Blockchain technology application boom is beginning to see 15 usage scenarios in this article

Blockchain was originally used as a mechanism to support BTC . In order to solve the problem of interoperability of digital currency, Satoshi Nakamoto designed a non-tamperable ledger and used encryption technology to link data blocks together.

This idea was quickly verified in BTC and other Cryptos. However, the application of blockchain is more than that. We have briefly enumerated in this article. The following are 15 use cases of blockchain technology.

1. Fund transfer

The original concept behind blockchain technology is a great application. Using blockchain technology to transfer funds can be cheaper and faster than using existing remittance services, especially in cross-border transactions. In the traditional financial system, these transactions are often slow and expensive. Even in the modern American financial system, the transfer of funds between accounts takes a few days, while blockchain transactions only take a few minutes.

2. Financial exchange

In the past few years, many companies that provide decentralized Crypto exchanges have emerged. In the previous use case, we pointed out that the use of blockchain for exchange can achieve faster and cheaper transactions. In addition, decentralized exchanges do not require investors to deposit their assets in central institutions, which means that users retain greater control over assets and transactions are more secure. Although blockchain-based exchanges currently mainly operate Crypto, this concept also applies to more traditional investments.

3. Loan

Lenders can use blockchain to execute mortgage loans through smart contracts. Smart contracts built on the blockchain allow services such as service payment, margin call, full loan repayment, and collateral issuance to be automatically triggered under certain specific conditions. As a result, loans are processed faster and at lower costs, and lenders can obtain higher interest rates.

4. Insurance

Using smart contracts on the blockchain can provide customers with greater transparency as insurers. Recording all claims on the blockchain will prevent customers from repeating claims for the same thing. In addition, using smart contracts can speed up the efficiency of claims settlement.

5. Real estate

Real estate transactions require a large number of documents to verify financial information and ownership, and then transfer the deed and ownership to the new owner. Using blockchain technology to record real estate transactions can provide a safer and more convenient way to verify and transfer ownership. This speeds up transactions, reduces paperwork and saves money.

Blockchain technology application boom is beginning to see 15 usage scenarios in this article

6. Security of personal information

Storing data such as social security number, date of birth, and other identifying information on the blockchain may actually be easier to resist hacker attacks than the current system. Blockchain technology can be used to ensure secure access to verified information, while improving the efficiency of access to information in industries such as tourism, medical care, finance, and education.

7. Voting

If personally identifiable information is stored on the blockchain, then we are only one step away from voting with blockchain technology. The use of blockchain technology can ensure that no one can vote twice, only qualified voters can vote, and the vote cannot be tampered with. More importantly, it can increase the chances of voting by simply pressing a few buttons on the smartphone. At the same time, the cost of holding elections will be drastically reduced.

8. Government welfare

Another way to use digital identities stored on the blockchain is to manage government benefits such as welfare programs, social security, and medical insurance. The use of blockchain technology can reduce fraud and operating costs. At the same time, through digital payments on the blockchain, beneficiaries can obtain funds more quickly.

9. Safely share medical information

Storing medical information on the blockchain allows doctors and medical professionals to obtain accurate and up-to-date information about their patients. This ensures that patients under the treatment of multiple doctors receive the best treatment. It can also speed up the efficiency of extracting medical records in order to treat patients more promptly in some cases. Moreover, if the insurance information is stored in the database, doctors can easily verify whether the patient is insured and whether their treatment is included.

10. Artist royalty

Using blockchain technology to track music and movie files distributed on the Internet can ensure that artists are paid for their work. Since blockchain technology was invented to ensure that the same file does not exist in multiple places, it can be used to reduce piracy. More importantly, the use of blockchain technology to track the playback of streaming services and the use of smart contracts for payment can provide greater transparency and ensure that artists can receive compensation.

11 、 NFT

NFT is generally considered to be a way to own digital art. Since the blockchain avoids the existence of data in different places at the same time, placing an NFT on the blockchain can ensure that there is only one unique copy of a digital artwork. It can make investing in digital art like investing in physical art without the need for storage and maintenance.

Blockchain technology application boom is beginning to see 15 usage scenarios in this article

NFT has different applications. It is a way to use data to represent the ownership of anything. It may be a deed to a house, the right to play a video, or an event ticket. Any remote and only thing may be an NFT.

12. Logistics and supply chain tracking

The use of blockchain technology to track logistics and supply chains has the following advantages. First of all, it provides great convenience for communication between partners, because data can be obtained on a secure blockchain. Second, it provides better security and data integrity, because the data on the blockchain cannot be changed. This means that logistics and supply chain partners can collaborate more easily and trust the accuracy and timeliness of the data they provide.

13. Security of the Internet of Things

The Internet of Things makes our lives easier, but it also opens a door for criminals to access our data or control important systems. Blockchain technology can provide greater security by storing passwords and other data on a decentralized network instead of a central server. In addition, it also provides protection against data tampering, because the blockchain is actually immutable.

14. Data storage

Adding blockchain technology to data storage solutions can provide higher security and integrity. Since data can be stored in a decentralized manner, it is more difficult to crack and delete data on the network, and centralized data storage providers may only have a few nodes. At the same time, blockchain technology also means greater data access rights, because access rights do not necessarily depend on the operations of a single company. In some cases, the use of blockchain technology for data storage can make the cost lower.

15. Gaming

The gaming industry can use blockchain technology to provide players with many benefits. One of the biggest benefits of operating on the blockchain is that it provides transparency to potential customers. Since every transaction is recorded on the blockchain, participants can see that the game is fair and the casino can guarantee returns.

Of course, blockchain technology is still in its infancy. The technology has only existed for more than a decade, and companies are still exploring new ways to apply this technology to support their operations. As more and more data are used in our lives, people’s requirements for data security, access, transparency and integrity are also increasing, and the application of blockchain technology will become more and more popular.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/blockchain-technology-application-boom-is-beginning-to-see-15-usage-scenarios-in-this-article/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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