The arrival of the internet brought a huge revolution in the whole world. Now most people cannot think of a life without social media and Google. The invention of the blockchain has turned out to be another revolution. The last few decades have been witnessing the rising popularity of blockchain technology and many experts consider it to be the next big thing. Blockchain technology can be used in identity, government, finance, healthcare, etc along with its most important application, cryptocurrencies.
Blockchain’s potential lies much above bitcoins and other cryptocurrencies. It has a decentralized nature, making it more secure and protected from attacks. This is the main reason behind the popularity of blockchain in different industries. Let’s discuss some of the real-life applications of blockchain.
- Asset Management
Blockchain technology plays a big role in the financial sector, including asset management. Asset management is the process of exchange and handling of various assets owned by an individual, such as commodities, mutual funds, real estate, fixed income, other investments, etc. Normally. Different trading processes used in asset management are costly. The cost will rise particularly when different countries, as well as cross-border payments, are involved. Blockchain will be extremely useful in such situations as it eliminates the requirement for intermediaries like settlement managers, brokers, custodians, etc. A blockchain ledger offers a transparent and simple process that is error-free.
Blockchain technology has a huge influence on the healthcare sector with the help of smart contracts. It is a contract created between two parties without the requirement of intermediaries. Every part of the contract will be aware of the details of the contract and when the conditions of the contract are met, the contract will be automatically implemented. The healthcare sector can use blockchain to encode personal healthcare records. It also makes sure that patient information remains confidential.
- Cross-border Payments
Cross-border payments using different currencies is a complicated task and it takes many days for the money to reach the destination. The emergence of blockchain technology can simplify the process of cross-border payments by offering an end-to-end payment service with no need for any intermediaries. Several payment companies have already started to offer innovative blockchain services that allow international payments within 24 hours.
Cryptocurrency is the most important application of blockchain technology. Bitcoin and its popularity are rising every year. Cryptocurrency does not have any geographical limitations. Crypto coins are ideal for transactions across the world. Exchange rates must be considered and some people may lose their money in the transaction process. But it is a much better method than the traditional payment processes and apps that operate only in certain geographical areas.
- Royalties And Copyright
Royalties and copyright are a huge problem in creative industries like films, music, etc. Such artistic media may not have any visible connections with blockchain. However, this technology is very important to offer transparency and security in the creative sector. In many situations, like art, film, or music plagiarism arises and credit is not given to the real artist. Blockchain features a ledger containing artistic rights. The technology is transparent and offers a safe record of all the artistic royalties and the artist’s deals with production companies.