Unless you are a blockchain enthusiast, for you blockchain will only mean cryptocurrencies. That is not true. Blockchain has far more potential than only being a carrier of cryptocurrencies. Today I am going to tell you about some uses of blockchain technology that will change the future.
Blockchain made its mark in the world with the ascent of Bitcoins. The technology is responsible for enabling Bitcoin transactions between peer to peer. Ever since the mega-minds have been exploring the potential of the technology and trying to create something more meaningful out of it. Almost all the sectors are trying to identify that how the technology can be useful for their business.
Uses of Blockchain Technology
Just about all the sectors are trying to work out ways to implement blockchain enabled technologies. Here are a few industries that have seen the glimmer of hope in Blockchain.
Transferring money to traders or relatives living across the seas has always been a problem. The current methodologies are coupled with problems like delayed transactions, complicated procedures, and high fees. We have seen how cryptocurrencies are sent overseas without any issues. Developers have made the technology more efficient ever since Bitcoin was invented. Cryptocurrencies like Litecoin, Ripple, and Electroneum have highly reduced the transaction time and fees.
This has attracted many bankers, fintech companies, and other financial institutions. At the moment few are using a concept called Nostro-Vostro. Blockchain the most suitable technology to standardize such transactions and handle them.
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The use of blockchain in healthcare can ensure better sharing of data between healthcare providers. This means that diseases can be more accurately diagnosed and treatments will be more efficient. This will enable the healthcare providers to deliver cost-effective services and treatment. The right implementation will also help in research results and therapies over a secured network. Best of all patients profiles will be saved in blockchains for which they will hold their own private keys and can be accessed by any medical practitioner in the world.
Quite a few countries have already started using blockchain for registration of movable and immovable property. Some of the use cases include pension systems and property wills. Solutions are also being tested for budgets, election voting, and crowdfunding. The apt implementation will help the Governments across the world in resource optimization and building trust amongst the citizens.
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Many blockchains have now started providing smart contracts. The smart contracts allow these schemes or organizations to sublet their technology and the insurers are making the best use of it. This is proving beneficial for the customers as well as the insurance companies. Blockchain eases out the complex tasks and enables flawless processing of claims. Insurance is certainly going to be one of the biggest adopters of the technology.
As Cryptocurrencies become adopted by more and more businesses, people will be able to use them for various transactions. The travel industry is one of the examples that will be benefiting from the use of Blockchain. Websites like cheapair.com, have already started accepting Bitcoins as a mode of payment. The transactions are secured and provide all the benefits of Bitcoin and Blockchain.
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Education is going to be another sector that will adopt the newfound love with open hands. A good number of schools have already started accepting cryptocurrencies. The real use will, however, come when student’s bio, their academic records and progress reports are stored on blockchains. This is certainly going to revolutionize the way we gain the education.
I hope that blockchain proves to be beneficial for mankind in solving a lot of common problems. Of course, there will be some improvisation required for making it traceable and more secure.