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Application of blockchain technology

Blockchain has a number of applications in numerous industries, blockchain technology has been
declared as a record-breaking invention. Blockchain is a decentralized,
ever-editable digital record that rejects the requirement of middlemen and
allows safe and transparent transactions. Its uses are in many sectors like
voting, financial maintenance and transfer of money, the medical field, and
supply chain management. Distributed quality of blockchain technology provides
a guarantee for data integrity, and safety from fraud, and increases the
member’s trust. Its ability of smart contracting processes, operations, and
costs all are automated. If we deeply make a check into it we can see it can be
beneficial in sending international payments, providing protection for
intellectual property, and improving cybersecurity. Blockchain technology pays
attention to the future to aware organizations of their potential for
revolution.

Let us have a look
at the applications of blockchain technology.

1.     Transfers and Payment

The wallet system
is the result of blockchain technology for making quick money transfer and
performing payments with no requirement for public keys. It is an extremely
fastest way to send money from one place to another. We can also scan QR codes
to transfer money in time. A blockchain transaction is the safest way to send
money and charge nothing for it. There is no need of having a bank account in
the bank to transfer money. It facilitates us with the ability to cross border
transactions it is not only limited to a specific place or country you can make
transactions internationally.

2.     Medical sector/ Healthcare

Blockchain technology in healthcare is used to maintain the personal information of the
patient or client including, name, disease, coming date discharging dates, etc.
A person who has access to blockchain or uses this technology can view all the
information about the patient it is only possible because of blockchain
technology so doctors can communicate with the patients with the purpose of
their health condition to diagnose and provide proper treatment. There is a
hundred percent surety for the security of patients’ data it is extremely
secure. There is a name and passcode required to log in with the client’s
personal information.

3.     Law proceedings

The law sector also getting benefits from blockchain technology. It is used to save
information about criminals as we know information about criminals is very
sensitive for the law department so they demand something that can protect and
maintain this information including, what criminals committed also the
biometric details of criminals. Law enforcement persons do not allow any other
to have access to the information except the one they prefer.

4.    Banking

Blockchain technology allows us to send payments peer-to-peer in a few seconds because
transactions travel through the channels of blockchain and cryptocurrency. Banking
is the sector that only lasts with the help of cybersecurity and blockchain
technology. Every bank needs solid security to protect the client’s account and
maintain financial resources protection. There is a hacking sword always
hanging on the neck of banking they receive hacking threats many times but
thanks to blockchain which protect the user’s account from these hacking
attempts.

5.     NFTs and Blockchain

NFTs are the newly introduced blockchain application of crypto. The application is used for the
purpose of buying and selling digital assets like music, gifs, videos, and art,
when a seller sells something he will provide the full authority of the asset
to the buyer officially. It is only possible with blockchain which provides the
best assets according to clients’ needs.

6.     Media and blockchain

Many users who use media assets always complain about data privacy and intellectual property. Copyright
is a big issue in posting any content. Blockchain should never compromise when
it comes to data protection and security.
Blockchain protects the personal content of a content creator from being spread in many

places. It can only share and posted when the owner wants. It provides data
integration they only target the artist with original content.

7.     Voting

With the help of blockchain, the voting system is going to be advanced very soon. It has the abilityto not be changeable which increases the correctness and reduces cheating in
the voting process. It promotes validity and safety in the voting section.
There is a big difference between paper pencil and blockchain voting systems.
Many times politicians claim that they got cheated by other candidates’
supporters but now the time has come that no one will say that they got cheated
because, in the next election, blockchain technology will be used which means
when a person cast his vote it is his final decision secure by system
automatically and remains unchanged. Increase trust no chance of
misunderstanding.
8.     Real estate businessIn the incident time if we want to buy some property we must go through the process physically.
But now after the invention of blockchain technology, it become easier to buy
and sell properties on blockchains. It provides the proper detail of the property
with the cost. You can check every single detail of the property sitting at
home you can visit it virtually then physically and if interested can buy.

9.     Digital Ids

Blockchain revolutionized technology now the owners of different companies can make online
IDs to secure the private information relevant to their companies only the
owners can have access to this kind of sensitive data by having a login id and
password.

10.  Bitcoin

Cryptocurrency used blockchain technology usually bitcoin is an example of it. Bitcoin is
digital money that can be transferred or used with the help of blockchain.
Blockchain provides protection and transparency to this money.

Conclusion

In conclusion, there
is a number of industries using blockchain technology for benefits, it has
improved efficiency significantly, transparency, safety security protection,
and trust. Blockchain technology has strong abilities to advance many sectors
and norms or procedures, including financial management systems, healthcare or
medical sector, NFTs, banking, crypto, real estate, digital ids, law
proceeding, transfer and payment, and voting systems. With the time features of
blockchain getting more excellent governments choose blockchain for the
solution of many problems. Blockchain has become the most impressive part of
our lives we use it on every footstep for distinct purposes. In the future
blockchain technology will make life more home staying and easy and also will
reduce the physical empowerment.

 

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