Applications of Blockchain Technology
What is blockchain?
Blockchain is a technology that enables distributed public ledger through immutable data in an encrypted and secured way. This ensures a safe transaction that cannot be altered.
Crypto-currencies like Bitcoin use this technology for their transactions, and asset management. The details of the transaction are stored in blocks.
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1. A block stores your transactions of the date you purchased to time you purchased is stored.
2. A block store name of the customer in the form of a digital signature.
3. Each product is given a unique code and whatsoever purchase is stored in a block. The e-commerce business runs in this fashion if it uses Blockchain technology for its business.
Applications of blockchain:
Ever wondered what will be the use of this technology. Let us discuss the applications of blockchain. We know the importance of Blockchain technology in cryptocurrency but there are Blockchain applications of blockchain technology beyond cryptocurrency. Here is the list of Blockchain applications
Payments and transfer:
The important use of blockchain is fund transfer from one account to another account. The Blockchain transaction can be settled within a matter of seconds.
Supply chain monitoring:
Blockchain technology can be used to monitor supply chains. We can spot inefficiencies of employees within the supply chain. It would also allow customers to view how products performed from a quality control perspective as they transit from origin to retailer.
Retail loyalty:
By creating token-based rewards for the customers and storing tokens in a blockchain would incentivize customers to return to the store. This would eliminate fraud and paper wastage.
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Insurance claims:
To get your insurance claim is a burdensome experience. Insurance processors also work through fraudulent claims and fragmented data. Transparency and the risk of free management are provided by Blockchain technology. Its encryption properties allow insurers to capture ownership of assets to be insured.
Copyrights:
With globalization and growth of the internet across the globe copyright and ownership laws on music and art have gone hazy. By using blockchain we can make sure the artist gets his fair share for the content he created. The blockchain can also provide transparent royalty for artists.
Blockchain applications in healthcare:
Blockchain technology helps in storing medical data encoded and stored on the blockchain with a private key. Receipts of surgeries are stored on a blockchain are sent to insurance providers as proof. The complete medical profile regarding drug dosage, testing, etc is stored in the ledger.
Blockchain Identity:
Blockchain can protect your identity by encrypting the data of your identity. We carry a range of identifications like driver’s license, passport, social ids and so on. Blockchain Id is a digital signature to replace all the id and get a single id by signing up at registrar.it is an open-source protected by Blockchain and ledger of a transparent account.
Immutable data backup:
Blockchain technology can be used to backup data. Even though cloud systems are designed to store data they are not immune to hackers, even infrastructure problems. Using Blockchain as a backup for cloud data centers.
Internet of things:
1. Smart appliance: A smart appliance is a device connected to the internet and gives you control via the internet. For example, your washing machine connected to the internet will give you a notification about the completion of the cycle saving money and time. This will allow the washing machine to work for a longer point in time.
2. Supply chain sensors: These sensors give end to end visibility of their supply chain by providing data on location and condition while they have transported all across the globe.
Energy trading compliance:
Blockchain technology helps energy companies settle trading considerably faster than they actually do. Blockchain also helps energy companies with regards to logging their resources and maintain regulatory compliance.
Conclusion:
These are the applications of Blockchain technology in different industries as mentioned above in this article. For the Blockchain to work it is important to note that the node to node network must agree to work under ethical standards. If and only if nodes comply to be working under ethical conditions it is possible for Blockchain to conduct fair trade and support more fair societies
