Blockchain Uses: Beyond Cryptocurrency  

Blockchain and cryptocurrency are the words that have been around for a while now. This revolutionary technology changed how we view centralized systems forever. It opened new doors for developing decentralized, secure, and trustworthy systems. Initially, the use blockchain was limited to cryptocurrencies. But as the understanding of the technology got better, deeper new ways of utilizing this technology have emerged. In this blog post, I will tell you a few industries and places where blockchain technology can create better systems and what will be some of its benefits. So, let’s explore this topic in detail.  

What is Blockchain

Blockchain in simple words:  

First, let’s understand blockchain in simple words. Blockchain is a technology that is so popular because it helped decentralize the financial world. For example, the cash you have right now in your wallet is a legitimate form of money because it has a serial number written on it given by government-authorized banks. These banks are the central authority here. So, this thing where a central authority keeps the record of all the transactions and data is called centralization.   

Centralization can be subject to corruption and is usually not 100% trustworthy.   

This problem of centralization is solved with the help of blockchain technology where everyone can access data, and no one can change or temper it. Now no one is in authority and the system is completely transparent.  

Blockchain in some technical words:  

Blockchain is a data structure that stores data in a series of blocks. These blocks in a data structure have information about the previous block which when tempered could be detected. The blocks in the blockchain have a hash of the previous block.  

In blockchains, no single authority is in control. Control is given to each block entity evenly. This makes blockchain technology very valuable. It helps decentralize systems that can be corrupt and give transparency to all individuals.   

Benefits of Blockchain  

Blockchain technology is also called the fifth revolution of computing by many people. It is this technology that made doing business and exchanging value online 100% trustworthy and secure. Some of the benefits of blockchain are security, trust, and reduced costs.   

The cryptography algorithm of blockchain provides an immutable data structure where manipulation of data is nearly impossible. This keeps the data authentic and secure. And in turn, eliminates the need to trust anyone as the facts are transparent and clear.  

The decentralized nature of blockchain eliminates the need for third-party involvement, leading to reduced costs of executing functions. Because here you don’t have to give additional fees to brokers, banks, or any other third parties.  

Something that was only possible doing offline became possible to do online, that too in a much better way.  

Applications of Blockchain Technology

Blockchain technology was invented decades ago but its widespread use was seen when Bitcoin was introduced to the world. With the help of Bitcoin, the world came to understand the depth of cryptography. As years have passed, extensive study and research on this topic have led to the introduction of many more applications of this technology. The application of blockchain is not limited to cryptocurrency. It can also be utilized in many transforming ways. Some of these are described below:  

Improved financial transactions  

It’s no doubt that the use of blockchain technology in the domain of finances is revolutionary. This decentralized system has made transactions secure, fast, and affordable. International transactions are also done seamlessly without the need for any broker or bank fee.  

Use in healthcare  

Blockchain technology has many applications in healthcare. We can use it to manage patient data. This will help in reducing errors in the data and keep the records safe. We can also use this technology for conducting clinical trials and in the drug development processes.

Impact on e-commerce and supply chain  

Blockchain technology has huge applications in e-commerce and supply chain management. This helps in tracking the whole process of supply of products from the producers to the consumers. This prevents any counterfeits and make sure only genuine products are supplied. Blockchain in e-commerce ensures improved product quality and reduces unnecessary wastage as it tracks all the stakeholders of the supply chain.  

Impact on Voting   

Blockchain gives transparency and security which are crucial for the voting process. It makes sure no person votes twice and counts every vote not missing any votes. Also, governments can use this technology to manage large-scale elections and their results.  

Used for Identity Management  

This technology can help decentralize identity authentication and management. This can help in preventing identity theft. And reduce the need for multiple login systems.   

Cybersecurity  

The Internet is a tool that has helped revolutionize the world forever. There are many valuable uses of the internet. However, internet is not completely secure. The immutable cryptography algorithm of blockchain makes the data on the internet safe and secure.  

Efficient Data Storage  

Blockchain technology can be used for storing large amounts of data without the need for centralized storage cloud services. This will help people not only store large sizes of data but also give them authority over their own data.  

Security in IoT Devices  

We all use IoT devices each day. Devices like Bluetooth, security cameras, smart speakers, watches, etc. Will become very secure when developed using blockchain technology. As blockchain provides immutability hacking or manipulation in these devices will significantly drop.   

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