Blockchain technology is a distributed, dispersed and public digital ledger which is used to record transactions across many computers so that the record cannot be altered without any alteration of all the subsequent blocks. This article explores various applications of blockchain technology which can be applied to either improve existing processes or to unlock the new technologies. Read on to find out which are they.
Healthcare
Blockchain technology has the potential to disrupt the centralized operations in the healthcare industry, opening the doors of the optimized business and service delivery.
Governments and hospitals try to provide comprehensive care which is affordable to govern as it is easy for the public to access. With the help of blockchain technology, the tools are in place to make the mission a reality. Large companies or small startups are the early adopters and they are trying to figure out ways to cut overhead, deliver better care and improve the overall quality of life and also extend the life expectancy for the greater population.
IoT
Blockchain technology is a missing link for settling the reliability, privacy and scalability concerns in the Internet-of-Things. Various items namely, sensors, mobile phones, thermostats, handheld electronics, home appliances, vehicles, devices are the items denoted by the word “Things” whenever referring to the Internet of Things. It is an umbrella phrase used for addressing the growing amount of digital devices that are able to connect to some large communication network.
Many organizations are working towards on-chain IoT for transforming the deceitful and stifled device connectivity industry. Blockchain applications in IoT will work to disseminate security issues that plague IoT and end the cloud-based data monopoly that puts consumers at risk. If IoT and blockchain can reconcile scalability issues over time they will be a match made in heaven that will help to usher in a new era of improved global efficiency and connectivity.
Insurance
Blockchain technology allows the entire insurance industry to drastically optimize the business processes by sharing data in a transparent, secure and efficient manner. With the help of blockchain to revolutionize the insurance policies shifts systems onto the smart contracts operating automatically on the peer networks thereby helping to phase out the obsolete pen and paper processes. The insurance companies and the fintech startups are planning to use blockchain platforms in order to prevent frauds, automate processes and track records.
Real Estate Sector
Blockchain real estate allows for a significant gain in efficiency on how the records are recorded or stored. The real estate industry is lagging in adopting new technologies with the paper-based documents exchanged. Implementation of blockchain technology in real estate would help in reducing frauds, increase financial privacy, speed up the transaction and internationalize the markets.
Blockchain technology plays a prominent role in the property title management thereby providing the improved property ownership record and improve efficiencies for the title companies, insurance companies and all manners of data retrieval services with the employees those who trek to town and state government offices in order to pull information from the paper files.
Gold/Diamond
Blockchain is hitting the market hard and every industry is using the technologies and trying to get benefit from it. Blockchain is used in the diamond industry for tracking diamonds to secure and trace diamond provenance.
Social Values
Often people talk about the economic and functional potential of blockchain technology. It is important but its most profound legacy might be in subtle changes to broad the political structures and social values. As the technologies are used for good and bad actions it does not mean they are neutral. Every time we make use of a dispersed blockchain ledger we can participate in gradual relegation of the traditional financial institutions. This can happen only if the use of blockchain having these core values is developed. Blockchain holds the key to various forms of disruption across the various sectors, activities, and industries. Blockchain-based services display immense potential through more accessible data intelligence or better educational tools.
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Great article