When Bitcoin exploded into the crypto world it sent investors in a tizzy. The remarkable price surge experienced by Bitcoins during its decade-old history and its success stories piqued people’s interest. The Bitcoin was founded upon the blockchain technology that is now being adopted by industries far and wide.
When the whitepaper “Ethereum Project” was developed in 2013, it showed how the blockchain could find use in many real-world applications too besides the Bitcoin. Today, you will find this technology finding its way into different verticals and businesses. Many automated trading systems like Quantum AI is believed to run on the blockchain. To facilitate a smooth dispute settlement process, it employs the blockchain subset of Smart Contracts. This trading mechanism, on the other hand, is primarily recognized for cryptocurrency trading. It’s one of the most advanced auto-trading systems in the world. Read the Quantum AI review to learn how AI is used to achieve extremely precise trading and how it may help you make money online by allowing you to bet on foreign exchange, stocks, commodities, and cryptocurrency.
How Blockchain Has Permeated Different Industries and Real-Life Applications Of The Blockchain:
For any data block to become part of a blockchain there must be a transaction which is to be verified. This record is then stored inside a block which is provided with a unique code or hash. These individual blocks are connected and secured together through cryptography. So, the blockchain is basically a chain of immutable blocks managed by a network of computers without a centralized authority controlling it. This is why there is perhaps no superior technology than the blockchain when it comes to addressing cyber security concerns.
Real Life Examples Of Blockchain:
- Supply chain management: The blockchain promotes overall efficiency in supply chain management. You can find out details of products right from their sources as the blockchain offers accurate ID of these items at every location. There is no need for paper documents anymore. This ensures there are no losses or wastage and product quality is maintained.
- Healthcare: Patients have the right to get accurate information and this makes security and privacy of patient health data crucial. You can track batch numbers of drugs using a blockchain. Today, hospitals are doing away with paper documents for record-keeping and using the blockchain for storing patient data securely. Patients are provided with keys to access this information and remain in control of their data.
- Inheritances: Paper wills are steadily being replaced by digital ones that are stored in the blockchain. This is to be used alongside smart contracts which make the documents legally binding and clear as to who is to receive what in the event of one’s death.
- Digital IDs: Microsoft, for instance, is focused on creating digital identification for thousands of refugees and impoverished people. This is in order to link connect them to the financial sector through an app.
- Digital voting: Voting frauds are commonplace but with the blockchain, these will no longer be a cause for concern. The blockchain helps governments by making votes transparent. Any change to this network will immediately be detected by regulators.
- Real estate: Title and ownership details can be securely stored in a blockchain to make ownerships transfers seamless and frictionless. All titles can now be viewed and updated when needed.
- Weapons tracking: Governments can now use the blockchain for tracking gun and weapons ownership. This transparent registry will help to keep records of privately-sold arms.
- Royalty protection: This is perhaps one of the biggest benefits of the blockchain technology. Ownership laws on blogs, music, videos, etc are necessary and should only be stored in a blockchain. This protects the artist or content creator’s rights and ensures that he gets a fair share of the profits.
- Individual data: Governments are tapping into the blockchain’s potential to secure records of their citizens. Such large volumes of data are easy targets for hackers and this is why it is important to mitigate these risks at any cost.