From Finance to Healthcare: The Latest Trends in Blockchain Application!
Many innovations and inventions are evolving on the Internet every day with new ideas. Every new creation coming today is reaching more popularity within a little time. Can you imagine a life without search engines and social media platforms like Google, Instagram, WhatsApp, etc? Sounds terrible right? Once upon a time, these were also unknown among the peeps but it has become our basic lifestyle. Similarly, we shall discuss a skyrocketing term named Blockchain.
Once after the COVID pandemic, the term blockchain is gaining major popularity among the people, especially among techies. Knowing the potential of blockchain, business people and major industries have started incorporating blockchain in their business verticals.
This article uncovers all insights about blockchain and the industries that have adopted blockchain technology. Before proceeding with the applications, we shall discuss…
What is blockchain technology?
Blockchain is a virtual ledger that stores all types of information. To be clear, multiple blocks connected frame a blockchain. The information entering a blockchain is converted into a digital signature using encryption and decryption techniques. Each blockchain follows various consensus algorithms like proof-of-work, proof-of-stake, proof-of-authority, etc to validate each transaction i.e. information entering a blockchain.
A blockchain is tamper-proof, highly scalable, and immutable to maintain greater security. Blockchain technology has become widespread among the greater audience as the possibilities of hacks, threats and any sort of malicious activities are very low. Many security parameters are adopted in the blockchain to maintain its transparency and reliability. Thus, blockchain has become the most spoken term in the tech vertical.
Blockchain is distributed and transparent as every user of the blockchain will know the data entering into the blockchain. So, any data can be modified or altered without the permission of the validators. This is what a blockchain was and with this, we shall proceed with the…
Major real-time applications of blockchain
Blockchain started placing its footprints in major industries which we shall discuss one by one.
Blockchain in Finance
The core part of blockchain’s participation lies in the financial sector, especially in digital assets i.e. cryptocurrency. Blockchain benefits the finance ecosystem by forging connectivity and programmability between products and services. The crypto transactions can be handled without any third parties or middlemen and it also neglects commission to be paid by banks and agencies. Blockchain in the finance sector comes along with the following perks.
Greater Authenticity
Blockchain in finance ensures data integrity where any transactional history can be recovered from a single source without any intermediaries.
Reliable process
Enhanced automation and tokenization increase the efficiency of the transactions. It reduces the processing time of the transactions enabling real-time reporting and settlement. The speed of the transactions will be high as it detaches the intermediaries involved in the transactional settlements.
Boosts market reactivity
Digital assets seek the greater attention of common people as any customization and payments can be completed in seconds without any hassles. Nowadays, people are interested in accepting advancements as you might have seen the growth of usage of Gpay in recent times. Then, think of the blockchain-involved transactional process!!
Now, I shall give you some real-time applications of blockchain in finance.
Upro — Upro is a digital currency that offers multiple financial services by including the Ultrapro blockchain. They offer multiple services like crypto wallets, payment gateways, Defi platforms, etc. Their main motto is to spread blockchain knowledge to all global people.
Bank Hapoalim — A collaboration between Microsoft and an Israeli bank to incorporate a blockchain system for managing bank transactions
Augur — Allows blockchain-based prediction market for derivatives trading and other financial activities in a decentralized manner.
Supply chain management
Most companies adopt blockchain technology to track the movement of goods and properties through the supply chain. The Popular company Walmart leverages blockchain to track the origin and delivery of products and to fix them in cases of any discrepancies. Some of the popular examples of blockchain in supply chain management include:
Provenance — The motto of this project is to offer a blockchain-based derivation record of transparency with supply chain
IBM blockchain — Knowing the status of the product from the raw material to delivery is highly essential. IBM blockchain works intending to enhance transparency in detecting products with the supply chain management.
Food industry — This focuses on detecting the goods supplied from farmers to retailers. It is a complex network and elaborated process where goods will be delivered at points accordingly. This chain helps maintain the efficiency of the products without contamination until its delivery.
SKUchain — This blockchain system is for the transparent and seamless tracking of goods as they pass through a supply chain.
OriginTrail — A platform that helps their consumers know where their purchases exactly produced and come from.
Blockchain in government
In recent times, global countries have initiated adopting blockchain for controlling and maintaining their official activities. Blockchain in government will be helpful in many cases to maintain an immutable database that develops a sustainable future. Now, we shall foresee some of the governments that adopted blockchain.
Estonia — The government of Estonia partnered with Ericsson to create a new data center to relocate all the public records to blockchain 2.0
India — Jharkhand, a state of India has adopted blockchain technology to deliver seeds directly to farmers without any third parties or middlemen. This is to address the issue that farmers are paying more commission to the middlemen and to solve their sufferings. This act is going successfully and it is the first state in India to leverage blockchain technology as of now practically.
Dubai — Dubai is on a mission to become the world’s first blockchain-powered country in the world. In 2016, powerful representatives from the major 30 governmental departments framed a blockchain committee to dedicatedly work on investigating opportunities across shipping, health records, and business registration and to prevent the conflict raised for Diamond at that period.
South Korea — South Korean government with Samsung is creating a blockchain to deploy public transport and safety applications
Democracy. earth — It is an open-source project that aims to enable the development of democratically united organizations, nations, and states by deploying blockchain technology.
Blockchain in Healthcare
Blockchain is having and will have a major impact in healthcare as it is one of the major applications of it. All the details will be fed into a smart contract and it will work once all the necessary conditions are met. Any personal health records can be stored securely in blockchain and made accessible to all healthcare providers in the locality. Incorporating blockchain with healthcare also comes with following HIPAA privacy rule that ensures the patient information is secured and confidential, and cannot be accessible by anyone except the authorities. Now, we shall go with the applications of blockchain in healthcare
MedicalChain — It is the first company to leverage blockchain technology to maintain and store electronic health records to offer a telemedicine experience for patients. The people of these projects are real doctors from the UK as they wanted to change the system within it.
Gem — It is a blockchain project working along with the Centre of Disease Control to incorporate the disease outbreak data into the blockchain. This helps to increase the effectiveness of disaster relief and to record its response.
SimplyVital Health — This company is working on two health-related blockchain products under the development phase. The first one ConnectingCare will track the progress and status of patients once they leave the hospital. The other, Health Nexus, aims to maintain a decentralized blockchain of patient records.
Closing comments
With this, you might have gotten exposure to blockchain and its applications. The projects that I mentioned here are just the beginning! Much new is yet to come. But, it is very delightful to see all these developments coming in blockchain technology. With this, we can understand the vast potential of blockchain. Hope, a great revolution is going to happen in blockchain technology and we should be prepared to adore it. See you later in another interesting article!
