7 Most Important Applications of Blockchain You Need to be Familiar With
When we speak about the applications of blockchain technology, we should always highlight the practical applications. Any modern technology is insignificant without its ability to disrupt and influence our personal lives. Blockchain has come off age to find adoption and flexibility in some of the most important areas of our lives. As a legitimate platform with full scale security and scalability, blockchain promises to stand out from centralized network architectures. Blockchain has a major role to play in the markets; right from being a new currency to managing digital identity for individuals/corporate.
Financial Sector: The financial sector has been one of the major beneficiaries of the blockchain sector. Today, the financial sector is reaping the benefits of this decentralized platform to carry out cross border remittances, transactional settlements and back end activities. There are several financial organizations which are already developing their own blockchain.
Related Article: Blockchain And The Future Of Finance
Government: The government sector is also benefiting significantly from blockchains. Right from the inception of smart contracts to the creation of digital identities, this platform is bound to bring about a major transformational experience for all. Governments have also used this platform to secure distribute or share important data. The unique architecture of blockchain makes it completely immutable against external attacks from hackers. It is one of the most secured networks making it simply impossible to penetrate.
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Healthcare: The healthcare industry is a critical area which has benefited from the blockchain industry. There are several aspects of patient information, data and hospital records which need to be managed with pin point accuracy. Plus there is a risk of sensitive information being leaked out from the patient care centers. The whole objective of a secured healthcare network would include patient information, past medical records, medical insurance information, digital wallet integration and a host of other critical medical information.
Related Article: Blockchain in healthcare: Patient benefits and more
Digital Identity: If there is anything which is best driven by blockchain, it would be digital identity. Secured digital identities can be created with blockchain technology. Today, blockchain is a sought after platform because it has the capacity to secure digital assets like no one. Previously, digital identity thefts posed a major problem for digital networks. It leads to several frauds and other problems which have been significantly reduced with the usage of digital identity networks powered by blockchain.
Related Article: Why There Is A Need For Blockchain Digital Identity Services
Internet of Things: When we speak of IoT, we cannot avoid the topic of Blockchain simply because it is one of the strongest digital relationships of modern times. Blockchain on IoT can create autonomous networks which would have millions of users sharing trusted interoperability for data transfer and financial transactions. The supply chain industry, automotive industry, smart homes, pharmacy industry and agricultural sector would benefit significantly from Internet of Things on blockchain.
Related Article: Blockchain- A Game Changer of IoT
Insurance: When it comes to the insurance and automobile sector, the biggest challenge for a new technology comes in the form of fraud mitigation. The insurance sector is plagued with scams and technology is one of the strongest platforms to counter it. Blockchain is such a secured and organized platform that it minimizes the chances of fraud by securing identities and sharing key information across critical touch points. The sharing of information in a very secured and coordinated manner is enabled by blockchain.
Related Article: How Blockchain Could Disrupt Insurance
Contracts: The very mention of the word smart contract reminds us of blockchain technology. With unparalleled immutability and decentralized administration, data in a blockchain flows with consent. It advocates concepts like the Smart Corporations which function as DACs or DAOs i.e. Decentralized Autonomous Corporations & Organizations. Smart contracts are one of the most secured applications of blockchain technology.
Related Article: Benefits of Smart Contracts in Crowdfunding
Blockchain in itself is a rich platform which offers extensive benefits for the user. Its security and scalability have completely transformed the very complexion of modern digital systems. With this innovative technology, our world is more secure and safe. In the coming decade, the value of the blockchain industry (market size) is expected to grow from an approximate USD 1.2 Billion in 2018 to USD 23.3 Billion by 2023 according to CISION PR Newswire.
