Top 5 Real-World Applications of Blockchain Technologyby Tim Josh Digital Marketing Analyst
Depending on the popularity and hype acquired by blockchain technology in the last few years, it won’t say that blockchain is definitely a game-changer and also it can be considered as the next big thing to occurred in the inventions of the internet. In simple words, it stores a record of each transaction that can be accessed by everyone who is all into the networks, therefore eliminating the requirements of a centralized authority. It stores and collects the information in an encrypted blockchain with much safety and security.
Let’s see at some of the top real-world blockchain technology applications over various industries here.
1. Supply chain management
The integration of blockchain technology in the supplychain industry can increase the overall efficiency of the supply chains and also give the exact identity of the location of each item in the supplychain. With this technology, it aids to avoid the loss of data, and also we can monitor the quality of the products while in production.
In the healthcare industry, the patients will be an important one to look through and also the need to keep the right information of each patient’s medical records safe and secure. Because the security and privacy of health data are very important. It can help to trach the batch and serial numbers of prescription drugs. Nowadays, some of the hospitals have started to record the patient’s data with the latest ways of handling the data and they are using blockchain technology to store each patient’s record confidential. With the help of access key provided to each patient can help them to access their medical records, therefore keeping the control of who can view the data. Patient’s diagnoses report can also be stored so that they can easily track the history of the patient’s health conditions.
3. Food safety
The use of blockchain in the food safety industry can have the ability to trace any kind of foods from its staring to your plate. By the use of an immutable feature of blockchain, the transport of food products can be traced from their beginning to the supermarket. In the case of food-borne infection occurs, the source of food contamination can easily be traced faster and accurately.
4. Digital voting
Avoiding fraudulent activities in the voting industry has always been a good concern. It won’t occur hereafter. You can make your vote truly with the help of blockchain technology. It could make the voting process more transparent and if any changes occur which can be easily identified by the regulators who are handling this process. The token-based system is created with the blockchain would ensure the system of “one unchangeable vote per person”.
5. Real estate
Ownership and property details are entirely stored in the blockchain networks, therefore it can be much easier to trace and transfer ownership safely and also can easily be viewed, altered, and updated whenever you required. To avoid the elimination of paper for the equation, it gives a very clear picture of the legal documents.
The above-mentioned things are some of the real-world applications of blockchain technology and it will continue to evolve and adapt more. Blockchain is one of the innovative technology which surprises most of the industries. The functionalities of blockchain technology are admirable and everyone has to remember that this is not the solution to any kind of problems and it suits according to the needs and surroundings. Because the applications of blockchain technology will vary from one industry to the other. So, if you are planning to build blockchain networks for your industries to keep your information more secure and safe from the hackers, reach out with an industry-leading blockchain development company. They can help you to build a blockchain network according to your business needs and circumstances.
Created on Aug 21st 2020 01:53. Viewed 185 times.