Blockchain is the most searched word on the Internet. Enter the word on Google and you will see thousands of results. Every day, Google Trends will show at least one news article about Blockchain.
However, the majority of people still associate blockchain with Bitcoin. Blockchain, which is the technology behind all cryptocurrencies, is as exciting as Bitcoin.
Blockchain is a prominent technology that is widely used in all industries, from global wedding contracts to extensive ecosystems.
It is simple to understand these applications if you are familiar with Blockchain. A blog that is part of the Wall Street Journal states, “A Blockchain is a data structure which enables us create a digital ledger for all money transactions and share it among a number of computers connected to the distributed system.”
Blockchain allows everyone to use the ledger securely without the need for a central authority.
Participants can add data to verify transactions. Once verified, they will be added to the chain.
Blockchain Beyond Cryptocurrencies
1. It Supports Help People In Crowdfunding
Global Investors’ Frank Holmes had stated that the Blockchain can be more disruptive than Amazon in 90. Blockchain allows founders to raise capital via crowdfunding. Investors can trade stakes through secure markets through equity tokenization.
The startups do not have to write pitches for investors. Instead, they can make one pitch to reach a wider audience. Investing often means that capital is frozen for years until the startup receives the ROI. There’s no way to exit.
Blockchain technology can bring about dynamism by tokenization. These tokens can be traded in the market or cash at any time you wish to withdraw your investment.
The blockchain’s security features make it possible to securely process all types of financial transactions without the involvement of third parties. There won’t be any data leaks, fraud alerts, or human error.
2. It Is Being Used In Distribution Of Food
Walmart is one the largest corporations to adopt blockchain solutions. The retailer has teamed up with IBM to use Blockchain technology in order to track data based on the authenticity, safety, and origin of the food products they sell.
This technology is used to speed up the sale of food and increase its reliability. The process of tracing food used to take Walmart approximately one to two weeks. Now, it takes just a few seconds.
This association has the greatest advantage: it allows one to avoid Epidemics by quickly determining the origin of the food lot.
3. Blockchain In Healthcare
Every healthcare system starts with a diagnosis. Therefore, they all depend on data analysis, frequency, accuracy and accessibility.
Blockchain makes sure the diagnosis is complete and gives you all the information quickly. Blockchain is associated with transparency, and it alone. This is why it is so important for privacy.
This accessibility provides a solid foundation for diagnosis and treatment.
The blockchain, in other words, places the patient at the core of the healthcare system and creates privacy and security walls around it.
It’s quite amusing to see that blockchain is used to exploit the decentralized networks and take advantage of them, for different industrial participants. The Medical industry focuses on patients to be able to access the clinical data in order to provide enhanced medical facilities.
4. Blockchain Secures Cloud
Although cloud has become an outdated technology, many organizations still depend on it to store their data in a central location.
Cloud has brought about many technical advances, but cloud also means that data cannot be encrypted when hosted by third parties.
Blockchain technology was created to close the breach. It secures everything, from personal photos to social security numbers.
Because all files stored on the ledger don’t exist at one location, there won’t be any leaks.
The encryption key will allow access to all data. Storj is one such startup that has adopted this technology in order to compete with Amazon and Azure. It aims to create a faster and cheaper cloud storage.
Blockchain technology can be used in a variety of ways, including bitcoin and other cryptocurrencies.
Despite all its benefits, there are still concerns.
Although new technologies can be difficult to trust, they are not impossible to use as the main benefit of these technology is to create a secure network.