Blockchain technology is one of the innovative solutions and has excellent potential for transformation in lots of business like the banking system, financial services, healthcare, telecommunication, etc. From Banking and financial divisions to supply chain, Blockchain technology is expanding the areas of our financial and social systems. Especially large financial companies are looking ahead the blockchain technology which helps the security purpose and they are ready to invest millions to learn and implement the blockchain technology.
Blockchain is the technology following Bitcoin and other cryptocurrencies. The blockchain is recognized as a real-time record or decentralized database that is
developed to maintain the records known as Blocks. A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The blockchain is a shared and trusted “public digital ledger” of transactions. It is a distributed and decentralized database, in which a list of transaction data records are growing continuously, cryptographically secured from tampering and revision.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
We all wondering that what this technology can actually do in the real world. Here are 10 possible uses for blockchain technology.
Blockchain holds several improvements that penetrate the payment view and probably make it a much more accepted payment technology. Financial and Banking-related companies are looking for ways to introduce or improve the security, speed, and cost of each payment process. One of the excellent examples of blockchain’s new payment innovation is Cross-border.
Walmart and its Food Safety Collaboration Centre in Beijing tracking the details of the expiration dates, storage temperature, batch number, and shipping details of the Pork.
BitPesa and Ripple are the financial services companies that are proving a way to send the payments without needing any bank accounts between people. This type of system is now moving fastly in numerous countries that do not have the local banking environment to support payments.
Supply Chain Management
The blockchain is mostly used in supply chain management for monitoring or recording the price, manufacturing date, location, quality of the product. certification and most of the relevant information more efficiently to maintain the supply chain. All this information is stored in the blockchain which can increase the traceability of the material supply chain and improve visibility. Blockchain allows manufacturers and customers to see how the products are performing from the quality aspects.
T-Mining is one of the companies which use blockchain technology to give clearance for employees like a truck driver, to pick up a load. Kouvola Innovation Oy, Finland is using blockchain technology to enable an information determination for the movement of goods Europe-wide – or the “Internet for Logistics” – so that every logistics company on the network can profit from a new level of transparency into shipping activities.
Blockchain is also used in digital identification. Nowadays people can easily steal someone’s identity and be making a fake identity. Passwords are directly stored in the database which can be easily attacked by the hackers after that hackers can simply use the customer’s data. These types of issues taken care of by Blockchain technology and Identification systems are secure, accurate, and unique so it's impossible the get access with proper authorization. ShoCard and Smartrac is the company that is working now on blockchain technology regarding digital identity.
Blockchain technology is used in digital identification and making the current voting systems more strong and secure. A voter is able to check that their vote is sent to the appropriate candidate so that they can maintain their privacy. Digital voting would make it simpler for many people to put their vote especially those who live too far. Also, by using blockchain technology, people can easily understand the technology required for voting.
Blockchain technology is mainly used in the protection of assets for everyone even musician copyright or a property owner, this technology can help people to protect their assets by creating an undeniable record of the real-time purchase. Everledger is a blockchain-based startup company that is used to prove the lack of provenance of luxury goods.
Blockchain technology is are also mainly used in contracts based organizations. Lots of financial and banking sectors which are having insurance and load departments using this technology to secure their documents or records. Real estate, building construction, law all fully depend on the contracts which should be maintained securely. With help of blockchain’s ability to update, manage, pursue and secure the contracts accurately and effectively.