Top Blockchain Applications that can Transform Future
When someone talks about the potentialities of technology in the future, all that comes to mind is the blockchain technology. In a short span of time, blockchain has benchmarked its array of services and extensive possibilities in transforming the human life. Blockchain applications have been implied in all sectors of industries bringing qualitative changes in conduct and transactions. If you are prudent enough in tech matters, you can see that the Blockchain is constantly bringing up new innovations in multitude areas changing human life splendidly.
1) Cryptocurrency
Traditional Problem
If we look at the conventional transactions, it quite evident that cross-border transactions are very expensive and time-consuming. The existing payment methods incur a lot of service charges in sending across the money global. People are largely getting exploited by middlemen or the intermediaries involved in these processes.
Cryptocurrency acts as one of the prime blockchain application to eliminate the aforementioned problems. This digital currency can act as a smart solution for sending the money internationally. Even one can use this blockchain application in any goods or service exchange. Cryptocurrency enhances a rapid, inexpensive and transparent transaction. It assures a peer-to-peer transaction with no middlemen intervention.
Blockchain application
2) Supply Chain Management
Traditional Problem
Lack of transparency and friction is always seen as a major concern in the supply chain market. The percentage of consumers receiving counterfeit goods is rising as days pass by. The whole supply chain process has turned cumbersome with too many go-betweens middling the manufacturer and supplier. In the process, a single transaction takes into the form of multi-step procedure making the supply chain lengthy and expensive one. It is often seen that it takes days to make a payment between the manufacturer and a supplier, or a customer and vendor.
Blockchain application
Blockchain acts like a proven technology in supply chain processes. Blockchain leveraged supply chain management enhances any form of exchange, agreement, or tracking process. Blockchain can imply solutions like self-executing smart contracts, digitalization of assets enabling easy tracking of products, automated cold chain management, last but not least an easy and rapid payment mode. The lack of transparency is totally eliminated by implying blockchain solutions to supply chain management.
Blockchain powered supply chain management yields many advantages. From increased transparency to verifying authenticity, blockchain technology streamlines every supply chain processes.
3) Digital Identity
Traditional Problem
Today the individuals and organizations have hardly any control of their personal data. With the advent of digital transactions, people often are prone to submit their data, create accounts and passwords online. This is often shared among the network without end users awareness. As a result, the percentage of data breaches, identity thefts like forging of documents, duplication, and misplacement are susceptibly high.
Blockchain Application
Traditional Problem
Blockchain Application
Here comes the role of blockchain technology for voting eliminating every concern of voter fraud. Blockchain proves its versatility in establishing a clear record of votes, making immune to hack or forge. Blockchain’s tamper-proof characteristics make the whole process reliable and easily carried via online rather than going in person like the traditional voting method.
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Originally published at https://www.blockchainexpert.uk.
