The Bitcoin may have been in a lot of news lately due to every bitcoin owner becoming a millionaire but soon it has faded out and will go away completely as there will be many other cryptocurrencies trying to replace it. But Blockchain which is the technology behind Bitcoin is here to stay because of all its uses in various industries. All the industries around the world starting from supply chain management, healthcare to the government databases, all these systems have started using blockchain. Blockchain is slowly making its way up in all industries because of the potential it has. The potential to track transactions, decentralize transactions without compromising on security has helped it garner a lot of attention. Blockchain technology is here to stay. Blockchain has shown to the world that it can do so much more than produce cryptocurrencies. There are a lot of benefits of Blockchain to industries.
And it’s no surprise that cryptocurrencies are exciting, overall. Because they’re decentralized (no banks!), anonymous and electric, they’ve got the potential to change the world as we know it. Interestingly, that change will extend beyond the finance sector: Cryptocurrency, it turns out, has a huge number of uses, many of which will surprise you.
Just have a look at these benefits that blockchain is capable of providing:
Blockchain can manage your money in such a way that there will be no consequences. That is no third party involvement in your transactions. No tax levied on your transactions. Allows cross border transactions. Maintains solid proof of transactions which cannot be destroyed. Transaction details are kept private. No chance of fraud as transactions cannot be reversed.
Maintain Smart Contracts:
Smart Contracts are those which are transactions or agreements which are automatically triggered once the underlying condition coded by the developer in the block is met. These conditions are called Smart contracts. These are easy to handle, automatically triggered, safely secured in blocks. These are the best alternative to physical contracts. This Smart contract facility is provided by blockchain technology. These contracts save a lot of space and time for the companies which deal with a lot of data on a daily basis. Blockchain technologies like CREDIT offers this facility and also provides its own cryptocurrency.
All countries have the same problem of political parties being corrupt and trying to tamper with the voting process and results. This is prevented by Blockchain where all the votes will be stored in blocks and secrecy will be maintained and voting process will be fraud-free. This was recently implemented in Moscow elections to test the effectiveness of blockchain. And also implemented in NASDAQ . So we can say that blockchain is being accepted with open arms all over the world.
Stocks and shares:
Blockchain technology can be used to transact will stocks and shares by using the concept smart contract and platforms like Ethereum and NEO. This is owing to the secure but transparent transaction nature of Blockchain which provides solid proof of the transactions.
The Supply chain industry requires easy storage, cost-effectiveness, traceability and efficiency. Using a blockchain you can track a package from supply till delivery with all the details of transaction, tracking and payment safely maintained.
In Quality analysis, one needs to maintain all the records of the product starting from the requirements till end product deployment. In this the tester expects the traceability of the problem to be easily visible to him and to the developers so he can fix the bugs. This can be easily handled by a blockchain.
Recording transactions through blockchain virtually eliminate human error and protect the data from possible tampering. Keep in mind that records are verified every single time they are passed on from one blockchain node to the next. In addition to the guaranteed accuracy of your records, such a process will also leave a highly traceable audit trail. Of course, the entire accounting process also becomes more efficient on a foundational level. Rather than maintaining separate records, businesses can only keep a single, joint register. The integrity of a company’s financial information is also guaranteed.
Digital publishing engagement:
Digital publishers and advertisers are scrambling to find ways to increase their relevancy with one another. To fix the irrelevance problem, SolidOpinion where advertisers can pay for valuable ad real estate just above a relevant article that a target audience member is consuming on a publishing site. This technology uses a proprietary form of cryptocurrency, Engagement Token, to fuel engagement; both publishers and audience members can earn tokens by commenting and publishing original content, and advertisers buy tokens to select their ad placements among relevant articles.
Additionally, cryptocurrency can be used to avoid corruption in charitable organizations. Because of its ability to keep companies accountable, blockchain can eliminate many problems occurring with charities, such as fund leaks. That’s why the World Food Programme (WFP) is using blockchain to securely distribute cash assistance to the hungry.
The other areas where it can be used is travel, education, VR and environment. As Bitcoin becomes accepted by more and more retailers, people are going to have the chance to use them for a huge number of transactions. The website cheapair.com, a travel agency where you can purchase flights, hotels, car rentals and cruises, has been accepting Bitcoin. More and more, schools are accepting cryptocurrencies as a form of payment. According to Futurism.com, universities in Switzerland, Germany, Cyprus and the United States have started to accept Bitcoin as payment. This form of payment will surely grow as this currency becomes more and more popular.