Potential of Blockchain Technology
With Bitcoin gaining popularity, many industries have turned their attention to Blockchain technology. When it comes to uses of blockchain technology, it is a major power behind all the digital currencies. People have found the uses and applications of this technology in many other industries as well.
Before moving further, let us simply understand the Blockchain technology. Blockchain technology allows the distribution of the digital information without copying. How? Imagine a spreadsheet that has been copied hundreds of time across a computer network.
Now imagine that if the network is designed in a way that, it regularly and automatically updates the spreadsheet. This is what the blockchain technology is all about.
Uses of Blockchain Technology: Decentralization of Information
In a Blockchain, all the information is shared information and it has no centralized version of it. It exists as a shared database and are truly public. Its data is hosted by thousands of computers simultaneously. Anyone can access its data with the help of internet.
A new software called ‘Ethereum’ has been developed using blockchain technology. This is an open software platform which enables the developers to develop and deploy such application in the network which are decentralized.
In this Ethereum blockchain, miners search for Ether (crypto token), on the similar lines as miners search for Bitcoin in the electronic cash system. This Ether is used by the application developers to pay for the services and fees on the Ethereum Network.
To develop your understanding about how this technology is being used across different industries, I am giving you here seven Industrial use cases of the Blockchain. I hope that this will add to your knowledge.
Let us start:
(1) Blockchain Applications in Banking & International Payments:
In the Blockchain technology, as all of the data is shared and its entries are encrypted and confirmed like a verified Google document, it provides an easy way to create a safe and secure log of all the sensitive activities whatsoever. This feature of the Blockchain technology can be used excellently for money transfers and international payments.
A large commercial bank has many retail clients who always vie to get efficient and cheaper payments, especially in the case of international transfers. This need of the clients can be settled by using the blockchain technology, as its application will reduce the requirement of manual settlement of the transactions by the bank.
(2) Blockchain Use Case in Audit and Regulatory Compliance:
Due to the extremely secure nature of the Blockchain, it is found useful for audit and accounting. As all the data in the Blockchain technology is secure, encrypted and confirmed, it keeps the integrity of the records and reduces any possibility of error.
The special benefit of using this technology in the accounting field is that once the account records are created and are locked with blockchain technology, no one is authorized to change the records, not even the owner of the records. This could potentially eliminate any need of the auditors.
(3) Uses of Blockchain Technology in Insurance:
In Insurance sector, the Blockchain technology can be used with the help of smart contracts. So how will the smart contracts work? Smart contracts will be powered by the blockchain. The contracts and claims if validated by the network could be recorded on the blockchain, will eliminate any invalid claim made from within the multiple claims made for the same accident.
(4) Blockchain Applications in Healthcare:
The Blockchain technology can be used very effectively in the healthcare sector. In this sector, it can be used in two ways:
(a) To keep the health data of the patient secure without any privacy concerns. The data will include age, medical history, gender or other vital information of the patient without attaching any particular name of the patient. This data when synced with the blockchain will allow it to be accessed by anyone without any privacy invasion.
(b) Now-a-day health records are frequently connected with the medical devices. The blockchain technology can be used to connect those health devices with the health records of the patient reducing the risks of the siliong of the data related with the medical devices.
(5) Uses of Blockchain Technology in Real Estate:
If all the real Estate data can be linked with the Blockchain technology, it will really reduce the chances of any fraud and will help in the quick verification of the finances. As this technology is highly encrypted, if the real Estate data is connected with it, it will offer wider transparency in the selling and purchasing process.
(6) Uses of Blockchain Technology in Media:
Some work has already been done in this field. There is a blockchain content distribution platform with the name of ‘Decent’. It has announced that it will launch a platform with the name ‘Publiq’ which will enable the writers and the content creators to channelize their work with the help of blockchain.
By using this process, they will be able to get the immediate payment without any risk. Comcast has also developed a new technology with the use of which it allow the companies to purchase any ad through the blockchain technology.
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(7) Uses of Blockchain Technology in Voting:
It will be very exciting to see the use of the blockchain technology in the Voting area. The most important and interesting thing of the blockchain technology is that the past stored data cannot be changed, the present cannot be hacked and the system cannot be altered in the future.
All the nodes (voting centers) will see the exact same result. All the votes can be traced to their source without sacrificing the anonymity of the voter. The voter will be able to verify the recording of their votes, if a ballot is modified or missing, before the election is over with the help of end to end encrypted and verifiable voting system.
These are only some of the potentials of the Blockchain technology that we have explored. Blockchain technology can be used in many other areas like record management, identity management, supply chain management, peer-to-peer transaction and many. This technology has immense hidden potential which will be explored with time.The market is now demanding learned and efficient blockchain developers. Various universities and colleges have started a course on it. We, at eckovation, are running certain certification courses on Ethereum and Blockchain Technology. Enrol for them to learn and to have a grasp on this technology.
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