The Uses of Blockchain Technology

Blockchain

As we know now, the blocks in the Bitcoin blockchain store data about currency transactions, but it turns out that this blockchain is actually a reliable way to store other types of transaction data.
Companies with integrated blockchains include Wal-Mart, Pfizer, American International Group, Siemens, Unilever, etc. IBM has created its Food Trust1 blockchain to track the route food takes to its location. We have seen countless outbreaks of E. coli, salmonella, listeria and dangerous substances accidentally introduced into food. In the past, it took weeks to find the cause of these outbreaks or diseases in people’s diets.

The use of blockchain gives brands the ability to trace the path of a food from its origin through each stop to delivery. If a food is contaminated, it can be traced from each stop to its location.
Companies can now also see everything they have come into contact with, which means that the problem can be identified much earlier, potentially saving lives. This is an example of blockchain in practice, but there are many other ways to implement blockchain. 

Banking & Finance 

No other industry will benefit from the combination of blockchain in its business operationsBanking institutions only work five days a week during business hours. However, if you try to cancel the check at 6:00 PM. On Friday, you may have to wait until Monday morning to transfer funds to your account.

By integrating the blockchain with banks, consumers can see that their transactions are processed in just 10 minutes, 2 basically the time required to add a block to the blockchain, regardless of holiday, time of day, or week. Have the option of exchanging funds between institutions faster and more securely. In stock exchange business, for example, the settlement and clearing process can take up to three days (or longer in international trading), which means that money and stocks are frozen during this time. 

Given the size of the sums, a few days of transporting money for banks can be associated with considerable costs and risks.The European bank Santander and its research partners estimated that they can save about US$1.52 billion every year.
Capgemini, a French consultancy, estimates that blockchain-based applications can save consumers up to $ 16 billion in banking and insurance fees . 

Coin

 Blockchain forms the backbone of cryptocurrencies such as Bitcoin. The U.S.The U.S.The U.S. dollar is controlled by the Federal Reserve System. In this centralized management system, the user’s data and currency technically depend on the whim of his bank or government.
The customer’s private data are at risk. When a customer’s bank goes bankrupt or lives in a country with an unstable government, their currency value may be affected. In 2008, some ran out of money banks were bailed out, some with taxpayers’ money.

These are the issues that Bitcoin was originally designed and developed. By extending its operations to a computer network, the blockchain enables the operation of Bitcoin and other cryptocurrencies without the need for a central agency that can not only reduce risk, but also eliminate many processing and transaction costs.
A volatile currency or financial infrastructure, a more stable currency with more applications, and a wider A network of people and institutions where you can conduct business domestically and internationally.

For people without official identification, it is particularly important to use cryptocurrency wallets for savings accounts or as a means of payment. Some countries may be in ruins or have governments that lack real identification infrastructure or a brokerage account, so assets cannot be safely stored. 

Healthcare

Healthcare providers can use the blockchain to securely store their patients’ medical records, and when a medical record is created and signed it can be written to the blockchain to provide evidence to patients and guarantee that the record has not been tampered with . 

The records can be encrypted with a private key and stored in the blockchain so that only certain people can access them to ensure privacy. Property Registrations If you’ve been to the local registry office before, you know that the property rights registration process is cumbersome and inefficient.

Today, a government employee must be presented with a physical document at the local registration office. , where it is entered manually in the central district database and the public directory.
In the event of a property dispute, the ownership must be confirmed through public records.
In addition to being expensive and time consuming, this process is riddled with human error, with inaccuracies making property tracking less efficient.

Blockchain has the potential to eliminate the need for document scanning and file tracking. Physicals in a local registry office If property ownership is stored and verified in the blockchain, owners can be sure that their deed is correct and permanently recorded. In war countries or regions with no or no national or financial infrastructure.
Certainly no “registry office”, it can be almost impossible to prove ownership of a property. Transparent and clear timetables could be established for ownership of the property.

Smart contracts 

Smart contracts are computer codes that can be integrated into the blockchain to simplify, review, or sign contract agreements. The operation of a smart contract depends on many conditions accepted by the user.If these conditions are met, the contract conditions are automatically met. 

Suppose a potential tenant wants to rent an apartment with a smart contract. The landlord promises to inform the tenant of the apartment door code immediately after paying the deposit.
Send your respective parts of the contract to the smart contract, which will automatically change the door code for the deposit on the day the rental begins. 

Supply Chain

Similar to the IBM Food Trust example, suppliers can use blockchain to track the source of the materials they purchase. This enables companies to use popular labels such as “organic” and “local” to check the authenticity of their products and “fair trade. Route and food safety on the way from farm to consumer. 

Voting 

Blockchain can be used to enable modern voting systems. Blockchain polls can detect election fraud and increase voter turnout, such as the midterm elections in West Virginia in November 2018 proved to be almost impossible to manipulate the votes. The blockchain protocol would also maintain transparency in the electoral process, reduce the need for staff to conduct elections, hold an election and give officials almost instant results.     

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