Blockchain is much more than a platform of payment for cryptocurrencies. With the right knowledge and practical techniques, blockchain applications can transform the way major industries work today. The rise and advancement have definitely resulted in mass adoption and the emergence of underlying factors under the term “blockchain”. Likewise, not many people are aware of the application’s blockchain offers apart from its payment services. The reason behind this can be the less coverage of applications and awareness about the benefits it offers. As we dig into the surprising industry of blockchain and digital tokens, one will get to know how profitable these can be in order to make a firm go global, profit-revolution.com.
TOP REVOLUTIONARY AND PROMISING APPLICATIONS BLOCKCHAIN OFFERS
- VOTING
Not only blockchain can review doubled votes, but also allow users to check their eligibility for voting using blockchain technology. The features ensure no vote is fiddled with and can even increase access to digital voting. This can be done through simplified voting features which can be done even through a smartphone. Moreover, voting blockchain applications can even lower the cost of running elections.
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- SUPPLY-CHAIN AND PROOF-OF-PROVENANCE
As Phil Gomes rightly said, “Things we buy are made by a whole chain of suppliers selling their products to a company assembling them, and then selling them to the market, instead of a single entity. There is a huge problem with this method, where one failed component results in the brand’s backlash and low reputation”. However, through the blockchain technology, one can provide a digital permanent, audit-able record depicting stakeholders the component status at each step. Some examples of companies already using this application to make their marketing process more transparent include provenance and SkuChain.
- ARTIST MAJESTIES
Blockchain’s ability to detect multiple files of the same content helps in reducing piracy. Moreover, this application can be used to track film and music files on the network and make sure artists are being paid for their work. Apart from this, blockchain can even be used to track playback on streaming applications and provide smart contract services to distribute payments which in return results in higher transparency and assurance of the artist getting paid.
- LOGISTICS TRACKING
We are very well aware of the inconvenience that occurs in a supply chain and the impact it can have on the brand. Blockchain technology allows one to track items moving through the supply chain network. Not only does it provide a greater means of communication between partners but also offers higher security and data integrity as the data on this public ledger is secure and can’t be altered. Above that, supply chain and logistics partners can work with more ease and greater trust knowing the data is accurate and updated.
- ASSET DIGITIZATION VIA loT SENSORS
The blockchain technology offers digitization of assets via sensors (IoT monitoring) in order to label the assets by the firm and provide a more transparent means of tracking the chain. Not only this, the applications allow one to identify the location and the status of components. Moreover, features such as storing, managing, protecting and transferring information are also provided under the application.
- SHARING MEDICAL INFORMATION
Medical records on blockchain technology can provide doctors and medical professionals a more accurate and updated data of their patients. This ensures the best care of patients by the hospitals and also increases the system speed for pulling medical records, giving more timely treatment. Insurance information in a blockchain database can also provide easy verification and treatment for the patients.
- GAMBLING
One of the most remarkable advantages of blockchain technology in the gambling industry is the transparency it provides to potential gamblers. Blockchain transactions are recorded where there is no need to provide any personal data including keys and bank accounts details. Blockchain gambling allows gamblers to play anonymously where the network is not accessed by the government.
SUMMARY:
The advancement and rise of blockchain technology provide some of the best benefits for industries such as health, finance, and supply chains. Moreover, these applications can be utilised easily as the blockchain network is public and transparent to the users, connecting audiences and reaching every corner of the world.
