Top 5 Real World Applications of Blockchain Technology

Decades ago, the basic needs of human beings were bread, cloth and shelter. With time the basic needs comprise of internet, privacy and security. Sounds weird? But it's reality.

The privacy of an individual was never under this threat as it is now. Hence, the need for something safer and secure is inevitable. 

Blockchain is one of the very critical steps in this direction. Blockchain is nothing but a series of blocks that contains digital data. In that series, each blockchain has a 32-bit whole number, known as a nonce, which is connected to a 256-bit hash number. This cryptography hash number chain connects the hash number chain to the previous one. These three components together ensure security in the blockchain. 

Blockchain is a distributed, digital, decentralised ledger logging the most virtual currencies that are accountable for logging all transactions without any financial mediators. Such distribution of blockchains makes it almost impossible to break, alter or change the blocks.

Blockchains are immutable and distributed that maintain transparency as data in the block is not hidden anyway.

After analyzing the blockchain and all, here we are with the real-life applications of blockchain technology. 

Supply Chain Management

We all have experienced the pandemic and know how tragic it is if the supply chain gets disrupted. Companies must move instantly and efficiently to supply the requirements within the time frame. It is actually insane to know how rapidly the manufacturing industry is growing to meet the rising demand for goods. At such a time, the break in the supply chain is not a good thing at all.

To get you out of this problem, blockchain comes into the place which traced the trajectory of a product from starting point to the consumer's doorstep. It will definitely reduce the time delays, extra costs and human errors. 

Copyright and Royalties

Copying things is a trend nowadays. People become popular and star by using someone else content without even mentioning him. The issue of blockchain is very big in industries like music and film. Thanks to blockchain, which ensures security and transparency in the creative industry. There are tons of example available in the market that uses plagiarised content without mentioning the original content.

Such things could be rectified only via blockchain, and credit should be given to the original content creator. Blockchain could also help them to make payments through digital currency.

Healthcare

With the rapid emergence of the Internet of Medical Things (IoMT) and medical examination systems implementing AI, Blockchain technology applications revolutionizing healthcare sectors with their interoperability, data portability, and integrity.

Blockchain is making an impact in healthcare sectors through smart contracts, these contracts are between the two active parties in the contract, without any intermediary. 

The contact details of all the involved parties can only be encoded via blockchains. Hence, that information can only be accessible to primary healthcare providers with a key. Blockchain use cases in healthcare are very critical and necessary.

Cybersecurity

We all witness news of data breaching and cybercrimes almost every other day. These data breaches, hacks, and fraud forces organizations to upgrade their security to counter these malicious acts. 

To counter these crimes and breaches, the application of blockchain becomes necessary for your website security. Blockchain has three key traits to bolster cybersecurity, decentralization, cryptographic security and temper proof ledgers. 

Internet Of Things

The application of blockchain technology is very effective when it comes to the Internet of things. The Internet of things is nothing but an interconnected network of devices which interact with each other and share and collect data that can help gain useful insights.

A thing falls in the category of IoT when it is connected to the network. The security of such technology becomes necessary as one weak link can distort all the IoT network.

Blockchain adds a security layer to your IoT network that protects the poor link between your IoT networks.

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Conclusion

The need for blockchains is real, and the application and uses of blockchains are going in the right direction. Technology is becoming advanced day by day. Blockchain is a new technology which will take time to widespread in all industries. Once it strengthens its root in all industries, it will surely change the way how data is stored and worked. 

The real-life applications of blockchains are the perfect step for the democratization of data which will encourage transparency and ethical business tactics.

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