The idea of Blockchain was developed as the ‘supporting technology’ to solve the double-spending problem associated with cryptocurrency. Blockchain is an encrypted, decentralized, shared, and immutable ledger that facilitates the process of recording transactions and tracking assets in a network. One of the key features of Blockchain is its ability to share data in a fast and secure way among entities. Also, the digital ledger is accessible across hundreds and thousands of computers and is not bound to be kept in a single place.
Blockchain technology has more such potential use cases apart from just serving as a fuel for cryptocurrency and bitcoin. With its ability to create more transparency, business giants, government agencies, and non-profit entities are leveraging blockchain technology to improve their existing processes to simplify systems and make them more fast and efficient. Keeping that in mind, let us take a look at the 5 brilliant applications of blockchain adopted by various
Blockchain in Medical Field
Blockchain technology also allows patients and doctors to maintain constant communication. And with readily available and clear-cut medical history any doctor can quickly understand the patient’s problem and diagnose them easily. Apart from this, doctors no longer have to wait for insurance information. Blockchains can automatically verify whether a patient has their insurance covered or not.
Also, Blockchain technology in the human genome sequencing sector helps in understanding different genes by making personal genomics more accessible and affordable. The DNA information of the individual can be kept private through blockchain-based encryption, so the user data can never be stolen.
Media Royalty Tracking
A major problem faced by the media sector is data privacy, royalty payments, and piracy of intellectual property. According to a study, the digitization of media has caused widespread sharing of content that infringes on copyrights. With the help of blockchain technology, the media industry can overcome data rights, piracy, and payment issues.
Blockchain technology can prevent a digital asset, such as an mp3 file or video, from existing in multiple places. The digital data can be shared and distributed while also preserving ownership, making piracy virtually impossible through a transparent ledger system. Also, blockchain can maintain data integrity, allowing advertising agencies to target the right customers, and musicians to receive proper royalties for original works.
Blockchain in Internet of Things
The Internet of Things (IoT) is the next major boom in blockchain applications. IoT has millions of applications and many safety concerns. An increase in IoT products means more chances for hackers to steal data from an Amazon Alexa to a smart thermostat.
IoT is a network of interrelated computing devices, sensors, digital devices, mechanical machines, or objects that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things safer and smarter. The data can be encrypted and real-time information can be constantly monitored with the help of blockchain. With decentralized solutions, blockchain can empower the IoT devices with multiple credentials management.
Application in Smart Contracts
Smart contracts are just like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability and transparency for all parties involved. This saves businesses time and money, while also ensuring compliance from everyone involved which is not possible in traditional agreements.
Blockchain-based contracts are becoming more and more popular in sectors like government, healthcare, and the real estate industry. Blockchain contracts help patients and doctors securely transfer sensitive medical information. The smart contracts establish the parameters of what data can be shared and even display details of personalized health plans for each patient.
Applications in the Logistic Industry
The supply chain and logistic industries face problems like shipment tracking, lack of communication, and transparency among themselves as they are large in numbers. Blockchain technology can be the best solution for logistic companies to handle a proper track record and transparency issues.
Blockchain is not only safe but a cost-effective solution for the logistics industry. By adopting blockchain technology the logistic industries can keep track of the data which enables data transparency. Blockchain technology helps in maintaining the digital ledger of shipments and the integrity of transactions. Also with blockchain, the logistic industries can move towards fully automated processing. Thereby, monitoring the progress of their shipped goods, house information on drivers and materials, and managing payments.
Nowadays, blockchain technologies are being used in various businesses to support their operations. Blockchain can be the trustable solution to problems like data processing, transparency, decentralization, and data security.