The application of blockchain in the modern age goes just beyond its use in cryptocurrency. Due to its ability to create fairness and transparency while saving money and time, the technology is currently used in several sectors for business operations. Here is a list of the diverse application of blockchain technology:
Using blockchain technology for money transactions is faster and less expensive when compared to existing transfer systems for example an international transaction may take days while a blockchain transfer only takes minutes.
Unlike centralized networks which can be hacked or tampered with blockchain technology provides a secure decentralized network.
Through the application of blockchain technology contracts, music artists get higher pay. For example, by using mediachain smart contract, artists get paid when fans stream Spotify.
Doctors can use blockchain contracts to help patients secure sensitive medical records. The smart contracts ensure that the data shared only displays the personal health detail of each patient.
Secure Internet of Things networks
The Internet of Things (IoT) has dozens of uses but it is vulnerable to hackers due to the increase in IoT products. Blockchain-infused IoT prevents data from being breached thereby creating a higher level of security.
Personal Identity Security Cases
Through blockchain technology, sensitive information like birth certificates, Date of birth, identity card, and others can be stored on a decentralized ledger.
Blockchain technology provides data-transparent logistics to a large number of organizations such as giant DHL and Accenture by solving many problems affecting logistics. Blockchain technology also makes logistical processes faster, cheaper, and easier.