Blockchain is one of the greatest revolutions that technology has seen in the last few years. In a decade, it has evolved from being a supporting system for Bitcoin to mainstream technology. You can find myriads of application of this technology. Some of these are just the beginning, while others have become a well-established trade. In this blog, we will be highlighting some of the prominent use cases of Blockchain technology
Use cases in Blockchain:
You cannot find a sector which has remained untouched with the mirage touch of Blockchain technology. Here are popular use cases :
- Supply chain management- As you would be aware of the fact that a seamless supply chain management. However, this segment suffers from the problem of transparency and tracking of information. Blockchain has a solution to both these problems. Since this technology focuses on creating a transparent system and data that is once fed into the ledger is immutable and gets time-stamped, it promotes easy tracking of information. This feature becomes a solution to a lack of transparency and tracking.
- Healthcare – This is yet another field where Blockchain can be useful. In the case of the healthcare division, the administration has to manage so many documents and patient information in legacy silos in different formats and standards. The problem arises when we have to access this data. With the conventional system, it takes time to access any data, and hence, it becomes important to have an alternative solution. Blockchain offers this solution. It is a digital ledger platform wherein you can store data, time-stamp it, and access it at any point and from anywhere.
- Data Security – This is one of the most popular applications of Blockchain technology. Being a distributed ledger, and immune to the hacking of data, any information once fed cannot be altered or deleted. This can be beneficial for different sectors. You don’t have to worry about the accessibility of data, or loss of data because of the system failure.
- Banking sector– Another popular application of Blockchain technology is in the banking sector where one can use this technology for ensuring a faster and easy transaction. Since there is no third party involvement, there is no wastage of time which otherwise goes in data verification and validation.
With these applications of Blockchain, it is the technology of the future. Successful implementation of this technology will help in creating a transparent and secure system.