Top 5 Real World Applications of Blockchain Technology

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From the popularity and hype acquired by blockchain technology in the last few years, we can say that blockchain is definitely a game-changer and it can be considered as the next big thing like the invention of the internet itself. In simple words, it stores a record of each transaction that can be accessed by everyone, therefore eliminating the requirements of a centralized authority. It stores and collects the information in an encrypted blockchain with much safety and security than traditional methods.

Let’s take a look at some of the top real-world blockchain technology applications over various industries.

  1. Supply chain management

The integration of blockchain technology in the supply chain industry can increase the overall efficiency of the supply chains and also give the exact identity of the location of each item in the supply chain. Blockchain helps to avoid the loss of data, and also monitor the quality of the products while in production.

  1. Healthcare

In the healthcare industry, patients information will be an important asset to keep and manage, the right data from each patient’s medical records must be kept safe and secure. Security and privacy of health data are very important. Blockchain can help with this by tracing the batch and serial numbers of prescription drugs. Nowadays, some hospitals have started to record the patient’s data with the latest ways of handling the data and they are using blockchain technology to store each patient’s record confidential and safe. By providing each patient with an access key it can help them to access their medical records, therefore keeping the control of who can view the data. The patient’s diagnoses report can also be stored so that anyone can easily track the history of the patient’s health conditions.

  1. Food safety

The use of blockchain in the food safety industry can have the ability to trace any kind of food from its origin to your plate. By the use of an immutable feature of blockchain, the transport of food products can be traced from their origin to the supermarket. In food-borne infection occurs, the source of food contamination can easily be traced faster and accurately.

  1. Digital voting

Avoiding fraudulent activities in the voting industry has always been a good concern. It won’t occur hereafter. You can make your vote with confidence with the help of blockchain technology. It could also make the voting process more transparent and if any changes occur they can be easily identified by the regulators who are handling this process. The token-based system created with blockchain would ensure the system “one unchangeable vote per person”.

  1. Real estate

Ownership and property details are entirely stored in the blockchain networks, therefore it can be much easier to trace and transfer ownership safely, it can also be used to easily view, change, and update information whenever you require. It can also contribute for the elimination of paper since it gives a very clear picture of legal documents.

Wrapping Up:

The above-mentioned examples are some of the real-world applications of blockchain technology and it will continue to evolve and adapt even more. Blockchain is one of the innovative technology which can be used by many industries. The functionalities of blockchain technology are amazing but we have to keep in mind that blockchain is not suited to solve every kind of problem and it suits according to the needs of each particular problem and industry. So, if you are planning to build a blockchain network for your industry to keep your information more secure and safe, reach out with an industry-leading blockchain development company. They can help you to build a blockchain network according to your business needs and circumstances.

2 Responses

  1. Nice blog, This article is definitely helpful for startup entrepreneurs. In the Blockchain industry, there are a lot of business opportunities that are available. In that, you listed some business opportunities to know the other opportunities. Check this blog >>> https://bit.ly/39vHlp3

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