Where can blockchain be used effectively?

by Anii Jain Human resource executive

The blockchain can improve record-keeping in the public sector. It helps to reduce fraud and corruption by substituting the system with a transparent, distributed ledger. Blockchain can be used for vehicle registries, digital identities for individuals, voting records and benefits disbursements etc. Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and/or logging information.

Why the sudden need for blockchain? Blockchain is the vision of developers who believed that the current banking system had flaws. In particular, they viewed banks acting as third-parties and pilfering transactions fees as unnecessary, and they scoffed at the idea that payment validation and settlement could take up to five business days in cross-border transactions. With blockchain, real-time transactions are a possibility (even across borders), while banks are left out of the equation entirely, presumably reducing transaction fees.

You're probably wondering what this potentially game-changing technology can actually do in the real world. Well, wonder no more. Here are 10 potential uses for blockchain technology.

1. Payment processing and money transfers

2. Monitor supply chains

3. Retail loyalty rewards programs

4. Digital IDs

5. Data sharing

6. Copyright and royalty protection

7. Digital voting

8. Real estate, land, and auto title transfers

9. Food safety

10. Immutable data backup