How Blockchain Technology can solve Problems
Blockchain technology is rapidly gaining popularity in recent years, and almost all industries are using it in their business to increase their efficiency and protect their data. Professionals with a degree in Blockchain are making it easier for businesses to create a network where their data is less prone to alteration.
Traditionally Blockchain have been associated with cryptocurrency and NFTs. But as we are moving forward with this new technology, it has found its application in various sectors. And to understand these applications more clearly, you should get a clear idea of Blockchain technology.
Understanding Blockchain Technology
Blockchain technology is a decentralized, transparent network that can be used to maintain data such as digital ledgers. All of this data is linked through cryptographic algorithms. If you need help understanding the meaning of decentralization in terms of Blockchain, let’s break it down in simpler language.
Decentralization in Blockchain technology means that Blockchain doesn’t use a central authority for storing data. Instead, it operates on a network of nodes or computers. This means that no single entity or individual controls the entire system in Blockchain. Furthermore, the Blockchain technology network offers users transparency, meaning everyone has complete transaction visibility. These features offered by Blockchain have earned people’s trust and have made Blockchain a reliable and trustworthy platform.
Ways In Which Blockchain Technology Can Solve Real-World Problems
Besides being a secure and transparent network, Blockchain technology has been increasingly used to solve real-world problems. Some of how Blockchain enables this are as follows –
Overcoming the intermediaries
Blockchain technology allows users to transfer funds directly from their account to the recipient’s account. This type of transaction does not need the support of any central authority like a bank. Due to this fact, these transactions are faster and safer. Furthermore, you can not only save your money by not paying any kind of transaction charges to the intermediaries. This solves the problem of financial fraud by giving control of the money to its owner.
Improve supply chain management.
Businesses have been facing issues such as counterfeiting and a need for proper verification processes in their supply chains. But a professional with a Blockchain certification training course has helped companies create a more transparent and traceable supply chain.
With Blockchain technology, companies can have an immutable ledger for their goods, enabling end-to-end supply chain visibility. The product’s details are recorded on the Blockchain network, and the buyer or distributor can easily verify the product. This type of method of authentication builds trust among customers and helps businesses expand their network. It will also reduce the number of duplicates of a brand and reduce immoral trade practices.
Protection of data
Data security is ensured on the Blockchain by storing all the data in a wide network of nodes. Traditional cloud storage facilities store data in a centralized storage unit, making it vulnerable to data breaches. On the other hand, Blockchain, as we discussed earlier, doesn’t rely on a central authority, and thus, there is no chance of a data breach, making it impossible for anyone to misuse the data.
Ease of making payments
Companies nowadays hire professionals with Blockchain degrees to make financial transactions easier. Using Blockchain, companies can have faster payments without any hassles of banks, and this transaction is also private, and only people on the Blockchain can access the data. These transactions are safe; any third party cannot use this data. Furthermore, businesses are also utilizing Blockchain for making smart contracts.
Blockchain has catalyzed the process of DeFi or decentralized finance. It has enabled companies to create smart contracts and remove any intermediaries. Moreover, it has also helped people outside the purview of banking services gain access to financial services, promoting financial inclusion worldwide.
Aids healthcare services
Healthcare services are under the obligation that they have to keep the health information of a patient private. They need to store data at a place that is not only secure but can be easily accessed and helps them maintain the privacy of their patients.
Blockchain offers a platform where data can be altered or duplicated. This helps healthcare services maintain a proper record of the person’s health, and this data can be used by different doctors, whomever the patient wishes to consult. Furthermore, it can also help reduce false prescription cases as the data can be verified before drugs are sold to a patient. This technology will be most helpful to patients who have wearable devices and are in a medical state where they cannot communicate with doctors properly.
Optimize real estate management.
With Blockchain technology, real estate agencies can easily keep track of all the records about a certain property. These data can then be collected and projected on a platform where buyers can list their properties. Sellers can easily access these platforms and get all the details about the property of their choice.
As we know from the above discussion, Blockchain can create smart contracts. So this technology can be integrated into the real estate platform, and buyers and sellers can instantly sign a smart contract after getting into an agreement. Buyers can also benefit from the secure and direct transactions on the Blockchain and can easily keep the records of the transactions safe. Sellers also benefit hugely from this technology as they are no longer required to pay hefty commissions to brokers or real estate agencies.
Protection against imposters
When your personal information is recorded on the Blockchain, no one can alter or delete it. Thus, it makes it difficult for anyone to commit identity theft. In this way, Blockchain offers users a platform to manage their identities in a decentralized network, giving them more privacy and better data protection.
Ensuring intellectual property rights
The primary reason why NFTs were so popular is because they were unique. But how exactly do the creators of NFT prove the authenticity of their creations? They did it via Blockchain, which is what most creators do to protect their rights over a creation. With a degree in Blockchain, people can create time-stamped digital ledgers, proving their ownership over an item. They can control that asset’s transfer, sale, or distribution through this network. Furthermore, it offers better protection than copyright claims, and they will be eligible for fair compensation if there is any fraudulent activity.
Facilitating energy trades
Today the world is moving towards green energy, and companies are constantly looking for ways to integrate green energy sources into their operations. The key challenge that they face is the management of energy grids. However, it can be solved using the Blockchain network. Blockchain facilitates the efficient distribution of energy and aids in peer-to-peer energy trading. It also helps businesses adopt sustainable energy sources.
Efficient voting during elections
Maintaining integrity and reducing fraudulent activities during elections is the primary concern of many countries. Many countries are facing the issue of fake votes coming from ghost voters, votes of people who are already dead, or votes from imposters. This problem can be tackled with the application of Blockchain technology. The data of every voter only needs to be uploaded on the Blockchain network, and the authorities can verify the details during the voting.
The voting data can then be collected and uploaded on the Blockchain network. This will protect the valuable votes of the common people and ensure that the voting numbers cannot be manipulated. Thus, Blockchain can assist countries in ensuring a safe and strong democracy.
Bottomline
The application of Blockchain technology is a very viable option for businesses. But it is only feasible for some businesses as they lack proper knowledge of the technology and professionals with proper knowledge of Blockchain.
Therefore, businesses need to learn more about Blockchain before implementing it. To gain more insight into the different applications of Blockchain technology, visit Blockchain Council. Here you can access legitimate sources of information on the Blockchain, which will assist you in implementing it in your business.