Real World Examples Of Use Of Blockchain

Real World Examples Of Use Of Blockchain

Everyone knows about the Blockchain technology because of its use in the Cryptocurrencies. The Blockchain technology is one of the biggest reasons behind the popularity and convenience of the virtual currencies. The blockchain is a digital, decentralized and shared public ledger that is used to log all the cryptocurrency transactions. The blockchain does not need any intermediate financial authority like banks or clearing houses to verify these transactions. In simple terms, the blockchain technology is used to transfer funds or log the information. This amazing technology is not just limited to cryptocurrency but has proved its use in many other sectors as the government sectors, media, healthcare, food industry and many more. Blockchain technology is the foremost reason behind the easy transactions in cryptocurrencies. Read more about cryptocurrency trading here.

In this article, we will focus on the use of Blockchain technology in industries other than the cryptocurrencies.

1) Supply Chains: The blockchain can be used especially to monitor the supply chain activities. By eliminating the use of paper-based tracking methods the businesses can make use of the blockchains to notify disorganizations in the supply chains faster. The blockchain technology can also be used to track the performance of products regarding the quality control while traveling from their production place to the retailers.

2) Digital IDs: Nowadays many places make use of face identity to provide access to the premises. There are many challenges in this process and leading companies are looking into resolving these issues. These leading companies are making use of the blockchain technology to create a decentralized digital ID to provide a way for users to control their digital uniqueness. Though these projects are still in the initial phase, if implemented will help many users.

3) Royalty and Copyright protection: Every day we hear about ownership and copyright laws, with the increase in the use of the internet the piracy issues have become very common. The blockchain technology can play a significant role in copyright and royalty protection by monitoring the digital content downloads, making sure the inventor of the content get his fair share of legal purchases. The blockchain technology can offer genuine and real-time distribution of royalties directly to inventors.

4) Healthcare: Any improvement in the healthcare system is going to benefit many individuals at a time. Many companies are working on the blockchain technology to put information about disease outbreaks by adding its data to the Disease Control Centre. It will help in providing faster disaster relief effectively. The blockchain technology can also be used to keep track of patient’s progress once they are discharged from the hospital.

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