Examples of Blockchain Applications in the Modern World
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Whenever people talk about blockchain, everyone thinks about its application in the future. Now we do see different examples of blockchain applications in different industries from artificial intelligence to automobiles. It is estimated that by 2025, 10 percent of the global GDP will be stored on the blockchain. The use cases of this particular technology may vary, but the benefits derived from it remain unchanged. Blockchain network facilitates security, redundancy, immutability and transparency.
So, here are some of the examples of the applications of blockchain technology in the modern world.
Financial services
Traditional systems tend to be troublesome, slow and error-prone. Third party intermediaries are often required to mediate the process by solving conflicts. This is why the conventional system becomes a time taking and costly one. On the other hand, blockchain is transparent, affordable and its innovative introductions to smart contracts and smart bonds make the process easy.
Healthcare
Medical records are badly scattered and inaccurate because of the inconsistent data handling by different clinics and hospitals. Most medical organizations using the traditional database method works with incomplete or incorrect patient records. That is why different blockchain based healthcare projects are being used in order to maintain confidentiality by providing authentication.
Cross-Border Payments
The sector of cross-border payment is very much prone to error and is being damaged by money laundering. Sometimes it takes days to cross money around the world. Thus with blockchain, different remittance companies such as are using end to end blockchain services to make the remittance system transparent and faster.
HC Corporate Payment, a HashCash product, offers blockchain powered corporate payment platform to facilitate B2B payments globally. It offers secured and transparent B2B payments in less time by digitizing end-to-end trade process.
Supply chain management
Supply chain management uses blockchain technology for the evaluation of each stage of supply chain management. The system is more secure and transparent than the traditional network technology. The Blockchain Food Safety Alliance in China has been set up by the joint venture of Walmart and IBM.
As explained by Raj Chowdhury, Managing Director at HashCash Consultants, “One of the popular blockchain use cases in the automobile industry has to do with provenance, or the ability to trace a piece part that went into an automobile back to its origin. This helps in reducing the number of recalls when a part is discovered to be defective. Typically automobile manufacturer end up having to recall millions of cars, thinking the defective part resides in which particular car. With blockchain the manufacturer could trace back the defective car part to its origin after which he can the problematic area within seconds.”
Fine Arts
The art industry readily depends on the authenticity and provenance of art works. Whether the item is forged or real cannot be determined by the blockchain network, but it can prove the previous owners of the item.
Government
Governments from different countries have shown interest in the blockchain technology. Records of the public can be easily stored in a decentralized data management structure through this technology. Other use cases include voting, public records and education.
