Potential Applications Of Blockchain Technology

Blockchain Technology is already making headlines across the world for its potential to revolutionize the future of industries. It already did in the financial/currency sector by introducing it’s first product called, Bitcoin, world’s first decentralized cryptocurrency.

For those who are new to the term, Blockchain is a distributed public ledger that can contain any information that people save into a computerized database and spreadsheet. It existed with the Bitcoin, decentralized cryptocurrency and utilized a distributed ledger to keep track of all transactions. This distributed ledger technology is now known as Blockchain and has been under the scan for its potential uses across several industries.

Blockchain technology applications across different sectors:

Legal system

Blockchain technology could enhance the legal industry operations by reinforcing its record keeping functions. Records ever uploaded would remain for reference. Blockchain can contain information in their fixed form, but can allow changes only in condition when all participants agree to the change. Unilateral changes are out of scope. Therefore, maintaining records on Blockchains could lessen the chances of human error and eliminate the instances of surreptitious changes. For all these reasons, the technology is being considered an innovative way to perfecting the processes of legal notice.

Healthcare sector

Healthcare institutions are constantly faced with the need to securely share data across platforms, which is a major concern nowadays. Better data collaboration between providers is required to augment probability of accurate diagnosis, increase likelihood of effective treatments, and enable healthcare facilities to deliver cost-effective care.

Blockchain would allow hospitals, financiers and other parties in the healthcare value chain to share information without compromising data security and integrity.

Insurance contracts

Blockchain in insurance sector is for smart contracts. The technology could provide complete transparency thereby facilitating maintenance of irrefutable records for managing claims. As all the records would be verified by the network, there would be lesser chances of fraud and identical claims.  Streamlined claim process will simplify things.

Identity management

Aside from financial usage, Blockchain technology can also help in identity management, in areas like e-residency, digital identities, wedding certificates, birth certificates, passports, online account logins, IDs, etc. Blockchain technology can provide better control over stockpiled information, its access and usage. Civic, a recently launched ICO is a perfect example of the application of  Blockchain Technology in Identity management. (Click here to read more about Civic)

This is just a brief overview of potential application of Blockchain Technology. With the evolution of Internet of Things, the Blockchain technology would expect to find even more areas of services. To read some of the use and applied cases of the distributed ledger across different sectors, visit our “BLOCKCHAIN SECTION”

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