7 Applications of Blockchain
The blockchain technology has made life easier since its adoption. It is responsible for most of virtual currencies we use currently without the aid of a financial institution. Thanks to blockchain technology, cryptocurrency has survived the year and is waxing stronger. In simplier terms, blockchain is a technology that allows us transmit funds and information. You may be wondering why blockchain came into existence and why we really need it when we can simply walk into any office and do our transactions. Well, the truth is that blockchain was developed because of the errors noticed on the present banking system, which pointed out the fact that banks make people pay lots of money as transaction charges. Payments we could have avoided and sometimes these transactions take days to be completed but with blockchain, we can carry out real time transactions in a short time while leaving out banks and their unnecessary charges. Companies like polkadot teach you how to build a blockchain.
Below are 7 applications of blockchain
1.LOYALTY REWARD PROGRAM FOR RETAIL BUSINESSES
One of the ways retail businesses retain customers is through the loyalty point-based program where customers receive token each time they buy from a store. This convinces them to always return to the same store in order to build their points. Rather than use papers for such records, blockchain stores the tokens.
2.INVENTORY AND SUPPLY CHAIM MONITORING
Gone are the days when people have to physically count their products. With blockchain, businesses can easily trail their inventory and figure out any existing inefficiency in the supply chain. It is also easy to monitor the quality of products during movement from one place to another.
3.DATA STORAGE AMD SECURITY
Blockchain is a perfect place to backup data because hackers cannot access them here. Information stored in iCloud may be easy for users to access but not hackers. So, tell me why you wouldn't want to learn how to build your own blockchain.
4.VOTING SYSTEM TRANSPARENCY
Blockchain has proven to be an effective way to ensure transparency during voting due to the ability of voters to vote digitally without being afraid of the election being rigged. If any change occurs in the records, regulators can easily detect them and take necessary actions
5.MEDICAL RECORD KEEPING
With blockchain, medical records such as age, gender, medical history, vital signs etc can be stored. This makes it easy for health professionals to keep track of the treatment and medical history of every patient. This information are stored in a way that the identity of the customer remains confidential.
6.ENERGY SUPPLY BULLINGS
Blockchain technology can be used to carry out transactions related to energy supply, which ensures a transparent billing, metering and clearing process.
It makes the tax filling process easy while reducing human errors.
The applications of blockchain is quite numerous. It has made life easier since it’s adoption and it continues to make its way to other areas and businesses. The data security blockchain offers continues to be a top reason why businesses are using it. There are endless reasons why you should build your own blockchain.