Some Researched applications of Blockchain other than cryptocurrency
Over the years, I have been thinking that Blockchain is all about cryptocurrencies, not knowing that my knowledge has been so timid. There are so many applications of Blockchain other than cryptos which I will list below. I'm pretty sure that I'm not the only one having this timid thinking but so many have.
Harry Shum
Cryptocurrencies deal with blockchain likewise some other aspect of life. It's not all about cryptocurrencies but others are still attached. Below are some of the points I concluded after doing some research:
Managing the flow of goods and services
In this format, all the stakeholders, wholesalers, and others come together to make certain decisions in the supply chain and make a profit together.
Several benefits are brought with the aid of this system. When goods and services flow are managed effectively, there will be benefits in terms of costs and customers will tend to enjoy it better.
Personal Identification
To secure your identity, there is a need for Blockchain that would stand in between just making individuals own the full right over personal data. This medium can reduce the risks of theft when it comes to your account. This means you have strong ownership of your account.
System of placement
The placement I'm referring to is in terms of voting. It gives access to transparency and the best way of securing the platform. This means anyone can verify the votes by having clear access to ensure there is transparency. Once again, votes can be tamper-proof just for verification's sake.
Most countries today are fond of corrupting the system by carrying out the act of double voting, but with the aid of Blockchain, every individual has his or her unique identity which can be used in the voting or in casting votes.
Health Records:
Through Blockchain, patients, doctors, and others can be allowed to access and give updates to any information but with prior privacy. This is why it is called Blockchain.
Intellectual property
Blockchain can be of great help when it comes to this aspect of life. There will be a personal record created by the Blockchain which will enhance security. Investors or owners can create a smart contract for sharing the intellectual property.
Financial Services:
It is a secure means created for every participant to access the data. There is a clear security as to ensuring the data is not hampered with. Some people can be so smart, but not to the extent of outsmarting the Blockchain. In this regard, transactions are secured with a method called cryptography. It helps to cut some aspects through the use of KYC (know your customers).
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