New tech innovations are erupting rapidly. With the conception of the internet, human lives now travel back and forth between the real and the online world. From browsers to social media platforms, everything online somehow contributes to what we do in reality. One discovery that has taken the digital world by storm is Blockchain Technology. The functions and applications of Blockchain are beyond the Bitcoin that you may imagine as you hear the term Blockchain. Blockchain technology applications are varied. Conceived as the mechanism to support Bitcoin, the technology now aids fair and transparent transactions that save money and time.
The open and decentralized nature of Blockchain is now extending its applications to multiple sectors such as AI in healthcare, finance, supply chain, and even governance. Therefore, the time is not far when people will use blockchain applications in real life on a daily basis. That makes it vital that we learn about the technology and its applications. So, without further ado, let’s get started with blockchain technology and its applications.
Before we get started with blockchain applications, let’s first get our basics right about the technology. So, basically, blockchain is distributed digital ledger devised by Satoshi Nakamoto in 2008. It stores data in the form of blocks. Each block can store a fixed amount of information, so new blocks are constantly added to the ledger, developing a chain. A cryptographic “hash” is there with each block to keep its data safe from anyone without the mandatory code and protects its place in the chain.
The unique aspect of blockchain is that it is entirely decentralized. The distributed and immutable nature of this technology ensures the highest levels of security. And so this is the reason why blockchain applications are being adopted across various industries, as most of them prioritize data security and transparency. With this said, let us now jump to the core applications of blockchain that further explain the relevance of this outstanding technology.
The idea of information in the form of blocks is an excellent hit for cryptocurrencies. However, blockchain applications go beyond Bitcoin. The technology has multiple types of uses for various industries, big or small. Yes, this means blockchain applications in real life exist. Let’s dive in to learn all about it!
The healthcare ecosystem has patients at its core. So along with being treated right, the patients also have the right to information about their treatment. In addition, keeping personal details secure and confidential is also essential. Though there are several blockchain applications in the healthcare sector, keeping the data secure is the most pivotal. As hospitals now save their patient record in a digital form, they can use blockchain to keep the data confidential. For instance, they can assign serials and batch numbers of prescription drugs to track them easily. Also, the patients can be assigned a number key to access these records to monitor who can see their documents. The diagnoses can also be stored in the records for easy health history tracking. These are some examples of healthcare software development by blockchain applications in real life provided by systems like Patientory and WholeCare.
Read Also – Top Digital Trends in the Healthcare Sector
Technology employment always has been critical for the logistics industry. Blockchain certainly amplifies the ease of business by providing multiple benefits to this sector. First of all, since it keeps the data on a secure ledger, it becomes easy for the transit partners to communicate. Moreover, there is no fear of data breaches and security. Therefore, the application of blockchain in the supply chain management system can infuse trust and keep the information accurate, updated, and secure. Supply chain giants such as Slync.io, DHL, and more have already started using blockchain-backed logistics to maintain the digital ledger of shipments and the integrity of transactions.
Identity theft has been a soaring problem for years now. These crimes take place due to document forging or information hacking. Organizations and governments have seen a drastic improvement in controlling such incidences through the application of blockchain for keeping social security numbers, birth dates, birth certificates, and other sensitive information on a decentralized blockchain ledger. Keeping such data on a public ledger can be more secure than current systems that are more susceptible to hacks. Thus, Blockchain technology applications can resolve the issue of identity theft to some extent by allowing the right people access to vital information. Evernym, Inc., Civic, and other similar blockchain-based ecosystems are there to protect individual information from unauthorized access sources.
Though it may sound obvious, this application of blockchain technology is worth mentioning. As this was the original concept behind the origination of blockchain technology, it was meant to make money transfers more secure, lesser expensive, and super fast. Blockchain technology application has certainly eased it, especially for cross-border transactions. So, the popularity of cryptocurrencies does not come as a surprise. By eradicating bureaucratic red tape, maintaining ledger systems in real-time, and lowering third-party fees, blockchain can save organizations lots of time and money. Platforms like Algorand and Chain.io facilitate efficient and secure financial transactions using blockchain.
The “internet of things” is a system of interconnected gadgets that can communicate with one another and gather information that can be useful to make informed decisions. Once connected, any collection of “things” becomes an IoT system. Where does Blockchain fit into this, though? Well, this widely distributed system needs security, which Blockchain can provide. Here, blockchain technology applications can ensure the accuracy of data secured by IoT devices and that only authorized people can view it. The Smart Home, where all home equipment like lights, air conditioners, thermostats, smoke alarms, etc., can be paired together on a single platform, is the most famous example of IoT. Therefore, securing information for IoT devices is one of the best blockchain applications in real life.
Read Also – IoT Security Challenges and Issues
Smart contracts are similar to regular contracts, but they eliminate the middleman and offer degrees of accountability for all parties involved that are not feasible with conventional agreements. This is again an example of blockchain technology application in real life, as the contract rules are enforced in real-time on a blockchain. This ensures compliance from all parties involved while also saving businesses time and money. As industries, including government, healthcare, and real estate, learn about their advantages, blockchain-based contracts are growing in popularity. DEFINITELY, Propy Inc, and more use smart contracts on a decentralized blockchain network.
NFTs, or non-fungible tokens, have become the new means to acquire the rights to work relating to digital art. Placing an NFT on the blockchain ensures only one copy of a piece of digital art. NFTs can be used for a variety of purposes, but at their core, they are a means of transferring ownership over anything that data can represent. That may be a ticket to an event, a video’s broadcast rights, or a property deed. Anything even slightly distinctive could be an NFT. As it forbids data from being duplicated, this blockchain application is excellent for saving original art. It also contributes to making it similar to buying actual artwork without the hassles of storage and upkeep.
One of the most astonishing applications of blockchain is its ability to improve governance. The technology can possibly eliminate millions of hours of red tape every year, allow the application of smart contracts to hold bureaucrats accountable, and pave the way for transparency by recording all public activities. Another excellent blockchain technology application in governance is transparent voting. It can transform the way elections are held by implementing a decentralized system. Blockchain can boost civic turnout by enabling smartphone voting and satisfy the voters with incorruptibility and security.
In the creative industries, such as music, cinema, etc., copyright and royalties are major problems. These are artistic forms of expression, and it doesn’t appear that they relate in any way to blockchain. Nevertheless, this technology is crucial for ensuring security and openness in the creative sectors. There are numerous cases of plagiarism in music, movies, art, etc. when the original creators are not given the proper credit. Blockchain technology application can help as it maintains a complete ledger of artist rights. Additionally, blockchain can offer a safe record of artist royalties and agreements with major production corporations. What’s more? Through blockchain applications, artists can use digital currencies like Free Bitcoin to administer royalty payments.
Asset management, in general, entails the handling and trading of many assets that a person may own, including fixed income, stock, real estate, commodities, mutual funds, and other alternative investments. Normal asset management trading can be quite expensive, particularly because it involves several nations and cross-border payments. As it eliminates the need for intermediaries like brokers, custodians, brokers, settlement administrators, etc., Blockchain technology applications for asset management can be a huge aid in these circumstances. The blockchain ledge offers a straightforward and transparent procedure that eliminates room for error.
The applications of blockchain technology can become a powerful tool for democratizing data that encourages transparency and ethical business practices. As the world becomes faster and more modern, transactions will also become rapid. As a result, the adoption rate of blockchain technology applications is also predicted to rise. With reduced costs, robust security, and better transparency, blockchain technology applications in real life have the potential to replace traditional systems of operations in multiple industries.
May 11, 2022
May 1, 2023