The potential of Blockchain technology is now known all over the world, nearly every industry is eager to implement it for its potential opportunities. However, there are still a few hurdles to jump before it can be used to create a transformative impact in different fields. Leaders of some of the major institutes around the world,where security is paramount, are seeing the upside of blockchain technology and are interested to invest in this technology to get the best possible outcome. The numbers of such institutes are increasing, and many are coming forward to use this new Blockchain technology.
What Makes Blockchain So Powerful?
Blockchains are a real-time distributed ledger of records, that are created by peer to peer evaluations, independent from central authorities. Every record is encrypted as well as time-stamped, users can only access and edit the blocks through their private key. It’s a completely secure system and this feature makes it widely popular. All blocks are linked to one another (creating the chain); whenever changes are made the entire chain knows about it. Blockchain technology helps users to streamline and secure transactions efficiently, without involving intermediaries to manage the whole process. Blockchain technology is revolutionary; it keeps track of all changes in any transaction or record.
Practical Uses of The Blockchain
Blockchain technology comes with the potential to change many systems around the world, in just a few years it will be used in many fields. Here are some of the practical examples where blockchain technology is used:
- Smart Contracts and Contract Management – Any industry heavily dependent on contracts such as financial institutions, insurance, construction, real estate, law, and entertainment would be benefit from blockchain technology. This new technology will help businesses to track, manage, update and secure contracts. Smart contracts can be created without involving any intermediaries, something which made possible because of blockchain technology.
- Payment Processing and Currency – Bitcoin is one of the popular digital currencies in today’s market. Even if you are not using Bitcoin, there are other cryptocurrencies that are run by blockchain technology. Blockchain can effectively eliminate the need of intermediaries which is very common issue in today’s payment processing.
- Supply Chain Management – Whenever the status of an asset changes or value changes hands, blockchain technology is preferably suited for managing the process. This is one main reason why experts believe blockchain technology can be a supply chain operating system in the future. This is already being used by Walmart and other collaboration centers to track batch numbers, track farm origination details, factory, as well as processing data, storage temperature, shipping details and expiration dates. The best thing about this technology, is that it allows immediate status updates and increases visibility and security of supply chain. Any industry that needs to track supplies can benefit from this new technology. The blockchain is creating an indisputable and immediate tracking system.
- Asset Protection – Asset protection is another feature that comes with Blockchain technology. With Blockchain technology, you can protect your assets by creating real-time ownership. This will benefit luxury items, electronics, diamonds, and pharmaceutical companies. Companies can register their products and introduce transparency to supply chains.
- Personal Record Systems and Identification – Governments have to manage the an enormous amount of information from birth to death records, census to passports and many more. With this new blockchain technology, you can streamline all records securely.