Without a question, blockchain technology is a fascinating invention with the ability to transform a variety of industries. However, with too much excitement around blockchain, it may be difficult to unearth its realistic, daily applications – or, to put it another way, blockchain sounds fantastic, but what does it mean in real life?
Given the rise in success and excitement surrounding blockchain technology over the last decade, it is fair to say that the technology is unquestionably a game-changer and is widely viewed as the next major thing to happen since the internet’s invention. Simply put, it keeps track of all transactions and makes them accessible to everyone, obviating the need for a central authority. It’s a database that stores data in encrypted blocks.
What is blockchain technology?
Before we get into how blockchain can be used, let’s give you a quick rundown of what blockchain is and how it works.
A blockchain is a decentralized, transparent database – in other words, a programming file for storing data (data). The name derives from the file’s structure: the file is made up of data blocks, each of which is connected to the one before it, forming a chain. Each block has data (such as transaction records) as well as a history of when it was modified or produced.
A blockchain, unlike a centralized ledger operated by a corporation or government body, is not controlled by a single individual or organization. The data is duplicated (distributed) through several machines, allowing every individual to access the whole chain from any location and anyone with the appropriate cryptographic keys to edit it. Since blockchains are a decentralized method of storing and manipulating data, they are very stable – unlike a centralized database, there is no single point of entry for attackers. This makes it especially useful for securely tracking transactions.
Applications of blockchain technology in real life
Now that you got a run at it, you’re undoubtedly curious about the practical applications of this potentially game-changing technology.
Let’s look at some real-world blockchain technology from diverse sectors that show that the buzz isn’t all it’s cracked up to be.
Since the patient is at the center of the healthcare system, he or she has the right to truthful statistics. It can also be seen as a life or death situation. The privacy and confidentiality of health information are important. It aids in the identification of prescription medication serial numbers and batch numbers. Hospitals have abandoned paper records in favor of blockchain technology, which securely stores medical information. The patient will be given a number key to access these documents, allowing him to monitor who has access to the information. Patient diagnoses should also be saved such that the patient’s medical background can be tracked.
Payment processing and money transfers
The most reasonable use of blockchain is to speed up the flow of funds from one entity to another. As previously said, with banks excluded from the equation and contract authentication occurring 24 hours a day, seven days a week, most blockchain transactions can be resolved in a matter of seconds.
Monitor supply chains
When it comes to supply chain management, blockchain is particularly useful. Businesses should be able to rapidly pinpoint inefficiencies in their supply chains and identify products in real-time by eliminating paper-based tracks. Furthermore, blockchain will allow companies and perhaps even customers to monitor how goods worked in terms of quality control as they moved from their point of origin to the store.
Retail loyalty rewards schemes
By being the go-to for loyalty rewards, blockchain will further revolutionize the shopping experience. It will incentivize shoppers to come to a certain store or chain to do their shopping by having a token-based scheme that rewards them by storing these tokens on a blockchain. That will also remove the bribery and waste that are typically associated with loyalty rewards schemes focused on paper or cards.
Copyright and royalty protection
Copyright and ownership rules on music and other content have been hazy in an environment of increasing internet connectivity. With blockchain, copyright rules for digital entertainment downloading will be significantly strengthened, guaranteeing that the artist or producer of the content being purchased receives a fair share. The blockchain will also provide artists and content producers with real-time and open royalty sharing info.
The ability to track the food from its source to your plate is an intriguing application of blockchain in food protection. The shipment of food items from their source to the supermarket can be tracked using blockchain’s immutability. The root of a contaminant can be tracked easily and reliably in the case of food-borne illnesses.
Historically, voter fraud has been a major source of concern. That would no longer be the case. The immutable essence of the blockchain allows you to make your vote really count. It will make voting more straightforward, and any network improvements will be observed by regulators. The system of “one unchangeable vote per person” will be ensured by the token-based system built using blockchain technology.
Real estate, land, and auto title transfers
One of the main purposes of blockchain is to exclude paper from the process, as paper trails can be confusing. You’ll need to move or obtain a title whether you’re buying or selling property, a home, or a vehicle. Instead of dealing with this on paper, blockchain will hold titles on its network, providing a straightforward view of the transition and a crystal-clear image of legal possession.
Wills or inheritances
Blockchain technology may also be able to alleviate your worries about end-of-life care. People will be able to create and save their digital wills on a blockchain network instead of writing a paper will. Wills could become crystal simple and legally binding when used in smart contracts, which may divide up inheritances depending on when such conditions are reached (such as whether a grandchild reaches a certain age), with no doubt about who can gain what assets when you pass away.
At some point, blockchain could be able to compete with or even overtake existing equity exchange systems for buying and selling stocks. Since blockchain networks audit and resolve transactions so easily, it could be possible to eradicate the multiday wait period that investors face while selling stock(s) and attempting to access their funds for reinvestment or withdrawal.
Blockchain technology is a popular invention that has gained widespread acceptance. While the benefits of blockchain are impressive, it is important to note that it is not a magic solution for all problems and that different blockchains will serve different needs and situations. The implementations of blockchain can differ greatly depending on the industry.
Now that you’ve got the run, the next step is to figure out how to learn Blockchain technology. This necessitates the creation of further blockchain platforms and blockchain professionals, as well as an increase in the number of people interested in learning how to construct blockchains.
Since they are both short-term and versatile, blockchain certification courses are a popular option. The certified blockchain training program curated by blockchain professionals by the blockchain council focuses on the skills and experience you’ll need to get a job, and it’s all bundled into a compact learning module that suits your schedule.