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While talking to a friend of mine on Quora, I realized that the majority of people believe that Blockchain and cryptocurrency is the same thing. Both are synonyms for each other. However, it is not so. There’s a considerable difference between these two terms.
Backed by this thought, I’m going to highlight the 7 different use cases of Blockchain technology in this article beyond the crypto currency. But firstly, let’s look into what is a blockchain and cryptocurrency.
Cryptocurrency
A Cryptocurrency is a token used for sending or paying within a network for transactions. Other times it is used to digitize the value of an asset.
Blockchain
Blockchain, in a layman’s language, is the platform which brings cryptocurrencies into action. It is the technology that serves as a distributed ledger that establishes a network. These networks, then further, generate the need for transacting and empowering the transferring of value and information.
Now, as you are familiar with the difference between the two terms, you must be interested to know what can Blockchain technology be used for - beyond cryptocurrencies. Aren’t you? Without further ado, let’s dig deeper into the applications of Blockchain in the market.
Applications of Blockchain (Besides Cryptocurrency)
While both Blockchain and Cryptocurrencies have gone hand in hand for a while, the Blockchain technology has evolved out to be something massive. The technology has unveiled its potential to disrupt the whole world with exquisite features and possibilities. Some of the considerable ways Blockchain is revolutionizing the world (per industry) are-
1. Blockchain in Healthcare
Blockchain technology is working on making the best healthcare services available to all. The technology is expected to protect the patient records via secure storage and data access mechanism. Besides, the Blockchain is supposed to make the diagnosis process efficient by empowering the doctors to share their thesis, reading, and reports with other medical practitioners across the globe. The technology behind the cryptocurrency is also considered as a potential medium to collaborate with the healthcare industries with others, including insurance. One significant brand name in this context is Patientory which enables the patients to easily access their data and share it with doctors and other medical practitioners who need this complete medical history for delivering exquisite healthcare solutions.
2. Blockchain in Supply Chain
From fuel price to the overproduction of goods, less storage space, and inefficiency in dealing with the harmful wastes, the supply chain industry is facing numerous intractable challenges. Blockchain, the technology behind the crypto currency, can serve the industry with significant solutions.
With the introduction of Smart Contracts, the blockchain technology can make it possible to lock the funds into a contract, restrict the production scale, and consume/reuse resources in a more optimal manner. The two such blockchain projects transforming the Supply chain industry are ShipChain and VeChain.
3. Blockchain in Government Area
Even in the biggest democratic nation, the voting power is manipulated to favor the participating parties and leaders. In such a scenario, the blockchain technology will redefine the voting system and other activities under the government arena by adding transparency and security to the system. One such implementation of Blockchain is Horizon State. It is completely focused on voting purpose and let you get an access to the immediate recognition of votes at a comparatively lower cost than the traditional voting system. The tokens of the platform are taken as the ‘gas’ for voting and other services, which comprises funding for campaigns.
4. Blockchain in Communication Sector
Encrypted communication channels have already entered the communication world. However, the bigger picture will come into existence with the incorporation of Blockchain. According to the current market scenario, various popular messaging platforms like Slack, Telegram, and Kik are investing in ICOs. Besides, various new entrants have started looking forward to integrating blockchain for an end-to-end secure communication, like Crypviser and Mercury Protocol.
5. Blockchain in Forecasting Industry
As the world continues to ponder upon the blockchain future, the technology has made its way to the Analytics and Forecasting industry. With a secure and real-time access to comprehensive, accurate transaction records to encourage data analysis, the blockchain technology streamlines the process of forecasting. The very best example of this blockchain application is Augur.
For those who don’t know, Augure is a program based on Ethereum blockchain that enables the users to forecast events. These users can bet on different elements in this decentralized system and enjoy rewards for making the accurate predictions.
6. Blockchain in RideSharing Market
For a long period, Uber and Lyft remained the monopoly of the ridesharing industry. However, with the introduction of Blockchain, the future of the industry will change and the clear sign of it is Arcade City. This Blockchain-based platform empowers the drivers to set their own rate, offer additional services while receiving tips and better perks in return. The drivers no more need to give all of their earning to Uber and Lyft and struggle for earning a healthy wage.
7. Blockchain in IoT Business Vertical
IoT, the technology with which our smartphones will actually talk to our houses, cars, and toasters, is also making a room for Blockchain. The Blockchain technology, with the absence of a centralized system, is supposed to deal with the potential security and transactional concerns related to IoT system. Besides, it will make it easier to integrate monetization transactions between different devices easily and swiftly. IOTA and Waltonchain are two big names of this application of Blockchain.
The aforementioned 7 use cases are just like the tip of the iceberg. The Blockchain technology has already been considered as the hottest technology of the time, and holds much more under the blanket to disrupt our world. Cryptocurrency is just the beginning of this journey, the future scope of Blockchain is beyond our imagination.
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Author Bio:- Holding a Bachelor’s degree in Technology and 2 years of work experience in a mobile app development company, Bhupinder is focused on making technology digestible to all. Being someone who stays updated with the latest tech trends, she’s always armed to write and spread the knowledge. When not found writing, you will find her answering on Quora while sipping coffee.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.