If you have been even remotely associated with the banking, investment, and cryptocurrency sector, you must have heard of blockchain technology. Blockchain technology has penetrated almost every sector of our lives and has taken the world by storm.
For the uninitiated, blockchain is a digital record-keeping technology that is best known for fueling the Bitcoin system. Even though blockchain started as the technology that runs Bitcoin, it eventually spread out across different verticals. In this day and age, almost every industry has its own blockchain technology for the safety and security of its data.
The popularity of blockchain in securing the confidential data of industries and businesses is irrefutable and thus, demands an article that sheds light on the real-world applications of blockchain. However, before we go into the details of said topic, let us understand a few key points about this brilliant innovation of technology.
Blockchain—A Few Key Points:
Blockchain technology is a digital or electronic database that stores information galore in the multiple blocks that it is made up of. It differs from a traditional database in that blockchains, as we mentioned a minute ago, are made up of blocks and chained together.
As new data enters the blockchain, it is immediately stored in a new block. This block is then chained with the other blocks, thus completing the chronology. The reason blockchain is nearly impenetrable and difficult to hack is that it is made up of complex algorithms. Hacking into the data of one block requires the hackers to modify the data in every other block, which is what makes hacking it so challenging.
There are different types of information that can be stored in a blockchain. However, the most common usage of blockchain is seen in storing the data secured from transactions using cryptocurrencies.
When it comes to Bitcoin and other cryptocurrencies, the usage of blockchain becomes decentralized. This means that no single person has control over the chain. It is rather controlled by every user equally.
Real-World Applications of Blockchain:
We have ironed out a few facts about blockchain, and therefore, it is now time to look into some of its real-world applications across various industries. It is important to remember that blockchain is not just used to secure data from different kinds of transactions. It is also used beyond this, across several verticals, and this is what we are going to discuss in the next sections of the article.
Management of Supply Chains
Firstly, blockchain has been shown to enhance the efficiency of supply chains. It provides real-time information about the location of items on the supply chain and eradicates the need for paper-based records. One can also monitor the quality of items in real-time with the help of blockchain.
The second biggest usage for blockchain is in the healthcare sector. Patients are entitled to accurate information about their health, and blockchain can provide this accurate information in real-time.
Patients and doctors can also use blockchain to look into the batch numbers of drugs and medications. Data from prescriptions and patients’ health histories can be secured in these blocks without the risk of the information falling into the wrong hands.
One of the biggest uses of blockchain technology lies in the world of cryptocurrencies. Platforms like GetAurox use the technology of blockchain to aid the process of trading cryptocurrencies. Traders can safely buy and sell their desired cryptocurrencies on these platforms. The data from these transactions are secured within the numerous blocks of the blockchain.
Sharing of Confidential Data
The final use of blockchain we have decided to list in this article is that of data sharing. Blockchain technology can safely allow data to be shared from one point to another, without it being hacked. This data can be from a number of sources. Blockchain technology helps secure every modicum of data transferred from one point to another and enhances the efficiency of the transfer.
A distributed ledger technology known as IOTA uses blockchain to sell and share data that has been unused. These bundles of data can be routed to different places based on their need, without fear of hackers.
It must be understood that blockchain, though a miracle solution to many real-world problems, does not have effective solutions to some issues. Every problem is unique and needs to be tackled in a different way. The applications of blockchain technology need to be custom-tailored according to the problem so that unique solutions can be wrought. In a nutshell, blockchain technology has sunk its teeth deep into the layers of our society and is here to stay until there is a better replacement of the same.
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