A blockchain is a distributed database shared among a particular chain of computer systems. This means it is secured, shared among available systems, and fast. With the advent of Bitcoin, cryptocurrency and blockchain technology came into the picture in 2009. Programmers introduced blockchain to secure the path of money transactions. However, now we see a revolution regarding its application.
Initially introduced as the secured service provider for Bitcoin, blockchain has become a favorite of almost all the other industry sectors. We see the boom of blockchain in financial services. Whether cross-border payments or credit scoring, blockchain takes care of everything. Securrency, Ripple and Pyypl, AZA Finance, etc., are using this new-age technology to guarantee faster and more secure payment across the border.
Real Estate Business houses are using it to create informative databases and tokens. This will cut the necessity for intermediaries. We can easily find and process our interests in real estate directly with the seller. We can invest on a small scale as it is divided into blocks. We get to see the transparent mode of the transaction here as well.
As blockchain is complex, the logistics industry finds it smoother to implement it. When the good enters a new supply chain, we can securely log the process without the fear of hacking. Tradelines, Honeywell, and Provenance are some logistic services that use blockchain impressively.
Observe another huge application of blockchain in healthcare services. Due to its security will secure all patients’ data inside a block, and practitioners can easily access those accordingly. The protection of healthcare data is the most crucial factor. A patient can easily manage, update or remove their data quite easily. Medicalchain, Guardtime, and Curisium are some start-ups transforming this scenario.
Besides these few sectors, blockchain is opening avenues in ‘n’ several other sectors: the legal, Robo-science, agriculture, flying technology, and every other industry or domain. Industrial societies are trying to implement, adopt and apply the blockchain according to their convenience. If it succeeds in securing our trust, the day is not far when we will add this to our daily vocabularies like Google or Facebook.
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