What are the fields where Blockchain can be used, and how?

by Anii Jain Human resource executive

A blockchain, originally blockchain, is a growing list of records, called blocks, that are linked using cryptography.

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

2017 was the golden phase for cryptocurrency generated from blockchain technology. It is mind-blowing to see how a hasty increase in the demand of blockchain technology has been. Well, the reason being that the developers found an unnecessary requirement of third parties such as banks to reduce transaction fees. With higher development and research in the technology, blockchain has a far wider application today, moving beyond just transactions and cryptocurrency.

Money Transfers and Payment Processing

Typically, blockchain has been in use for transfer of digital funds or currencies from one party to another without any cyber risks. Usually, most of the transactions processed via blockchain can be completed within seconds thus making it very fast.

Retail Loyalty Rewards Campaigns

Blockchain can be used as a go-to for the loyalty rewards for the customers. Create a token-based system to store the tokens within the blockchain technology to give them incentives. This will help any retailer to gain loyal customers while eliminating fraud and cumbersome paper-work.

Digital Identities

Microsoft is looking for a solution to deal with the face identity challenges. Experts at Microsoft are, therefore, planning to create a decentralized digital ID to allow users a way to access their digital identities.

Data sharing

In November, Cryptocurrency IOTA launched a beta version for its data marketplace for easy trade of unused data. Therefore, blockchain can help in storing and accessing the unused data to utilize it in a better way.

Monitor Supply Chains

When it comes to monitoring supply chains, blockchain has shown a remarkable scope. It will eliminate paper-based trails to make the supply chain process efficient while tracking goods in real-time.

Blockchain has given developers a possibility of real-time transactions, eliminating pilfering transaction fees, and transaction settlement in a few seconds. Developers at Sphinx Worldbiz are working tirelessly to unfurl more scope to deal with the current and future market challenges with blockchain.

So, what is Blockchain, exactly?

Essentially, Blockchain is the tech behind cryptocurrency. It helps with the decentralized nature of cryptocurrency through a distributed ledger technology.

Essentially, Blockchain is a digital ledger.

A digital ledger that acts as a decentralized database for all transactions.

But it has the capacity to be more than that. When we start applying Blockchain to sectors other than cryptocurrency, the potential payoffs are Huge.

The fields where Blockchain can be used are:-