Blockchain applications have transformed their look and feel, and are no more limited to cryptocurrency and bitcoin. This very technology has enabled businesses to practice transparency and security to save time and money. Today, considering the amount of digital touch to the businesses, it is very fair for the business to think of additional touch of security to their operations, and this demand is well answered by this tech trend.
In laymen's terms, Blockchain is a network that enables the transaction to take place between untrusting users without the need for centralized control. It ensures to bring speed in transaction, transparency, trust with a P2P network.
Here, in this blog post, we have collected real-world examples of Blockchain technology use cases. Let’s take a look at this read, to understand how far blockchain has transformed the way people access services with a transparent, secured, and immutable platform. Read this blog post ahead.
Digital media
Today, digital media has taken a new curve while expanding its reach on a wide variety of business sectors. However, this has also called for data privacy, piracy of intellectual property, royalty payments, and copyright infringement, to name a few. The inclusion of Blockchain technology is used in different realms of digital media, so businesses can protect their data and keep serving their customers with the best of services.
IoT- Internet of Things
IoT- The Internet of Things is growing rapidly helping billions of devices to get connected. It is predicted that by 2030, there will be more than 50 billion devices globally. Although, this growth would also lead to vulnerabilities where hackers can easily breach the data. To make it strong and secure, the integration of Blockchain technology can reduce the data breach to a greater extent.
Smart Contracts
Smart contracts are one of the most efficient sets of technologies helmed by Blockchain. These contracts work as an agreement between two or more parties sans any intermediary in between. And today, this technology has grown out wild and is being used in different industry sectors without a fail.
Money transferring
Cross border payments and money transfer have been some of the most incredible aspects of Blockchain technology. And it has enabled light-fast transactions to take place in real-time, where the money and time both can be saved with an instant process.
Personal Identity Security
Since the invasion of the virus in 2020, the cases of personal identity theft and hacking surged. Hackers preferred to come unannounced to hack and violate personal files to forge documents, and in many other areas to increase identity theft. With the Blockchain technology, this issue could be combated while giving an extra layer security shield with a decentralized and immutable ledger.
Logistics
Lack of transparency and data mismanagement are some of the top-notch concerns of the logistics industry that require an instant solution. And this is well managed by the Blockchain technology, which has eased down the road to save both time and money.
Data transparency is another area where this tech trend has offered an automated approach while building trust and transparency within the logistics industry.
Final thoughts
Now when the year 2020 has finally come to an end, the next big question that comes along with it is that what more the coming year has in store for us. Well, on an honest note, the last year had been tough on each of us through every possible means. We faced what we never imagined before, and in this run, technology has marked a new beginning. And this beginning has been witnessed by technologies like Blockchain and AI among many others.
Although the initial conception of the Blockchain was supposed to be limited to the financial transaction only, but over a period of time, it has intensified its approach to be used in different sections of the businesses as well. The above use cases are the perfect examples of Blockchain being used in different areas.
Indeed, the very concept of Blockchain technology has gone beyond the imagination and has stepped beyond the simple functioning of Bitcoin or cross-border payment. Today, it is used on the vivacious landscape for every possible industry worldwide.
It is expected that in the coming years, it will surpass its existing use cases to bring benefits in abundance. If you still have questions about blockchain applications and want to know more about them, then just keep watching this space for more engaging information.
Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well.
