Blockchain technology! Although it was first introduced in the market with the launching of Bitcoin, the very first Cryptocurrency, a little while the world got to know the true potential of Blockchain technology.
At present, the use and implementation of Blockchain are not at all limited to only the Crypto world. It is being used in several different industries. Whether it is the healthcare sector or the financial sector, Blockchain is winning everywhere.
There are some sectors where different businesses and organizations have already started using Blockchain. And they are also getting a hand on hand for that.
Also, because of this rapid growth of Blockchain technology, more and more people are investing in the Crypto space. If you also want, you can try the crypto boom platform.
5 Real Life Application Of Blockchain Technology
Here, in this article, we will discuss some real-life applications of Blockchain technology. The transparency, speed, and efficiency of Blockchain are something that is making it everyone’s favorite.
Now, without wasting any time, let’s have a look at the applications of Blockchain technology.
Application No. 1: Supply Chain Management
We are living in a fast-paced world. And standing here, we always have to look for a fast and effective solution. So, companies have to move fast and efficiently.
Due to the increased demand for goods worldwide and the rapid growth of manufacturing, goods have been transported from one place in the world to another as soon as possible. The global pandemic has shown us what will happen if there is a break in the supply chain.
Here, Blockchain has saved a lot of business. With the help of Blockchain, anyone can trace the trajectory of any product from the beginning point in its journey to the doorstep of the customer.
Application No. 2: Develop A Full-Proof Voting System
As they say, a country is as strong as the efficacy it has for its voting system. We all know that electronic voting has been the go-to option for a while now. It also can be vulnerable to breakdowns and attacks.
Here, a reliable voting infrastructure is needed for securing the voting system from any attacks and keeping it transparent. Here, blockchain technology can help a lot. It will make everyone verify the legitimacy of the voting process.
Application No. 3: Retail Experience With Loyalty Rewards
When it comes to retaining customers for your business, customer loyalty is indeed a vital facet. For being loyal, customers expect some reward from the brand. Although the loyalty program industry is a bit new, it also has already become vital in its short tenure.
Both Blockchain technology and Cryptocurrency have the potential to make the loyalty reward structure easier to use and more accessible. Crypto coins can be an attractive reward. Also, it leverages the potential of blockchain technology for giving higher transaction speed.
Application No. 4: Ownership And Copyright Protection
In this digital age or the age of the internet, the ownership of data, particularly artworks like music, paintings, and videos, has become a necessity. Artists always need to be protected from all those entities which might misuse or claim ownership of content that is not at all theirs.
Third parties, such as Meta and Google, have their own verification systems, but they are not fully proof. Here, Blockchain technology can be used. All those digital copyright data can be stored in blocks in a blockchain network that is secure and also transparent.
Application No. 5: Personal Loans Along With Other Forms Of Finances
Banks, along with other financial institutions, offer loans to businesses and individuals when they are in need of money. It is a crucial facet of the financial industry. However, there are some inefficiencies in the structure, like the following.
- Exhausted KYC process.
- Long waiting period.
- Biases of the lenders when giving the loan.
- The involvement of a middleman.
With Blockchain technology, we can avoid all these things.
Final Thoughts
Blockchain has come a long way. It still has a long way to go. From healthcare or product-based business, from voting systems to patient and medicines record keeping, Blockchain is proving itself effective for almost all purposes.
The best part is that Blockchain is a decentralized system, which means that the network can not be manipulated. Also, at the same time, Blockchain is hard to hack and also safer from all those cyber attacks.
