Are you aware that investments in the blockchain will reach almost $20 billion by 2024? Blockchain applications are no longer limited only to the crypto world or Bitcoin. This “disruptive” technology has created a buzz that’s not likely to die down anytime soon. It is empowered to revolutionize many industries, including insurance, music, healthcare, and fintech.
Blockchain technology has the potential to create transparency and save valuable resources, like money and time, for businesses worldwide. With Bitcoin and other cryptocurrencies having dominated the headlines for so long, the shift has now turned to the technology behind it.
It’s the blockchain, a distributed ledger technology facilitating secure data transfers.
Uses Of Blockchain In Real Life:
- Blockchain technology is a database containing records confirmed through peer-to-peer networks. Since it ensures that data, once validated, cannot be changed or tampered with, it’s perfect for money transfers across borders. Money transfers are fast, eliminating the need for banks to settle transactions.
- Blockchain can improve capital markets by facilitating quick clearing, faster settlements, and audit trails. Trade financing has benefited from the blockchain. Traditional financing methods were much slower and harder to manage, leading to disruptions in business and slowing down cross-border trades. However, the blockchain changed all that by streamlining financing operations.
- Blockchain enables smart contracts that allow insurers to manage claims securely and transparently. All claims and insurance contracts are verified and validated on the blockchain, eliminating the possibility of invalid claims.
- Blockchain is used for auditing and ensuring compliance since it reduces the chances of human errors. It ensures that records cannot be altered, deleted, or tampered with.
- The encryption is so strong that it can fight against money laundering. Blockchain facilitates record keeping, supporting the KYC (Know Your Customer)rules through which businesses can identify and verify their customers.
- Peer-to-peer transactions are facilitated and secured by the blockchain and protected against hackers.
- Blockchain technology has also revolutionized supply chain management enabling it to track the real-time movement of products. This is most useful in pharma and food companies where contaminated foods and outdated products can be dangerous for consumption.
- In healthcare, blockchain is needed for storing sensitive patient information like medical history, age, gender, etc. This data can be accessed by multiple computers in a network, making it possible to access a patient’s medical history from anywhere in the world. This advantage facilitates quick medical diagnosis and treatments.
- In real estate, blockchain is used to verify finances during home sales, detect frauds, and make records transparent.
- The media industry adopts blockchain to eliminate fraud, protect Intellectual Property Rights, and lessen costs. MarketWatch reports that the blockchain expenses for entertainment and media will hit $1.5 billion by next year.
- Record keeping, whether corporate files or licenses, can be time-consuming. It’s hard to organize or navigate. However, blockchain makes it digitalized and secure so that record access becomes a breeze. This advantage will benefit law enforcement agencies because confidential data can be shared securely between different departments.
- Blockchain can make the electoral process transparent and secure. Hackers cannot breach these networks and tamper with votes. Every vote will be assigned with a single ID, and this negates the possibility of casting votes using fake IDs.
In this way, the blockchain has permeated a wide range of industries by ensuring that data sharing and data transfers are quick, transparent, and secure.