Applications of Blockchain Technology

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 Application of BlockChain Technologies

1)Banking and payments 

All the banking and payment systems are now moving towards blockchain. Bitcoin-like cryptocurrencies can control the payment systems without any geopolitical restrictions. ABRA is an example of bitcoin-based remittance.

2)Cyber Security 

In blockchain, data is verified and secured using cryptography. This will restrict all unauthorized changes and hacks in the system. It removes the middlemen from the system so no one can make any unauthorized changes.

3)Supply chain Management

The blockchain can revolutionize the supply chain by providing better transparency, accountability and feedback mechanism along the supply chain. Any product can be tracked completely using the blockchain supply chain management. Each and every movement, as well as the condition of a product, can be recorded in the blockchain with IOT (Internet of Things) sensors. Block verify and Provenance is a blockchain based supply chain management system.

4) Online Data Storage 

 Data on the centralized server like Onedrive, Google Drive etc. are vulnerable to the single point of failure. Blockchain allows distributed data storage in a more secure and robust way.

5) Networking and IoT(internet of things) 

The blockchain technology can be applied in Networking and IoT to create a decentralized network of IoT devices. This eliminates the need for a central location to handle the IoT devices.

6) Insurance 

The global insurance market is based on trust management.  Blockchain is the new way of managing the trust. Blockchain ensures trust by mutual distrust between participants. ‘Aeternity’ is an example of blockchain based insurance management system.

7) Government 

Applying blockchain technology in government systems will reduce bureaucratic hurdles, red-tapism, and increases efficiency and transparency of government operations. Dubai government has already started to implement the technology.

8) Crowdfunding 

It is a popular method of fundraising, for new startups and projects. In block­chain based crowdfunding platforms trust is built through smart contracts and online reputation systems, which eliminates the need for a central party who charges high fees for this service. New projects can release their own tokens that can later be exchanged for products, services or cash.

9) Multimedia and entertainment 

Now blockchain has entered into the entertainment field where the third party interference is too much. The blockchain implementation in this fields will remove the middleman from the scenario. Online music is one of the entertainment areas where blockchain has already started their implementation

Eg; Mycelia & Ujo music

10) Real estate 

The current real estate system is facing a lot of ownership and transfer issues. The blockchain implementation of this field can control the entire real estate systems with shared ledgers.

E.g; In India, the Andhra Pradesh state government has started implementing the complete land registration through blockchain.

There are much more other areas on the list. Like Voting, Healthcare, Forecasting, Transportation, Energy management, etc. Not only blockchain applied solutions but industry-specific blockchain development frameworks, blockchain management software, DApp and Digital Asset management software etc. also emerged along with blockchain

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