Blockchain provides a record of just about any transaction. The rise of bitcoin helped bring blockchain technology into the limelight. As a result, many people still associate blockchain with cryptocurrencies.
However, the application of blockchain technology has expanded beyond bitcoin, ether, and generally the cryptocurrency world. Companies across industries are integrating blockchain into their operations in pursuit of a range of benefits like speeding up processes and cutting transaction costs.
Where can we use blockchain technology?
The understanding of blockchain technology has increased in the years since bitcoin launched. Blockchain has numerous applications already. The use will only continue to increase as the understanding and adoption of the technology expands and current skeptics change their views.
Currently, blockchain is being used in supply chain management for tasks like tracking goods in transit. Blockchain can also help insurance companies operate more effectively. For example, blockchain smart contracts can help reduce the time and cost of processing insurance claims.
Blockchain technology has the potential to make capital market operations more efficient. Blockchain can make clearing and settling processes faster, which would eliminate the need to wait for days for a stock sale transaction to be complete.
Amid the rise of connected medical devices and telehealth, healthcare companies can use blockchain to share patients’ medical records easily and securely, which could help reduce healthcare costs by eliminated existing manual processes.
Media companies count on blockchain to not only help them cut operating costs by making processes more efficient and tackle the problem of content piracy, which leaks billions of dollars in revenue.
Blockchain can make running elections easier and less expensive. The technology can help make the voting process more efficient and transparent. Governments can use blockchain to reduce errors in tax revenue collection by eliminating human error. Also, governments can use blockchain technology to make collecting and keeping records about citizens easier and more transparent.
What are the benefits of blockchain technology?
Blockchain technology has many benefits for individuals and businesses. In payments, bitcoin cuts the cost of the transaction by eliminating intermediaries. Blockchain helps people and businesses cut the cost of moving money.
Since blockchain records are immutable and transparent, the technology reliably stores the transaction history. Therefore, blockchain can be a vital reference for identifying and correcting transaction discrepancies.
