When someone talks about the potentialities of technology in the future, all that comes to mind is the blockchain technology. In a short span of time, blockchain has benchmarked its array of services and extensive possibilities in transforming the human life. Blockchain applications have been implied in all sectors of industries bringing qualitative changes in conduct and transactions. If you are prudent enough in tech matters, you can see that the Blockchain is constantly bringing up new innovations in multitude areas changing human life splendidly.
This blog defines different and possible blockchain applications for the global market.
If we look at the conventional transactions, it quite evident that cross-border transactions are very expensive and time-consuming. The existing payment methods incur a lot of service charges in sending across the money global. People are largely getting exploited by middlemen or the intermediaries involved in these processes.
Cryptocurrency acts as one of the prime blockchain application to eliminate the aforementioned problems. This digital currency can act as a smart solution for sending the money internationally. Even one can use this blockchain application in any goods or service exchange. Cryptocurrency enhances a rapid, inexpensive and transparent transaction. It assures a peer-to-peer transaction with no middlemen intervention.
Today the blockchain application has spawned cryptocurrency wallets offering individuals an easy platform to send and receive money. An individual with an internet connection can easily involve in lending and raising capitals. One can easily surpass the pitfalls like expense and time taking of the conventional banking or traditional financial institution frameworks.
2) Supply Chain Management
Lack of transparency and friction is always seen as a major concern in the supply chain market. The percentage of consumers receiving counterfeit goods is rising as days pass by. The whole supply chain process has turned cumbersome with too many go-betweens middling the manufacturer and supplier. In the process, a single transaction takes into the form of multi-step procedure making the supply chain lengthy and expensive one. It is often seen that it takes days to make a payment between the manufacturer and a supplier, or a customer and vendor.
Blockchain acts like a proven technology in supply chain processes. Blockchain leveraged supply chain management enhances any form of exchange, agreement, or tracking process. Blockchain can imply solutions like self-executing smart contracts, digitalization of assets enabling easy tracking of products, automated cold chain management, last but not least an easy and rapid payment mode. The lack of transparency is totally eliminated by implying blockchain solutions to supply chain management.
Blockchain powered supply chain management yields many advantages. From increased transparency to verifying authenticity, blockchain technology streamlines every supply chain processes.
3) Digital Identity
Today the individuals and organizations have hardly any control of their personal data. With the advent of digital transactions, people often are prone to submit their data, create accounts and passwords online. This is often shared among the network without end users awareness. As a result, the percentage of data breaches, identity thefts like forging of documents, duplication, and misplacement are susceptibly high.
The advantage of Blockchain technology is that it in-house the data in a decentralized, trusted and immutable way. To this reason, data breaches and identity theft hardly take a room in Blockchain powered identity management. Here, the individual's identity is stored in a secure and tamper-proof platform. Also, it gives the end user self-the status of sovereign identity. Unlike traditional, instead of giving broad consent to applications, here the end user can regulate their consents over data management. The end user can any time revoke the access to his digital identity under blockchain.
Voter fraud is susceptibly high in today’s voting booth. Secondly, the physical presence of voters in casting booth significantly brings down voter turnouts, end resulting in a biased and inefficient voting opinion.
Blockchain enables to make the entire voting mechanism to go online. So it’s quite evident to question the credibility and security of the online casting. Here comes the role of blockchain technology for voting eliminating every concern of voter fraud. Blockchain proves its versatility in establishing a clear record of votes, making immune to hack or forge. Blockchain’s tamper-proof characteristics make the whole process reliable and easily carried via online rather than going in person like the traditional voting method.
Counterfeit drugs, illiteracy on patient’s medical history adds to the current adversity of the healthcare sector. With blockchain technology, one can eliminate a large set of problems via enhancing real-time and reliable transfers of information.
Using the public distributed ledger technology of blockchain, health care can create a secure and tamperproof database for storing patient’s medical records. An infinite volume of data can be stored on the blockchain network, making it easier for the doctors or other medical professionals in accessing or sending across the patient’s medical history for reference. Thus a better understanding of the patient’s medical history is established for providing quality treatments. All data’s with respect to the history of drugs, history of diagnosis, examined doctors are easily accessed by the concerns for their reference.
Secondly, the blockchain powered medical supply chain brings down the rate of counterfeit drugs. Under blockchain anchored supply chain, one can easily check the authenticity of drugs, track its location if the drug is in transact, check the validity of drugs and more.
The insurance companies face in numerous challenges in terms of fraudulent claims, stiff competition, third-party transactions, compliance and complexity over handling huge amount of data and more. There are many insurance processes that are yet to streamline and lock under security. One of the major concerns to the insurance industry is the security of digitally moving money.
The introduction of blockchain technology in insurance management can widely promote trust, transparency, and stability among insurance procedures. Blockchain’s public ledger technology is vested with power that can eliminate every suspicious transaction happening under the jurisdiction of insurance companies. It helps in verifying the customer authenticity, evaluation of policies, policies, analyzing historical records making immune to hacking and other fraudulent activities. Secondly, any size of data can be stored in a decentralized, immutable and trusted manner giving real-time access to authorized. Blockchain provisions with creating digital fingerprints, making whole insurance proceedings highly secure and reliable. Seamless third-party transactions help with reduced administrative costs.
Today millions of mass across the globe are involved with donations to charities. There are numerous platforms working as middlemen or the mediators supplying donations to several charities across the globe. However, it remains vague to the public, where these donations getting utilized and implemented. The charities provide very little insight into this kind of information. Today, charity fraud is a matter of concern with ever-growing misconceptions and distrust on the donations and how they are used.
Blockchain’s decentralized platform can revolutionize the way people will make donations, conduct charitable campaigns and fundraising. With the blockchain technology, one can ensure completely transparent and publicly accountable donations. Blockchain enables to connect more people, involve them with donations at less cost and less complexity, that too keeping transparency supreme. The people on the blockchain network will get a complete insight into how their donation is used, and how it benefits others.
Investing in high potential projects involves larger risks and complexities. Also building sufficient amount in short term and getting connected to net-worth individuals is quite challenging and tiresome.
Blockchain comes with solutions for the aforementioned problem. Blockchain can be utilized as the platform for fundraising activity. The public ledger technology has already made its mark via conducting different kinds of ICOs. The Initial Coin Offering has laid a landscape for business enthusiasts and non-business men for investing in promising projects.
The blockchain applications are many as you dig deep into the subject. It is no doubt that blockchain will transform the future never like before. Every industry is soon going to witness the tremendous application possibilities of the blockchain.