With Bitcoins and blockchain being two of the most talked about segment in the technology world, it is not a surprise if you find yourself attracted to this sector. In fact, it would be the most natural thing to do, given that blockchain is now being treated as a prominent technology for the future.
When we talk about blockchain application, the first thing that comes to our minds is what are the real-world uses of this technology, or if it has one. The good news is that blockchain is much more than just a platform for cryptocurrency to operate.
In the most basic terms, the blockchain is a technology that provides a way for performing secure and transparent transactions involving digital assets like cryptocurrencies. In technical terms, it is a decentralized, distributed public ledger that verifies and stores all the transactions that pass through it. As a technology, the blockchain has immense applications in every sector which involves a digital transfer of valuable assets and/or information.
The problem with cryptocurrencies like Bitcoin is that they are highly volatile in nature. This limits their general uses by a large audience. However, the underlying technology, blockchain, is not limited by any such issues. It has the power to be used in relevant applications in a wide range of industries. Following are some of the most significant benefits of blockchain for businesses in a variety of sectors:
The major problems of the supply chain industry include lack of transparency and high cost. Blockchain can effectively deal with these issues by providing a secure way of tracking the movement of supplies while reducing the cost of communication and transaction.
Accounting and Record-keeping
Security remains a big concern with online storage of records and any type of digital files. Blockchain provides a secure way for not only storing but also transferring such records without any human intervention and less chances of error.
Voting is one of the areas which are seeing active use of blockchain-based applications. Even some of the governments have started experimenting with this technology for conducting completely electronic and fraud-free elections.
Freelancing is one of the fastest growing industries around the globe. The freelancers’ problems of finding reliable and cost-effective platforms for work can be resolved by the blockchain technology. EraSwap is one such project which involves building a blockchain-based platform to allow freelancers to provide services directly to potential clients, eliminating the middleman, reducing the cost and increasing the transparency.
The healthcare sector can also benefit a lot in terms of decentralized public access to records and data of medical care, hospitals and doctors which will enable patients to get the right care at a right time and in their budget.
There are many other industries, such as quality assurance, banking & finance, stock exchange, digital identity and energy supply, which can benefit immensely by the applications based on the blockchain technology. The attempts to improve the blockchain technology to make it suitable for general uses and worldwide applications are ongoing, and it won’t be long before we will see many more such applications out there.