Uses of blockchain.
What is Blockchain and why Blockchain?
Blockchain is the digital decentralized ledger underlying virtual currencies, it is responsible for logging all transactions without the need for a financial intermediary or a third party, such as a bank. In other words, it is a new means of transferring funds and /or logging of information.
Blockchain is the vision of developer who believed that the current financial and economic system of the world have flaws. In particular, they view financial institutions as acting as third – parties and pilfering transactions fees as unnecessary, and they scoffed at the idea that payment validation and settlement could take up to a number of business days especially in cross – border transactions. With blockchain, real – time transactions are a possibility (even intercontinentally), while financial institutions are left out of the equation entirely, presumably reducing transactions fees.
Beyond virtual assets and financial transactions, numerous companies such as Dow Jones industrial average are testing out some of the use cases of blockchain in small scale projects and controlled demos right now.
Someone would probably wonder what this potentially game-changing technology can actually offer the real world, we wonder no more.
Here are 12 important uses of Blockchain technology.
1: Payment processing and money transfer.
2: Monitor supply chains.
3: Retail loyalty reward programs.
4: Digital IDs.
5: Data sharing.
6: Copyright and royalty protection.
7: Digital voting.
8: Real estate, land and auto title transfers.
9: Food safety.
10: Immutable data backup.
11: Tax regulation and compliance.
12: Weapons tracking.
Getting interesting right? let take a look at some of the uses mentioned above.
Payment processing and money transfer:
Arguably the most logical use case for blockchain is as a means to expedite the transfer of funds from one party to another. As earlier stated, with financial institutions removed from the equation, and validation of transaction ongoing 24hours a day, seven days a week and everyday of the year, most transactions processed over a blockchain can be settled within a matter of split seconds.
Monitor supply chain
Blockcahin also comes in particularly handy when it comes to monitoring supply chains. By removing paper-based trails, businesses should be able to pinpoint inefficiencies within their supply chain quickly, as well as locate items in real time. Blockchain would allow businesses, and consumers to assess the performance of products, goods and services from a quality control perspective as they form their place of origin to the retailer.
Retail loyalty rewards programs
Blockchain would further revolutionize the retail experience by becoming the go to for loyalty reward. By creating a token – based system that rewards consumers, and storing these tokens within a blockchain, it would incentivize consumers to return to a certain store or chain to do the shopping. It would also eliminate fraud commonly associated with paper – and card based loyalty reward programs.
Digital IDs – More than 1 billion people worldwide face identity challenges
MICROSOFT(NASDAQ;MSFT) is looking to change that. They’re creating digital IDs within an Authenticator app – currently used by millions of people – which would give users a way to digitally secure and manage their identities. This would allow folks in impoverished regions to get access to financial services where Identity management is key. Of course, Microsoft’s attempt to create a decentralized digital ID is still in the infant stage.
Crytocurrency IOTA launched a better version of its Data market place in november 2018. Demonstrating that blockchain could be used as a market place to share or sell unused data since most enterprise data go unused, blockchain would act as an intermediary to store and move this data to improve a host of industries globally. While still in its early stages IOTA has more than 35 brand name participants ( with Microsoft being one) providing her feedback.
Copyright and royalty protection
In a world with vast internet access, copyright and ownership laws on music and other contents have grown hazy. With blockchain, these copyright laws would be beefed up considerably for creator of the content being purchased to get their fair share. Bblockchain would also provide real – time and transparent royalty distribution data to musicians and other content creators.
Worried about vote fraud or gerrymandering? well worry no more, with the blockchain technology. Blockchain offers digital voting system, a platform that have been used several times to deliver an unparalleled voting system void of gerrymandering and interference or fraud. The system is transparent enough that any regulator would be able to see if something were changed on the network. It combines the ease of digital voting with the immutability (i.e unchanging nature) of blockchain to make your vote truly counts.
Real estate, land and auto title transfers
One of the primary goals of blockchain is to take paper trails out of the equation, since paper trails are often cumbersome to handle and sometimes a source of confusion. If you’re buying or selling land, a house or a car you’ll need to transfer or receive a title instead of handling this on paper, blockchain can store title on its network, allowing for a transparent view of this transfer, as well as presenting a crystal-clear picture of legal ownership.
Immutable data backup
Blockchain is also be the perfect way to back up data. Even though cloud storage systems are designed to be a go – to source of data safe keeping, they’re not immune to hacks
One of the hot button topic on any news network at the moment is gun control and /or weapons accountability. Blockchain could create a transparent and unchanging registry network that allows law enforcement and the federal government to track gun or weapon ownership as well as keep a record of weapons sold privately.
This and many more are the uses of blockchain.