The world is getting hyped up about Bitcoin and cryptocurrencies, and this has led to more and more people investing. This The rise in its popularity is owed largely to how it has become such a lucrative investment, creating many millionaires. However, aside from the earning potential that crypto has to offer, its underlying technology can be applied to improve major industries.
FINANCES
The basic function of blockchain technology is to record bitcoin exchanges. Real transactions currently require middlemen – mediators who we should trust – to handle these transactions. Applying blockchain the way it is being used in bitcoin transactions can +erase the need for this third party and make transactions secure, faster and immutable, since blockchain records, once documented, cannot be modified. Its application in the field of finance can improve several services including asset management, insurance claims processing, cross-border payments and more.
CLOUD STORAGE
In the same way that the details of individual transactions are kept, data can also be stored and retrieved in a blockchain. Not only is it secured, the files cannot be changed or modified due to the property of blockchains as being immutable. Applying this blockchain based data management in cloud storage could greatly lessen the costs of storing your files through the current online systems.
SUPPLY CHAIN COMMUNICATION
There are several steps that products have to go through before they reach the consumers. Blockchains can provide a distributed public ledger where their status can be monitored. This would improve communication between the chain of suppliers by making the process transparent. It also prevents losses throughout the stages and ensures the quality of products while in production. Overall, application of blockchain technology in this field will improve a wide range of industries.
DIGITAL VOTING
One way to improve elections would be to make it as transparent, secure and immutable as possible. These are all qualities that are present and can be applied through the incorporation of blockchain in the voting process. By verifying and creating a permanent block for each vote submitted, there is certainly no way of tampering with the ballots and changing the results of the election. Not only does this make the system more secure, it also makes it much more efficient since results can be retrieved the moment the last person votes. It provides efficiency, security and transparency and would be one way to ensure there is actual democracy in the country.
HEALTHCARE
The need for accurate information when dealing with a person’s health is not only necessary but could be a factor between life and death. Through a blockchain based data system, records on health, vital signs, medical prescription and other important documentation that is often not completely available, would all be easily accessible with access provided by the person. These can be kept up to date and retrieved when necessary, providing a complete and detailed record of the health of a patient throughout their life. Making it much easier for healthcare providers to diagnose these patients. With better information, they can also provide better care.
Author Bio: Kim Hermoso is a content writer at Cryptoversal.com. Her articles are mostly guides and feature pieces on all things related to cryptocurrency, such as blockchain technology and smart contracts.
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