Top 10 best applications of blockchain technology. A blockchain was first thought of as a way to support Bitcoin (CRYPTO: BTC). Satoshi Nakamoto made an unchangeable ledger of transactions that links together data blocks using digital cryptography to stop people from spending the same amount of money twice.
Even though the idea works very well for Bitcoin and other cryptocurrencies, blockchain technology has a lot of other valuable uses. Here are 10 examples.
The original idea behind blockchain technology is still a great way to use it. Using blockchain to send money can be faster and less expensive than existing services. This is especially true for transactions across borders, which can be slow and expensive. Even in the modern U.S. financial system, moving money from one account to another can take days. A blockchain transaction, on the other hand, only takes minutes.
In the past few years, many new companies have started up that offer decentralised cryptocurrency exchanges. Using blockchain for exchanges makes transactions faster and cheaper. Also, investors don’t have to put their assets with the central authority in a decentralised exchange, which gives them more control and security. Even though blockchain-based exchanges mainly deal in cryptocurrencies, the idea could also be used for other investments.
Through smart contracts, lenders can use blockchain to make collateralized loans. Smart contracts built on the blockchain make it possible for certain events to automatically trigger things like a service payment, a margin call, full repayment of the loan, and release of collateral. As a result, lenders can offer better rates and process loans faster and cheaper.
Using smart contracts on a blockchain can give customers and insurance companies more information. By putting all claims on a blockchain, customers would be unable to make two claims for the same event. Smart contracts can also speed up the time it takes for claimants to get paid.
Real estate deals require a lot of paperwork to verify finances and ownership, and then deeds and titles have to be transferred to the new owners. Using blockchain technology to keep track of real estate transactions can make it easier and safer to prove ownership and transfer property. That can speed up business, reduce paperwork, and save money.
Secure personal information
Your Social Security number, date of birth, and other identifying information could be safer on a public ledger (like a blockchain) than on the systems we have now, which are easier to hack. Blockchain technology can protect access to identifying information while making it easier for people who need it to get it in fields like travel, healthcare, finance, and education.
If personal identifiable information is kept on a blockchain, we are only one step away from being able to vote with blockchain technology. Blockchain technology can ensure that no one votes twice, that only people who are allowed to vote can vote, and that votes can’t be changed. Also, it can make voting more accessible by letting you do it by pressing a few buttons on your phone. At the same time, running an election would become much cheaper.
Digital identities stored on a blockchain can also be used to manage government benefits like welfare, Social Security, and Medicare. Using blockchain technology could cut down on fraud and the cost of doing business. Beneficiaries, meanwhile, can get their money faster through digital transfers on the blockchain.
Share medical information safely.
Doctors and other medical professionals can get accurate and up-to-date information about their patients if their medical records are kept on a blockchain. So, patients who see more than one doctor can get the best care possible. It can also speed up the process of getting medical records, which can sometimes help people get care faster. And if insurance information is kept in the database, doctors can quickly check to see if a patient is insured and their treatment is covered.
Using blockchain technology to track music and movie files shared over the internet can ensure that artists get paid for their work. Since blockchain technology was made to ensure that the same file doesn’t exist in more than one place, it can be used to stop piracy. Also, using a blockchain to track how many times a song is played on a streaming service and a smart contract to distribute payments can make things clearer and make sure artists get paid what they’re owed.
LETS WRAP IT UP
The list above are the best applications of blockchain technology of this era. If you can use it wisely you can become a billionaire and can save your precious time.