Top 5 Real-World Applications Of Blockchain
Blockchain technology’s growth has paved the way for a new range of technologies across the various verticals of the organization. Every part of business activity now seeks support and assistance from the Blockchain, from human resource management to financial management. In the year 2009, this distributed ledger technology originated as an underlying Bitcoin trading mechanism. Its features such as decentralization, accountability, data protection, and others, however, attracted the attention of developers and Blockchain soon emerged as the mainstream technology. Many of the market niches of this DLT are now reaping benefits.
As far as practical applications are concerned, the use of Blockchain is not restricted to whitepapers, but rather the technology has its roots spreading; Deloitte, Facebook, IBM, Wallmart and many others are actively using this technology. And it’s not about the big names when we talk about Blockchain-based enterprises. Instead, several start-ups have entered this sector with the ultimate goal of making this technology unfailing and popular.
5 Real-world Blockchain applications:
Here we will illustrate how the Blockchain developers have made this technology useful in the real world:
Smart Contracts: Smart contracts are the first example that we want to bring forward here. Such digitized contracts have the power to alter the way agreements work. The credit for building smart contracts goes to Nick Szabo. On a computerized transaction protocol supervised by several nodes linked to the Blockchain network, Blockchain-based smart contracts operate. In various segments, such as real estate, law, and finance, the functional usefulness of smart contracts is then used.
Voting: Voting is one of the impressive applications of Blockchain technology. The protection of the voting system has always been a matter of concern, and Blockchain could be a possible solution for those who challenge and criticize the voting system. We can produce voting encryption with the Blockchain, rendering the whole system free of data attacks and threats. The voting system is thereby made more straightforward and infallible.
Healthcare: Fighting the epidemic of counterfeit drugs is a significant concern that needs prompt attention; a large amount of data and medical information is also gathered by healthcare. It can be a little difficult to preserve and access this information using the traditional platform, but it can ensure data portability, integrity, and security with the Internet of Medical Stuff (IoMT) and medical review systems using AI and Blockchain. This will also help to keep a balance on the preservation of patient health records and medical history.
Food safety: Blockchain will change the entire supply chain management system that spreads from growers, brokers, distributors, regulators, and finally, the customer, as per technology experts. The food industry needs transparency in the current scenario, but we will definitely have a system that is much more transparent and safe with the intervention of Blockchain technology. Blockchain increases traceability, thus ensuring that the past of pf goods can be easily traced by customers, thus ensuring the origin of food, packaging, and supply.
Cybersecurity: Definitely, this point requires a great deal of focus. Personal information and data have been exposed to the virtual world through the rising focus on digital forums. While businesses follow an improved security framework, it has also made it easy for hackers to target and steal personal information from the security system. According to the Identity Theft Resource Centre report, there were about 668 cases of data breach leading to a compromise of 22,408,258 records between January 1st 2018 and July 2nd 2018, and this is only one example, there are many other instances where we have seen cases of a data breach, and thus there is a need for a system that can guarantee the system’s complete safety and protection. With Blockchain, we can definitely claim that this distributed ledger platform would make it simple for the consumer, free from data attacks and hacks, to place their data and records on the framework. Because all DLT data is encrypted cryptographically, the system is much safer and more reliable than the traditional system.
There are some of the real-life instances in the real world of how Blockchain is used. In these times to come, we expect Blockchain to achieve 67.3 percent CAGR growth by 2025. For Blockchain developers and Blockchain experts, all this will open new avenues of development and job opportunities. If you too are one of those eager to develop your career well, you must consider going ahead with Blockchain certification by the Blockchain Council.