5 Uses of Blockchain Technology

On my last post I talked about how blockchain technology works, now I'll be talking on the uses of this "Blockchain Technology" in our real world.

Let's go...

1. It helps in payment processing and money transfers
   Arguably the most logical use for blockchain is as a means to expedite the transfer of funds from one party to another. As noted, with banks removed from the equation, and validation of transactions ongoing 24 hours a day, seven days a week, most transactions processed over a blockchain can be settled within a matter of seconds. So we can say it makes banking easy.

2. For data sharing.
   

   Cryptocurrency IOTA (an open-source distributed ledger and cryptocurrency designed for the Internet of things) launched a beta version of its Data Marketplace in November, demonstrating that blockchain could be used as a marketplace share or sell unused data. Since most enterprise data goes unused, blockchain could act as an intermediary to store and move this data to improve a host of industries. While still in its early stages, IOTA has more than 35 brand-name participants (with Microsoft being one) offering it feedback. 

3. Digital voting
   

   I know some persons might be worried about voter fraud, but should you? Well, worry no more with blockchain technology. Blockchain offers the ability to vote digitally, but it's transparent enough that any regulators would be able to see if something were changed on the network. It combines the ease of digital voting with the immutability (i.e., unchanging nature) of blockchain to make your vote truly count.

4. Good for Medical recordkeepings

   The good news is the medical sector has already been moving away from paper for recordkeeping purposes for years. However, blockchain offers even more safety and convenience. In addition to storing patient records, the patient, who possesses the key to access these digital records, would be in control of who gains access to that data. It would be a means of strengthening the HIPAA laws that are designed to protect patient privacy. 

5. And last but not least it Monitors supply chains

   Blockchain also comes in particularly handy when it comes to monitoring supply chains. By removing paper-based trails, businesses should be able to pinpoint inefficiencies within their supply chains quickly, as well as locate items in real time. Further, blockchain would allow businesses, and possibly even consumers, to view how products performed from a quality-control perspective as they traveled from their place of origin to the retailer.