Tether. Blockchain allows cryptocurrency trade and transfers secure and decentralised. Moreover, since there is no third-party interference, the process is cost-effective and fast.
Internet of Things (IoT)
IoT has been around for more than two decades and has changed how we function in our day-to-day lives. With smart watches, smart homes and smart surveillance systems, IoT makes our everyday life easier. However, its centralised nature is prone to failure. Blockchain technology aims to further enhance IoT by offering a distributed ledger to store and manage data.
Healthcare
Blockchain proves its usefulness in the healthcare sector as well. By upholding the HIPAA Privacy Policy, it ensures that patient information is always confidential. Other than that, it streamlines pharmaceutical supply chain management, clinical trial management as well as personal health records. These blockchain technology applications solve various problems in the healthcare sector.
Public Sector
Governments across the world are experimenting with blockchain applications. They realise the need to make things faster, safer and more secure. Its application lies in streamlining voting systems, securing land registries, and maintaining public record-keeping. Additionally, the people will have access to efficient government services, enhancing trust in the government.
Logistics
This industry severely benefits from blockchain. With a large number of companies in the market, the logistics industry is plagued with a lack of communication and transparency. One of the major problems, according to a study, was that suppliers most of the time have no clue about the details of their inventory when being transported. Blockchain offers real-time tracking of goods and also ensures its authenticity. It builds trust and its automated feature reduces the chance of human error.
Media
Media and entertainment too are actively using blockchain to tackle problems. A useful application of blockchain lies in protecting intellectual property. It prevents digital files from being present in multiple locations. This ensures that files are not pirated and sold elsewhere. This helps artists get designated royalties for their work.
Security
Every year, millions of dollars are lost due to scammers and hackers. Identity theft plagues the world. Blockchain promises a countermeasure to keep identity and finance safe in a distributed and decentralised ledger. Thus, governments could easily reduce scams by leveraging blockchain technologies.
Also Read:- Blockchain in IoT: Definition, Benefits, and Challenges
Real-Life Use Cases of Blockchain
People associate blockchain with a technology of the future. However, the future is here! Blockchain has already optimised major industries and is thriving. Let us look into real-life use cases of blockchain.
Ripple
This blockchain-based application eliminates middlemen and makes international transactions faster and cheaper. Financial industries are already using Ripple to streamline cross-border payments.
BanQ
Another great finance-based blockchain app is BanQ. It promotes financial inclusion by giving microloan services to underserved populations.
IBM Food Trust
This legacy tech company ensures that consumers get quality produce by offering end-to-end tracing from origin to customers. Not only does this ensure quality food for consumers, but also ensures farmers get sufficiently paid.
Medical Chain
Revolutionising medical record management, Medical Chain offers blockchain-based solutions for seamless and interoperable access to patient data.
Oracle.io
The application offers multi-level supply chain system visibility, allowing stakeholders to track shipments, monitor product temperatures and detect issues.
Open Sea
Art and technology go hand in hand. With Open Sea, the world's largest NFT marketplace, you can browse NFT art, gaming pieces and many more. Moreover, you can buy, sell and even create on the platform.
Voatz
It is a mobile voting platform where citizens can cast their votes during elections. The state of West Virginia created history by using Voatz during elections. They have an encrypted biometric system to ensure the security and authenticity of the process.
Binded
As mentioned before, one of the worst enemies of the creative industry is the piracy. Binded solves this complex issue by providing timestamps and encrypting digital content. It ensures artists get properly compensated for their work.
MadHive
In the advertising sector, MadHive provides data solutions for digital marketers. With their targeted audience reports and real-time tracking, advertisers better understand their audience without compromising data privacy and integrity.
BitGive
In the world of charity as well, blockchain provides significant value. BitGive is one such application which ensures that no charity is in vain. By leveraging Bitcoin, they provide real-time project updates. This promotes transparency and also increases trust in the process.
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Conclusion
Blockchain is reshaping the world we live in. Whether it's finance, healthcare, media, or gaming, blockchain is here to stay. With numerous blockchain technology applications and examples, the future seems promising. So, if you are an IT enthusiast, an online blockchain course from Amity University Online will put you at the forefront of the industry. So, what are you waiting for? Enroll today!
