Blockchain is the technology that everyone, including entrepreneurs and crypto enthusiasts, gravitates toward these days. All because of its creativity and contributions to the real-time world. Even though most modern people understand what blockchain is, some may be perplexed by the actual concept.
Of them, and to begin the topic with a powerful outline, I start with what blockchain technology is before reviewing how it helps in real-world use cases.
So, let’s get it started!
Blockchain Technology – An Overview
Blockchain technology is an effective alternative to the traditional Internet for data storage, transfer, and transactions. It is more secure at the time eliminating centralized authority to control the individual data of account holders.
This means each individual who starts an account via the blockchain has a separate block that would be connected to a chain network. In it, each block has a unique address that is connected with the front and rear blocks like a chain⛓.
In which all transactions, transfers, or other activity that happens in a single blog is distributed as a public ledger to all connected networks. It protects all data from being stolen or hacked from individual blogs.
Top Real-world Use Cases of Blockchain Today
Here are the top real-world use cases of blockchain technology, followed by an explanation of how it can be applied to them.
Blockchain technology is a widely discussed topic today in the insurance industry. It is mainly because of the truth that completing insurance claims is really a hassle, and getting all the parties to participate correctly is an even bigger annoyance.
While blockchain technology is used in the industry, all these steps are simply eliminated from the equation, even undue trust in the other parties and from agents. It is so easy to exchange information by smartly scanning a QR code.
The proof of insurance procedure will happen rapidly instead of taking weeks to process in the traditional way. Using smart contracts, all processes in the blockchain are both protected and fast, digitally.
Another most investing blockchain application is digital voting. It is a revolutionary alternative to the voting system that happens either on paper or on special computers based on proprietary software, today.
Because digital votes can be influenced by hackers and the actual data can be changed unexpectedly, we may see countries in the modern era return to paper voting.
But, through the blockchain, the system would be so transparent as everyone could verify the actual voting count themselves. Thus, it creates a robust security atmosphere from getting hacked or stolen by someone.
The healthcare industry is always evolving with lots of medical enhancements, along with patient and doctors relationship in standard. The traditional way of storing medical records of patients is ongoing with a centralized database online. And, that is not as secure as they get stored on a decentralized blockchain, actually.
Blockchain integrates the medical devices in a hospital directly via a network, which contains all the patient records in the block, and automating their use, and frees up the critical time of doctors for treating their patients in an efficient way.
Above all, the blockchain greatly assists doctors and healthcare providers, as well as IT departments, in keeping their data secure by allowing the right people to easily access and verify relevant data in needed times, in a secure environment.
Following the niche, the blockchain provides a new way to approach real estate. It is completely a great alternative to constant checking of credit scores, income verification, and searching through paper works when closing an escrow of a house in the enterprise.
Blockchain processes all these necessary actions in an automated operating mode. That means the technology allows pertinent information from individuals and businesses to interact with each other. Sensors can be placed, which detect whether a person is a match for a property or not.
In which, the process of verifying the income happens fast while reducing fraud between lenders and home buyers. Due to the whole process being fully transparent, blockchain technology offers the most secure service in the real estate industry, in fact.
Tax and accounting professionals while auditing is required to confirm the transactions and balances of firms in respective accounting ledgers. The job should be done at the end of the reporting period focusing on time lags, reconciliations, and accounting registries.
In which, the blockchain technology to the workflow assists them with their almost immediate provision of a persistent record of transactions. That is distributed and automatically synchronized across each location and facilitates the development of continuous auditing.
As the blockchain allows the recording and settlement of transactions lively, the auditors can easily obtain data in real-time and in a consistent, periodic format. As well, they can actively monitor the transactions for an effective audit technique, on duty.
Internet of Things (IoT)
If you follow the modern trends happening around, it is definite that you probably heard about the concept of IoT or the Internet of Things. It is nothing but represents all facets of life becoming ‘smart’.
It basically means that nearly all objects people own will be embedded with sensors that constantly transmit and exchange data with connected blockchains. This could be used for machine learning to better understand people’s habits and provide a smarter living experience in response.
For i.e. such technology integration could turn a home into a ‘smart home’, where a setup as Amazon’s Alexa can do anything from finding remote control through the smart technology, which connects all appliances, objects, and furniture at the home.
In a Nutshell
Hope you get all blockchain real-world use cases from almost every possible blockchain example that I researched for the niche. As we know, the blockchain is a new way to store and transfer data in a more secure manner along with keeping track of things over time. If your industry is also one of the discussed, updating it with blockchain would be so beneficial ever for the business.