7 Real-World Applications of Blockchain

Blockchain is a word that most people associate with cryptocurrencies like Bitcoin. However, it is not always directly connected to cryptocurrencies. It is just a form of digital technology which is used to record cryptocurrency transactions.

A blockchain is basically a decentralized digital ledger that records online transactions and other information. These don’t necessarily need to be cryptocurrency transactions.

Blockchain technology can be used with virtually any application where you’d want to keep information safe and secure from hackers.

There are so many everyday activities which would greatly be improved if it used blockchains. In fact, there are several real-world applications which are using blockchains right now. Below is a list of the top 7.

Money Transfers

Since blockchains were originally used for validating cryptocurrency transactions, it should be no surprise to see them being used for real currency transactions too.

Any exchange or transfer of money between two entities can be expedited with a blockchain. Remember that banks will not be controlling the blockchain because it is a decentralized ledger.

This means you don’t need to worry about all the banking regulations and delays.

Monetary transactions are processed and validated 24 hours per day when blockchains are used. In fact, the transaction will get processed within seconds.

Cybersecurity

Cybersecurity is another big advantage to using blockchain technology.

So many websites on the internet depend on cybersecurity for safely securing people’s personal information, such as their social security numbers, birthdates, bank account numbers, etc.

We’ve heard so many stories in recent years about big corporations like Equifax having security breaches in their network. If it had only used blockchain technology, it would not have had that problem.

Blockchain will make it impossible for a hacker to obtain people’s personal information because it will not be stored in one centralized location like it is now.

Electronic Voting

The days of worrying about voter fraud are over. Blockchain technology will allow people to vote online using their mobile devices. This might seem like an insecure way to vote, but it is actually much better than the current voting system.

When you cast an electronic vote, an immutable object of information is created in the blockchain. This means the object cannot be modified or altered.

In other words, a person’s vote cannot be altered after it is cast. As a bonus, counting the ballots will be almost instant on a blockchain network.

There will be no need for manual recounts where fraud could easily take place.

Medical Records

In the last decade or so, medical records have already moved from paper to digital. Although these records may be secure, they are not as secure as they could be if blockchain technology were used.

Preventing unauthorized access to medical records is just the beginning. Blockchain will also give patients easier access to their own medical records. They will be able to manage who else can access it too.

Supply Chains

If you own a business and need to keep track of your supply chain, a blockchain will make this process much easier than following a paper trail.

If there are any inadequacies or problems in the supply chain, you will be able to spot them faster on a blockchain system. You will even be able to see the performance level of your products throughout the entire supply chain.

As a result, keeping up good productivity will be much easier for your organization.

Digital Identity

According to fintech scientists, blockchain IDs will replace all other forms of ID in the future. There will be no more social security cards, driver’s licenses, keys, computer passwords, and so on. Instead, everyone will have one digital form of ID as a replacement for all the others.

The blockchain security of this ID will be completely safe and it will likely eliminate identity theft crimes https://www.pexels.com/photo/banking-bit-bitcoin-blockchain-1157191/altogether.

Contracts, Titles, and Deeds

It is hard to believe that when you buy or sell certain properties, such as a car or real estate property, you still need to sign a paper contract or title to authorize the transaction.

As more transactions take place, it only leaves a bigger paper trail which can be confusing to follow. Blockchain technology will eliminate the need for paper documents in these types of transactions.

You will be able to do the transaction digitally through the network. Not only that, the blockchain will make it easier for you to verify the true owner of the property. This will avoid the risk of being scammed.