Potential applications of blockchain technology
Blockchain technology doesn’t need an introduction. If we talk about one of the most revolutionary technologies in recent years, we cannot miss Blockchain. The underlying technology for Bitcoin exchange is now more than a mere framework. It is a part of mainstream technology that finds many applications across the different segments of the industry. From food to finance, you can find the use cases of Blockchain are growing.
Decentralization, provenance, data security, and no third-party involvement are key aspects that make Blockchain technology a panacea from all the bottlenecks that impact the different business processes. The objective of this blog is to highlight some of the potential uses of Blockchain technology.
Key uses of Blockchain technology:
1. Faster payments- One of the first and the most common Blockchain technology applications is that it allows faster processing of payments. The best part about Blockchain is that the transfer of money takes place between two parties without third-party intervention, thereby allowing faster money transactions.
2. Monitoring the supply chain- The next important application of Blockchain is in the field of the supply chain. The conventional supply chain method is paper-based and time-consuming. By adding a technological aid like Blockchain, one can easily track the product in real-time; it thereby removes the business’s inefficiencies and makes it more productive.
3. Digital identity- This is one of the most talked-about applications of Blockchain technology. As per estimates, around 1 million people face digital identity challenges globally. Microsoft is working towards it, and the company plans to use Blockchain technology to end this. However, we would like to highlight here that the Microsoft Blockchain-based digital identity project is still at an early stage.
4. Copyright- Another reason that makes Blockchain a powerful technology is because it gives the user right over their content. Copyright and IP rights issues need attention. The user needs to have complete control over their content, and that’s where Blockchain comes into the picture. In addition, Blockchain will also provide real-time and transparent royalty distribution data to the content creator, thus giving them the right share of their content.
5. Data security- The growing use of the digital platform and online purchase has also brought forth the vulnerabilities of the system. Since the information is easily accessible in the virtual world, we need a system that can guarantee complete safety and security of the digital data, and the best way to achieve this is to choose a blockchain-based platform, where encryption of the data ensures data security. This feature of Blockchain makes it useful for all the business segments ranging from medical to education, finance to supply chain.
These are some of the potential real-world applications of Blockchain technology that make it a prominent technology of the future.
What’s next?
If you too wish to be a part of this growing technology, then enroll in the Blockchain certification program by the Blockchain Council. This is one of the leading online learning platforms offering the best certification program in Blockchain. So, connect with the Blockchain Council today.
