Blockchain technology’s decentralized nature has taken ahold of the public’s attention since cryptocurrencies were launched.
The concept of a data that holds all transactions and is readily accessible without a central authority is fascinating, to say the least. Not surprisingly, it works well with other industries and has many applications.
Here are a few real world examples of Blockchain technology in play.
Healthcare
Blockchain technology will find itself right at home in keeping patients’ health records. The convenience is there- not one organization will have control over them, and the patient is free to access, read and transfer his or her information to another facility if need be.
In the transition from paper to digital Blockchain can prove to be an invaluable medium. Everything from records pertaining to prescription drugs, diagnostics and hospital information can be stored there.
Finance
Traditional financial tools are cumbersome, slow and prone to error. In most of them a human validator was needed to ensure everything is kept up to date.
When Blockchain is introduced the process becomes more transparent, useful and cost-efficient. Business processes involving settlements and brokerages can also benefit from the decentralized technology.
Bitcoin trading algorithms and sites such as Bitcoin Era are directly affected by Blockchain. With the Bitcoin Era app you can make favorable trades in a secure environment and know when to buy or sell Bitcoin.
Government
The beauty of Blockchain is that it’s virtually tamper-proof. Couple that with sensitive and open data usually found in government records and the two seems to be a match made in heaven.
Readily accessible data is certainly appealing to the citizens, while the powers that be can save time and money for other improvements. Furthermore, the technology is host to self-managing platforms that can be used by various agencies and NGOs.
The Internet of Things
The world is heading to an IoT-centric households and businesses where smart devices complete manual tasks.
Blockchain’s innate secure aspect will certainly help, but it shines when performance and control is involved. Each connected device will not only be protected but it can provide information or data over a central platform anytime.
Real Estate
Through the use of smart contracts and cryptocurrency those who wish to purchase real estate will find everything they need on a central server without having to hire a broker or lawyer.
Title management can also benefit from the technology. Real estate deals can be brokered in Blockchain, with data being readily available for those concerned.
Cryptocurrency
Cryptocurrency has innate Blockchain technology, which serves to disrupt industries that utilize them.
Cryptocurrencies are not just digital assets- they can be used to simplify traditional processes, such as those in finance, real estate or banking, among others.
Blockchain application is growing by leaps and bounds, and the future holds untold possibilities for the technology. There are already decentralized apps and decentralized finance platforms that are gaining massive audiences. It’s only a matter of time before we see Blockchain in play for just about everything we do on a daily basis.