Uses of blockchain beyond cryptocurrency
Blockchain is a term that is widely used in the finance market as a way of securing data with the help of the internet. Maximum people are acquainted with blockchain in terms of cryptocurrencies like the most popular bitcoin or growing Caizcoin. Little do they know that cryptocurrency is only a byproduct of blockchain technology and that this technology was coined with much more potential than crypto.
Blockchain is a distributed ledger of the database, permissionless in nature, where the records like transactions are stored securely. There are many applications and uses that this technology has to offer other than cryptocurrency. Stick to this blog as we discuss some of the most important and common uses of Blockchain technology.
One of the major uses of blockchain is definitely for the transfer of funds. Digital wallets are a medium of transferring funds from one wallet to another with protection. It makes payments secure, more efficient, and automated.
Digital wallets cut off the major processing time, unlike the conventional banking system that takes 24 hours to 7 working days in processing the funds.
Medical health records
If you have a record of your medical history, then blockchain technology is the best technology for you. Decentralization in medicine is a boon and blockchain is nothing but a cherry on the top as it helps in saving the patient’s life. The patient can own their medical record and control the access of unauthorized third parties on their health record.
Since health records are stored and shared across the world, the patients need to have control over them.
Copyright on digital contents
Ever wondered why some videos are taken down on video streaming platforms? It is due to the copyright infringement act that prohibits the usage of someone else’s work on your channel. Blockchain technology advances this by providing a sum of money as a fair share for content developers and musicians for their work.
Blockchain helps in distributing the deserving share of funds generated by content downloads on a particular website.
The businesses facing troubles initially can say good-bye to the traditional methods of data storing in the form of spreadsheets and email. Blockchain helps in storing multiple data on a trusted ledger. Condition of materials, address, and GPS location is the accessible data in this blockchain.
The company needs to understand blockchain and implement it in its management for a faster and easier supply of chains.
Surprised to read that blockchain is even helpful in the food sector? Well, it is helpful for you in tracking the supply of food products. It helps in ensuring the safety of food as it is delivered from its place of origin to your location. It is safe because if stale food is detected, it takes faster action to find the cause.
Trading of stocks
Blockchain technology automates everything you think of, even equity trading. It undermines the otherwise lengthy process of buying and selling shares. After a digital verification of your identity, blockchain allows instant buying and selling of shares. Overall, it speeds up the transaction and investment on stock(s).
Securing your assets
Blockchain supports the internet of things that provides the resident with a digital key. This key unlocks the authority of the assets like the house gate and car. It shows that these assets are non-accessible without the owner’s permission that helps in saving them from unwanted thefts.
Hence, these are some of the most vital and day-to-day applications of Blockchain other than Cryptocurrency.
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