In recent times, NASDAQ chief executive Bob Greifield’s quote sums up blockchain in simple words – ‘Blockchain is the biggest opportunity set we can think of over the next decade or so.’
And truly so, e it in magazines, television, or the internet; blockchain has undoubtedly, become a popular term.
There is no denying that the network works as a pillar for several online applications. Indeed, the outreach of this database is extensive. This vast scope is evident given the international blockchain market is projected to reach around USD 40 billion by 2025.
Given this importance and the impact of this growing technology on our lives, it is crucial to delve a bit deeper. Read on, as we answer the same.
Blockchain in simple words
Before knowing the life-changing use cases of blockchain, it is vital to understand the concept. In simple terms, a blockchain is an online database that is shared on a network. This sharing takes place on a virtual ledger known as ‘nodes.’
Here you can share, store, and transfer information on this network. Additionally, this information undergoes cryptographic verification. Thus, any change in the data is visible to the users.
Hence, consider blockchain to be a similar shared end-to-end encrypted online document. This means when you make any changes to this doc, the users at the other end are aware of the alterations.
Five remarkable applications of blockchain technology
With each passing day, the utility of blockchain promises the potential improvement of several existing systems. Here are some notable use cases.
1. International money transfer
In a PwC survey, 46% of global executives viewed financial services to be leading in blockchain development. Hence, it is apparent that blockchain will significantly impact monetary activities.
One such application is cross-border transactions.
Using blockchain, you can now send money abroad quickly. Additionally, blockchain connectivity will also eliminate the need for liquidity agents or intermediaries. This means that money transfers between two foreign banks will take place through a streamlined network.
Moreover, the blockchain network verifies all the information promptly which allows for safe, secure, and fast international fund transfers.
Example: Ripple is a prominent company that has a blockchain-based payments network called RippleNet. This network connects global financial institutions through a single API. In addition, you can also eliminate the need for pre-funding bank accounts.
2. Electronic health record tracking
Keeping track of medical history is a common issue in many countries. In most cases, your medical data is spread across different health providers.
This distribution makes it difficult for a doctor to suggest tests and treatments quickly. So, the conventional system leads to a wastage of time in diagnosis.
On the contrary, with blockchain, all your health records will be available on a unified network. Thus, data such as your medical history, allergies, previous treatments, etc., will be available to health professionals.
Furthermore, this prompt availability can lead to two benefits:
- Easy identification of patients
- Quick access to medical records
Example: Medicalchain is a company that uses blockchain technology for creating a smart health ecosystem. This solution eliminates the issue of siloed patient data across the healthcare system. Moreover, you will also have the authority to grant access to electronic health records.
3. Online voting
Do you often feel the need for a more secure, trustworthy, and efficient voting system?
If yes, then you’d be delighted to know that the blockchain network can revolutionize this crucial aspect of the democratic process too!
This technology has the capacity to decentralise the traditional voting procedure. For instance, you will receive a single voting token to cast your vote. After voting, the data is stored on the blockchain node. This means that you will have the flexibility to change your vote before the end of the elections.
Thus, the blockchain network in a way also helps reduce human intervention in the entire voting procedure.
Example: Follow My Vote is an organisation that provides online voting software. This digital software is based on blockchain fundamentals and follows end-to-end encryption. So, this revolutionary beginning can soon change the way we cast our votes and safeguard our democracy.
4. Hassle-free real estate transactions
Simplification and convenience are crucial benefits that you can receive from the blockchain.
For instance, consider the process of buying or selling a real estate property. You need a lawyer or third-party assistance in most cases. Not to forget, tracking paperwork, verifying the details, and coordinating with government agencies can become hectic and expensive too!
But with blockchain technology, all your issues get solved. Additionally, the data on the network is tamper-proof, secure, and accessible for both parties. Hence, you can be well-assured of less paperwork and more transparency.
For example, Propy is a real estate company that uses blockchain to automate important transactions. It is an excellent example of blockchain proving to be a catalyst in automating and closing processes in real estate transactions.
5. ID and document protection
With blockchain, you can finally stop worrying about record-keeping and safeguarding your personal information. The encrypted network will empower you to securely store your IDs, documents, and other files. This way, you can have more control over your self-sovereign identity.
Additionally, it will also allow you to curate your personal profile and information efficiently. So, you can provide a particular ID for verification without any hassle. Moreover, the transactions in the blockchain are traceable. This means that you are in control of the activities that happen on the shared network.
Example: IBM has a dedicated ‘Blockchain for Digital Identity’ service. This solution is fast, secure, flexible, and based on blockchain technology.
So overall, this application changes the way we store and manage sensitive personal information. If you have such a utility, tech companies like ValueScale can help provide the perfect cloud storage infrastructure.
With more advanced research, the utility of blockchain technology will keep expanding. In fact, the applications have a great potential to rectify the shortcomings of conventional processes.
In a nutshell, blockchain’s inclusion in our lives serves to bring more convenience and security to our activities. Hence, the technology can be a potential solution against cybercrimes and frauds.
Furthermore, given that blockchain technology today is gaining considerable advancements in various sectors such as cryptocurrencies, finance, trade, energy, real estate, healthcare, and education, it is not wrong to state that this secure database will soon impact your life directly or indirectly.
To leverage the vast potential of this technology, you can avail services of blockchain experts. Companies like ValueScale can help you in this regard.