21 Oct 2021
2 min read
Blockchain is a process of recording information in such a way that makes it difficult to change, hack, or manipulate the system.
Blockchain can also be defined as a decentralized and distributed ledger that records the provenance of a digital asset.
Blockchain has gained massive momentum in the past decades. Blockchain fundamentally transforms our way of life for the better and it is undoubtedly a notable revolution due to the numerous high-level use cases promised by blockchain.
Blockchain technology at its core includes transparency, immutability, and automation, decentralization. All these can be applied to various industries thereby creating a multitude of use cases.
The use case of blockchain has gone beyond cryptocurrency. It spans across industries such as Banking & Finance, Health Care, Education, Real estate, Logistics, etc.
Blockchain is a universal technology, which means it is applicable across various sectors. In this section, we will discuss some of the use cases of blockchain across various industries.
Blockchain technology is used in many financial applications today. It has made money transfer and payment processing a lot easier. It also enables fast transactions in real-time and has transformed the financial sector by saving both times and reducing the cost of transaction fees charged by banks and other financial institutions.
The possibilities for the use of blockchain technology in the healthcare sector are endless. It ranges from managing electronic medical records to protecting healthcare data, and tracking diseases and outbreaks. Most medical practitioners lack a complete understanding of a patient medical history which hinders them from providing effective healthcare solutions. Blockchain technology can help solve that by providing a secured database to store patient medical records and alleviate the problems faced by medical practitioners.
The media and Entertainment industry have started adopting blockchain technology as a means to curb fraud, protect intellectual property, royalty payment, copyright, and infringement, etc. By embracing blockchain technology in the media and entertainment industry. Media agencies will be able to protect their artist, by protecting their intellectual property, and ensuring that the artist receives their royalty payment when due.
There are many ways blockchain technology can be used in various government agencies. The technology can be used in voting, identity management, record management, etc.
Blockchain data can’t be forged or manipulated. Hence when used in government agencies, it can help curb corruption, electoral malpractice, insufficient records, etc. Blockchain technology can hold digital IDs, passports, certificates of any kind in its immutable ledger. This data can be accessed anytime in a completely transparent manner.
The supply chain is a network that is established between a business and its suppliers. The supply chain industry has faced a lack of transparency as the product moves along its supply chain and also product authenticity. With blockchain technology, products can be assigned with unique identities which are then transplanted into a supply chain. Consumers can also verify the authenticity of the goods purchased through the blockchain-enabled supply chain.
The use cases of blockchain technology listed above prove that blockchain is fast penetrating across various industries. Businesses that adopt blockchain technology can take advantage of transparency, decentralization, high security, and immutability.
👩🏽💻Front-End Engineer ✍🏽Technical Writer 🚀 Co-organiser @vuejsng
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