The Top 5 Use cases for Blockchain Technology
Blockchain Technology is not limited to cryptocurrencies anymore. More and more industries are leveraging blockchain technology to improve their privacy and efficiency. The decentralized nature of this technology makes it perfect for industries like healthcare and the capital market.
Here are some of the use cases of blockchain technology in the modern world:
BlockChain In HealthCare
The use of blockchain technology in healthcare is one of the most promising combinations of the digital era. It is solving various limitations of the healthcare industry with its decentralized technology. Lack of a patient’s medical history was the most difficult challenge for every technology. Blockchain has made it possible to have a decentralized network where multiple healthcare centers can access medical records.
Additionally, it can impact the supply chain to eliminate the use of fake medicines by some of the middlemen. Blockchain can establish this secure database with its decentralized chain system.
Making international payments through established banks can be a long process. It has several barriers with a lot of space for improvements. However, payments made through blockchain technology are much cost-effective and convenient. Its decentralized nature makes it a transparent, secure way to transfer money with peer-to-peer technology. There is no risk of data theft, as there is no centralized agency to keep the records.
It is stored in a network of computers and requires an attack on millions on chains at the same time to leak it.
The capital market is an excellent use case of blockchain technology. However, it can not completely replace the traditional system but can improve it with its integration. It can improve the settlement time of the transactions while providing a secure platform to perform it.
Additionally, it has less risk than the other methods as all the transactions are pre-funded in blockchain technology. Some in-depth studies show the importance of this technology in the capital market as well.
Protection From Money Laundering
The transactions made in virtual assets are based on blockchain technology. It eliminates the risk of money laundering and is often termed as anti-money laundering technology. Multiple parties can come together to transact in virtual assets in a completely transparent manner.
Hence, there is a much lower chance of money laundering with the adaption of this technology. Although there are various hurdles in implementing this technology, it is still helping industries with their applications.
Supply Chain Management
The introduction of blockchain technology positively impacts supply chain management. The decentralized digitalization of this process comes as an excellent solution for inventory network issues. Blockchain gives an accurate analysis of the condition and usability of an item.
Additionally, customers can track their orders and their quality with an open chain management system. The transaction settlement based on the peer-to-peer connection will result in faster transactions. There is no chance of a human error in the supply chain management system backed by the blockchain technology.