5 Uses for Blockchain Apart from Cryptocurrency
Blockchain technology is most commonly associated with cryptocurrency transactions. It is safe to assume that very few people know what blockchain technology actually is and how it can be used for multiple industries.
Article Written By Reggie Kendall
What is Blockchain Technology?
A blockchain is the constantly growing list of records. These records are known as blocks. All blocks are linked to each other and secured through cryptography.
The technology is highly used in industries that have big data to handle because it makes the modification of important or sensitive data difficult to perform. It can securely record transactions or exchange of information between two parties and the blocks can be verified when required.
Multiple Uses of Blockchain Technology
After understanding the technology of blockchain, it is easy to see why it is used in the cryptocurrency industry. But it can also be applied for other proposes. Here are 5 significant applications of blockchain technology apart from cryptocurrency:
1. Financial Services
Cryptocurrency is itself is a part of the financial sector but even conventional financial services can use the blockchain technology to resolve many existing issues. For example, many financial services are now using smart bonds and smart contracts that applied blockchain systems. This reduces the stress and cost of dealing with conflicts faced by intermediaries. The technology is being used in insurance, cross-border payments, and asset management.
2. Smartphones and Cars
We all know that we use pin codes for locking our smartphones and car keys to activate cars. This is all possible due to cryptography. But the problem is that the pin code or security protocol is actually part of a physical device and can be easily copied or transferred. The blockchain technology can be used to replace and replicate a lost protocol.
3. Supply Chain
In the supply chain industry, the blockchain technology can be used for sensors. These are used for tracking the supply chain from end to end as goods are shipped across the globe. This application helps businesses store, manage, protect, and transfer the supply chain information.
This may come as a surprise but blockchain technology has high potential in the music industry, the industry currently faces crucial problems regarding ownership rights, royalty distribution, and transparency. With blockchain, a decentralized database can be created for music rights. This will benefit all the different people involved like the artists, labels, and others.
5. Value for the Public
Blockchain can benefit the raider society. It will promote self-management for companies, NGOs, and individuals. A more secure exchange of information could be performed around the globe. It will be on a much larger scale but the risk will be highly reduced.
Blockchain technology is one of those that have great potential to transform the future of many industries. Many applications are still underdeveloped or still at the beta-testing stage.it is expected that blockchain technology will be on the rise over the coming years as it has shown how much it can benefit us on a global scale.