As the popularity of Bitcoin and other cryptocurrencies keeps increasing, the focus is now shifting to the blockchain. Blockchain is the underlying distributed ledger technology powering these digital currencies. There are more case uses of blockchain beyond being the fuel behind Bitcoin and other cryptocurrencies.
What Are the Use Cases of Blockchain in Business and Life?
The core technology of blockchain technology includes decentralization, automation, immutability, and transparency. When applied to industries such as governments, institutions, and companies, these elements create many use cases.
Below are some uses of blockchain in business and life.
A major issue that connected medical devices face is how to securely save the data they generate. Some general healthcare information for blockchain includes gender, age, and basic medical history data like vital signs and immunization history.
People’s health record is increasingly being linked to specialized connected medical devices. Blockchain can connect these records with those devices. As a result, the devices will be capable of storing the generated data on a healthcare blockchain and linking it to the personal health record of an individual.
Media companies around the world have started adopting blockchain technology to reduce costs and eliminate fraud. The technology is even used to protect Intellectual Property rights of contents like music records. MarketWatch estimates that by 2024, the global market for blockchain for entertainment and media will reach $1.54 billion.
Also, Eluvio a media company launched in 2019 has been leveraging blockchain. Eluvio Content Fabric makes use of blockchain technology to enable content producers to distribute and manage premium videos to business partners and consumers. This is achieved without the need for content delivery networks.
3. International payment
Blockchain technology offers a way to efficiently and securely create a tamper-proof log of sensitive activity. This makes it an excellent option for money transfers and international payments.
For example, Banco Santander launched the first blockchain-based money transfer service known as Santander One Pay FX. The whole process Santander uses is automated, making it more efficient. Typically, this reduces the number of intermediaries required to perform these transactions.
The use of smart contracts is arguably the greatest blockchain application for insurance. These contracts allow insurers and customers to manage claims securely and transparently. The blockchain can record all claims and contracts that the network then validates. The blockchain would reject multiple claims on one accident, eliminating invalid claims.
For example, the American Association of Insurance Services with openIDL, a network built on the IBM Blockchain platform is streamlining compliance requirements and automating insurance regulatory reporting.
Blockchain technology can improve the security of the voting process while making the process more easily accessible. Hackers will find it extremely difficult to access the terminal, making them unable to affect other nodes.
With blockchain, each vote will be attributed to a single ID, and it will be impossible to create a fake ID. Government officials could tally votes more effectively and efficiently.
The buzz around blockchain shows no sign of slowing down anytime soon. More people are becoming interested in technology and how it affects their lives and business. There are now many more use cases of blockchain with others emerging.
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