Real world blockchain applications in the industry

Real world blockchain applications in the industry

Blockchain technology has been disrupting most of the industries across the globe. As most of the cryptocurrencies such as Bitcoin, Ethereum, NEO, etc are ruling the world with its unique applications.

The discovery of Blockchain technology has been the most promising thing which has introduced digital transactions that are performed in a secure manner. Giant industries such as Healthcare, Finance, Agriculture, Governments, etc have started adopting this technology to make their process simple and automated.

This article explains the top 5 Blockchain applications in the real world.

Real World Blockchain Applications:

Cross Border Payments

Payments can be made in seconds on leveraging Blockchain. In traditional payment systems, settling the payment between the countries is a complicated and time taking process. Thus, during the transfer of goods, both the central banks as well as commercial banks are completely involved.

There are a lot of challenges involved when it comes to traditional payment methods such as liquidity, jurisdictions, time, etc. Hence, in order to resolve all these factors, Blockchain Adoption can be a better choice.

Blockchain technology can resolve all these pain points and enabling secure and safe transactions between the infinite number of ledgers of the bank. Thus, the transactions are happening without a middleman for facilitation, unlike traditional methods.

What blockchain can do for cross border payments?

  • Cost-Efficiency
  • Quick Settlements
  • High-end Security
  • Transparency
  • Reliability

 

Cryptocurrency Exchange

Cryptocurrency exchanges are trading platforms where users can buy or sell cryptocurrencies instantly. These exchanges make use of Blockchain technology to facilitate transactions.

Since most of them are involved with hacks and security breaches, blockchain can minimize the risk to a lower level. Moreover, with the increased adoption of cryptocurrencies, entrepreneurs in the industry are looking to start their own Bitcoin Trading Platform.

People purchase P2P cryptocurrency exchange script which is written in PHP to launch their dream platform. If you are one such person, make sure you adopt Blockchain technology for development.

What blockchain can do for cryptocurrency exchanges?

  • Privacy
  • Quick Settlements
  • Unhackable
  • Transparency

 

Secure Sharing of Medical Data

Most of the medical industries are struggling to handle and store a huge amount of data in the industry. As the industries make use of medical data such as the patient’s history, the disease details, total amount to be paid, etc, this involves a huge set of data and it needs to be stored & used securely.

In addition to financial transactions, Blockchain can secure and verify any personal, legal and business records of patients by resolving the issues of security and provide an efficient and verifiable manner.

What blockchain can do for medical data?

  • Patients can completely control their data
  • Medical history can be completely tracked
  • Transparency

 

Voting Approach

Voting has been the most important mechanism which can remain benefited from Blockchain technology. As it involves fraudulent activities, on the adoption of this decentralized technology, this can be completely resolved.

This means that blockchain-based voting applications can take full control of security since any hacker trying to access the data cannot affect the nodes present on the Blockchain network.

Voters here can easily submit their votes without revealing their personal identity and their desired political party to the public. Hence people can vote to their own preferences since there are no chances of fakes and multiple vote casting.

What blockchain can do for voting?

  • Fraudulent data can be determined and eliminated
  • One person can vote a single time
  • Privacy

 

Supply Chain & Logistics

In today’s world most of the applications with the Supply Chain & Logistics industry aren’t involving Blockchain. As there are issues detected with traceability, time, on the adoption of Blockchain Technology, this can be completely resolved to greater heights.

One of the biggest benefits of Blockchain here is the factor of interoperability. Companies can easily share their data with manufacturers, couriers, vendors, suppliers, etc whoever involved in the process.

This enhanced transparency can bring in a reduced delay in delivery without any disputes involved. In traditional systems, there are chances of middlemen getting interrupted. With Blockchain, the process becomes simple and efficient.

What blockchain can do for supply chain & logistics?

  • Easier Access to a data
  • Traceability
  • Security

 

Conclusion

With the increased popularity of Blockchain technology, we can expect them to influence the future as well. In addition to these industries, other sectors such as Banking, Finance, Life Insurance, Oil & Gas, Identity Management, etc have also adopted them.

Most of the Governments are looking to make Cryptocurrencies to be a legal thing which can also be adopted with Blockchain technology. Let us wait and watch for the performance of Blockchain technology for the year 2020.

 

Author Bio

Hey, This is Akshara Singh, Crypto Writer at Coinsclone. I have a great passion towards Cryptocurrency & Blockchain and love to share my ideas through impeccable content. If you don't find me involved in writing, I will be a great bookworm.

Publication date: 
02/11/2020 - 14:45
Author: 
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.