Blockchain is a technology that has brought a revolution to almost all industries. The fact that it is a decentralized open ledger, more secure, and private has made it have so many applications. Blockchain has been the solution to gaps being faced by industries that lead to inefficiencies.
2020, specifically, has been a great year for blockchain, as more and more industries are adopting the technology. Some of the top blockchain applications in 2020 include:
Fintech is the biggest adopter of blockchain technology. There are many banks and financial institutions that are using the technology to make sure that their transactions are fast, and the user data are private. Decentralization makes the transactions fast, as it eliminates third parties. It also ensures that there is more transparency of both the transactions and data. Blockchain makes sure that the transactions are safe. Its immutable technology eliminates the chances of hacks. Smart contracts make sure that all conditions of a contract are met before the contract is executed.
The healthcare industry has also been at the forefront in adopting the technology. In 2020, in particular, the rise of the coronavirus has made blockchain to be embraced. Blockchain has been used for health records and to keep track of the medical supplies in dealing with the virus. Concerning the coronavirus, blockchain helped the insurance industry to handle any coronavirus claims. Blockchain applications have been used to keep track of hospitals, medical supplies, medicines, and help provide a seamless relationship between patients and doctors.
Through blockchain, it is easy for a hospital to access the data of a patient, and easily know the history of the patient.
Blockchain can also be used in aiding medical research, such that clinical researchers can already know the researches that have been previously done, it can be easier for them to select a sample population for the research, and it is easier to communicate the results of the research.
Since blockchain has an immutable ledger, it makes it possible to do real-time tracking of goods as they move in the supply chain. At least one can be sure that the data will not be tampered with. It also increases the efficiency of the supply chain, as you can get real-time updates of everything.
Blockchain has been used to facilitate asset trading. It has enabled the direct exchange of assets through smart contracts. That has helped to reduce intermediaries and financial market infrastructure, which has led to more efficiency and profits. Blockchain has also facilitated auctions to get a fair price since there is transparency. All observers of the auction can get price information that cannot be manipulated by any party.
There is so much data that can be stored in the blockchain and the best part is that it cannot be tampered with. Highly valuable data can be stored such as certificates and licenses. Other kinds of assets can be stored and tracked through blockchain such as diamonds and artwork
Through the cryptography of blockchain technology, identities can be managed on the blockchain system.
Voting can also benefit from blockchain technology. It will be possible to ensure fair voting, and fair count of votes, and a legitimate voting process in general. Transparency of the system will make sure that you get the correct number of votes. The resilience of the technology will make sure that the system is safe from cyber-attacks, and thus one can be confident that it will not be manipulated. Blockchain will, therefore, help to reduce time wastage, manipulation of data, and increased efficiency of the voting process.
Blockchain has been used to make sure that gambling is fair. There is more transparency to make sure that there are no dirty tricks played behind the curtain. Smart contracts have been used to make sure that both parties meet the set terms, such as placing a certain amount of money before they can gamble.
Gaming has also embraced blockchain. Apart from making sure that all customers make their payment, it has also been used in ticketing, to avoid fake distribution of tickets, and to easily track the sale of tickets. Blockchain platforms such as TIXnGO, are currently being used for selling tickets. So far, the NFL is working on using blockchain for selling its tickets.
Blockchain is currently being used by companies for risk management. Since its an open ledger, distributed and cryptographed, it has helped to increase transparency, meaning anyone can know what is going on while reducing cases of fraud. It has helped to increase the rate of transactions since there are no middlemen. It has helped reduce cases of hidden costs, has helped ensure data privacy, and smart contracts have helped people to be liable to terms of a contract. That has helped in risk management planning while cutting down on vulnerabilities.
Blockchain is the future of social media. Unlike in the past where social media was centralized, blockchain will make it decentralized. Currently, many startups are working on decentralizing social media. Dfinity, for example, is working on LinkedUp, which will be like LinkedIn but decentralized, and based on the cloud.
Blockchain will make it possible to get real-time updates, and have more transparency on how data is processed, and how the different algorithms work.
There is so much that Blockchain has already done, and many startups that are using blockchain to disrupt different industries. There is a likelihood that blockchain is here to stay, and is going to be the next big thing. There is plenty of funding that has been channeled to blockchain-related startups. Currently, governments are also working around the technology. China leads in blockchain adoption with the highest number of blockchain startups. The US is following closely, and the rest of the world including third- world countries. Blockchain may be the solution to most problems we are facing.
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