Blockchain Beyond Cryptocurrencies
Apart from being linked with virtual money such as Bitcoins, the block chain technology is coming up with versatile uses. In its simplest form, blockchain is a distributed database that maintains integrity of records through consensus based, total record of transaction. This is in not a surprising factor given that this fundamental feature makes it valuable across different types of industries.
Widespread applications of blockchain in the field of supply chain management include the capability of following up product ownership from the manufacturer up to the final customer, as well as the minimization of fraud. IBM, for instance, is using blockchain to increase the transparency of information in supply chains while on its part Walmart is using the same for supply chain improvements.
Yet another vertical that has found blockchain relevant is the healthcare industry. The patient records cannot be altered as the data is stored on a secure blockchain which also enhances the possibility of sharing large patient records securely between healthcare practitioners as the privacy of such records is assured. This in turn can lead to early and accurate diagnosis as well as development of more fitting treatment plans.
Blockchain technology has also found its place in voting systems where people can safely conduct their elections through blockchain. It can enhance the confidence of the electorate in the elections, and at the same time reduce instances of fiddling with the votes.
Also in real estates, blockchain utilization may help in various property transactions by eliminating the middlemen since there is transparency as well as the records of ownership.
Since the creation of blockchain, the technology has noticed improvements and subsequent development opens doors for diverse areas for its utilization in aspects of security, transparency, and effectiveness.
