Top 5 Things To Know About The Blockchain

Why Use a Blockchain?

by DailyCryptoInfo 451 Views

Top 5 Things To Know About The Blockchain

Why Use a Blockchain?

by DailyCryptoInfo 451 Views

5 - Blockchain technology can make Supply Chain transactions documented in a permanent decentralized record

They can also be monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labour, and even waste and emissions at every point of the supply chain. This has serious implications for understanding and controlling the real environmental impact of products. The distributed ledger can also be used to verify the authenticity or fair trade status of products by tracking them from their origin.

4 - Blockchain can be used to verify many types of data in insurance contracts

In the insurance buisness, the market is based on trust management. The blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts, such as the insured person’s identity. So-called oracles can be used to integrate real-world data with blockchain smart contracts. This technology is very useful for any type of insurance that relies on real-world data, for example crop insurance.

3 - Blockchain will disrupt voting

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Probably one of the most important areas of society that the blockchain will disrupt is voting. The 2016 US election is not the first time certain parties were accused of rigging election results. Blockchain technology can be used for voter registration and identity verification, and electronic vote counting to ensure that only legitimate votes are counted, and no votes are changed or removed. Creating an immutable, publicly-viewable ledger of recorded votes would be a massive step toward making elections more fair and democratic. Democracy Earth and Follow My Vote are two startups aiming to disrupt democracy itself through creating blockchain-based online voting systems for governments.

2 - Blockchain will help store and share data in the healthcare industry

One of the challenges hospitals face is the lack of a secure platform to store and share data, and they are often victims of hacking because of outdated infrastructure. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis.

1 - Blockchain will make access to banking easier and transactions faster

It can be used to give access to financial services to billions of people around the world, including those in third world countries who don’t have access to traditional banking. Bitcoin allows anyone to send money across borders almost instantly and with relatively low fees. Abra is one startup that is working on a bitcoin-based remittance service.

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Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure. Banks are also increasingly investing in blockchain startups and projects.

See also: 6 reasons to love Blockchain Technology

See also: What Are Blockchain Use Cases

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