With Bitcoin and other emerging cryptocurrencies picking up steam, Blockchain has been a key phrase everybody refers to, but nobody completely understands. While most people confine it to digital assets, the technology isn’t just limited to an underpinning of crypto transactions; it goes far beyond!
The ability of Blockchain to ensure fairness and transparency while also saving time and money during transactions has influenced a variety of sectors. Today, Blockchain is the face of many reforms in finance, supply chain, and technology.
Interestingly, that’s not all! Thanks to the limitless possibilities that it brings along, Blockchain has been a part of our everyday life now.
Don’t believe us? Continue reading as we take you through the different uses of this fantastic technology.
Application Of Blockchain In Business
Better Supply Chain Management
Supply chains are the backbone of organizational and logistical systems, transporting and distributing goods among factories, extractors, and consumers, making it a complicated system spun across the globe. Besides, the separate databases that note down these centralized records globally make it harder to obtain verified information about procedures and shipments.
This is where Blockchain’s immutable ledger steps in as a solution to restore transparency throughout the supply chain’s components. Its unchangeable ledger makes it ideal for activities like tracking items in real-time as they travel and change hands across the supply chain.
Unbiased Digital Voting
Regardless of the field or industry, voting comes in at some level. One of the most common examples is the regular voting among shareholders, board, and employees. However, how these votes are conducted (especially in shareholder votes) isn’t always conducive to achieving a complete or effective ballot. Besides, what about the shareholders who are foreign investors?
This is where Blockchain steps in as an effective way to proceed with these ballots securely. The technology uses unique identification metadata tied to individual voters, ensuring a streamlined process and democracy in practical terms.
Incorporate Regulators Seamlessly
Regulators are everywhere, from government lending to insurance! But unfortunately, the current operation models are complex, making it a hassle to cooperate with regulatory bodies. From audits to accounting processes requiring companies to hold their operations and go through weeks, if not months of paperwork are an owner’s nightmare. Besides, let’s not forget the losses in productivity and operations of such organizations.
This is where Blockchain holds the promise of a better method! The immutable ledger system frees organizations of the burdensome paperwork that can be lost, damaged, or fraudulently altered. In addition, the ledger system allows regulators to check the authenticity of operations in real-time while saving money on the shipment of documents and the oversight process that is cumbersome and outdated.
Application Of Blockchain In Everyday Life
Cutting Out On Intermediaries
While we’re accustomed to relying on applications like UberEats, Uber, Airbnb, and Expedia, we tend to forget that these apps aren’t service providers but aggregators that provide service to customers. These aggregators are the ones to dictate the terms, conditions, and fees while charging some amount of the transaction as commission for their operations.
This is where Blockchains come in as a reliable method to cut off such middlemen. The technology helps establish a safe, decentralized platform where users can confidently carry on with their transactions by connecting services and customers.
Secure Sharing Of Medical Data
The preservation of all the information concerning a patient’s health, security, and privacy is a critical thumb rule that every standard provider should follow. This data frequently contains sensitive information such as medical spending records, medical insurance, medical facts, and other personal information that should be kept private.
The manipulation of such information sometimes can be harmful when it falls into the wrong hands. This is where Blockchain comes as a reliable measure. Thanks to the secure block formation of data, Blockchain is immutable and can be used to store data, ensuring zero tampering with the secured information.
Innovation In Retail & eCommerce
Yes, you read it, write! A decade ago, who would have ever thought of using cryptos for purchasing products in retail stores? But interestingly, it is a reality among some of the top brands worldwide. You can now buy anything from a Starbucks coffee to furniture for your household and even a car (courtesy of Tesla) using your crypto earnings.
Besides, Blockchains have also been a part of many eCommerce giants. Currently, 32% of businesses in the USA, including major stores, accept cryptos as legal tender. However, don’t feel left out if one of your favorite online shopping destinations is missing out on cryptos, as we have an excellent hack!
Instead of limiting your options to eCommerce stores that accept crypto, we suggest you head out to payment processors like Coingate, as they allow you to convert your crypto earnings into gift cards. This way, you can easily make the most of your crypto funds without worrying about limiting your options.
Or perhaps you own an e-commerce site and want to start taking cryptocurrency as a payment method? Check out Coingate to learn more!
Now You Know!
Blockchain is a relatively new technology that we’ve just gotten to know over the years! So while we’ve only discussed some of the most common uses of the solution, the platform is set to introduce new reforms in the years to come.