Blockchain technology collects and stores information without the risk of getting hacked.
It is a decentralized digital ledger that records transactions for virtual currencies without the need of a bank. It has many real-world uses apart from cryptocurrencies, and in the future, it could be part of our everyday life.
Below are five uses of blockchain apart from cryptocurrencies:
1) Supply Chain And Logistics
The use of blockchain in supply chain management has grown over the years due to its spontaneous advantages. Managers enjoy increased efficiency and cut in costs. Businesses have started to adopt this technology for its reliability and controlled transactions without the risk of tampering with data.
Blockchain purchases on behalf of the business and negotiates terms with suppliers. It stores all relevant data of the sales volume and audits are conducted without the need to cross-check. It also tracks and locates items in real-time that strengthens its security.
The technology helps the business prevent theft, cyber-attacks and middlemen costs. It also tackles shipping problems. Mis-shipped, mislabeled and stolen cargo accounts for a $50 billion loss per year.
The consumer-good giant Walmart has recognized blockchain technology to overcome the risk in food supply chains. Walmart believes the technology can help prevent food contamination issues that once occurred in China.
2) Health Care
Health care firms have started to adopt blockchain for storing and sharing secure information. It has lots of advantages in the health sector, including protection of data and keeping electronic health records.
Tracking and securing medical supplies are done through it without the potential risk of fraud.
From 2009-2017 over 176 million data breaches occurred in healthcare records. It prevents that from happening. It is why many healthcare centers are opting for this technology.
BurstIQ is the leading provider of block-chain based solutions for healthcare. Its blockchain network helps the patient and doctors transfer sensitive information. It manages health and identity data for its users.
3) Digital Voting
You do not need to worry about voter fraud with blockchain. The votes are cast digitally, and the transparency enables the regulators to view any changes. Blockchain adds to ease of voting, and its unchanging nature makes your vote count.
4) Money Transfer
Before blockchain, cryptocurrency was not worth much. Blockchain made it relevant and secure. The technology removes banks from the equation and makes transfer of payment available every day of the week. The transaction cost given to third-party are conserved.
Transactions are processed within a matter of seconds with blockchain.
The company called “Chain Analysis” based in the US, helps the government monitor cryptocurrency transactions. Its tools help tackle issues like money laundering and trading frauds.
5) Personal Security
Digital storage of data has made it prone to hacking and lead to identity theft. More than 16 million Americans complained about Identity theft in 2017 alone.
Storing sensitive data like birth certificates, banking details, and security numbers in a decentralized ledger would drastically see a drop in such cases.
Apps like Civic and Evernym are the major apps in the US that use blockchain technology. Civic app gives insight to the user about who has their information. The user signs a smart contract, and if broken, the user is informed immediately.
Evernym acts as a medium of communication between the two parties. It also stores and varifies user’s information in real-time.
Conclusion
Blockchain technology is here to stay. It was through blockchain that cryptocurrency reached astonishing heights. Our data with this technology is now more secured than ever, and it could bring a new digital revolution worldwide. With time, people are realizing the potential of blockchain. It could lead to the adoption of cryptocurrency all over the world.
