THE BLOCKCHAIN AND IT'S USES CASES - 10% to @TRON-FAN-CLUB

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Hello everyone and welcome to my blog.

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Today, I would like us to learn about the use cases of the blockchain technology.

THE BLOCKCHAIN

The concept of blockchain was first proposed in 1991, but it wasn't until the development of Bitcoin in 2009 that the technology gained traction. Under the pseudonym Satoshi Nakamoto, a person or group of persons invented Bitcoin. Though no one knows who Satoshi Nakamoto is, their technological breakthrough has already had a significant impact on the way money is created and used around the world.

Most blockchains work as a distributed ledger that uses encryption to store and secure digital data. Although the technology is most commonly used in networks of digital currency (cryptocurrencies), its decentralized and secure nature makes it a valuable tool for a wide range of industries.

As the bitcoin industry increases and blockchain-based solutions improve, understanding how this new technology may be used in a variety of scenarios is becoming more important.

By removing the need for trust and costly security, blockchain increases efficiency. In addition, the decentralized network can be configured as a transparent database that all participants can view. Blockchain technology enables the development of a distributed yet unified record in this fashion. As a result of this, many sectors and organizations will see increased performance and security (e.g., charity, supply chain, healthcare, etc.).

THE VARIOUS USE CASES OF BLOCKCHAIN

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 CHARITY

_Charity

Many philanthropic organizations around the world are working to address issues including resource management, operational transparency, and effective governance. In terms of expediting the process of receiving and managing funds, these foundations may undeniably profit from blockchain technology.

The Blockchain Charity Foundation (BCF), for example, is a non-profit organization whose mission is to promote blockchain-powered philanthropy around the world while also pursuing sustainable development goals to address poverty and inequality.

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  SUPPLY CHAIN

_{Supply chain}

The majority of supply chain networks face numerous challenges in terms of transparency and efficiency. The current management system is still based on trust and falls short of delivering effective integration among the organizations and parties involved. In a supply chain network, blockchain technology can be used to trace the entire process of manufacturing and delivering products. A distributed database could be useful for securely recording any connected data, as well as verifying product legitimacy and payment and transit transparency.

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 HEALTHCARE

_Healthcare

The healthcare industry faces many challenges, including operational inefficiencies, data inaccuracies, and bureaucracy. Tracking pharmaceuticals via the supply chain and managing patient data are two examples of blockchain's applications in healthcare.

Furthermore, due to the high value of data held by hospitals and their reliance on it, blockchain may provide significant security benefits to them. Hospitals are frequently targeted by hackers.

Blockchain is being investigated as a method of storing digital health records by businesses. These kind of solutions can cut costs while simultaneously improving data privacy and accuracy.

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 ROYALTY PAYMEMT

_Royalties

Due to digital piracy, unfair relationships with third-party agencies, or just not getting paid royalties that are due, musicians, video game makers, and artists in general often struggle to collect the income they deserve.

Blockchain technology can be utilized to establish a platform where creative talents can keep track of who is renting, buying, and/or using their work in an immutable and transparent way.

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 GOVERNANCE 

_Governance

By administering networks and operations in a more democratized, fair, and secure manner, blockchain technology has the potential to substantially improve governance in a variety of different sectors. Voting fraud and the requirement for trust during elections or other constitutional processes could be eliminated with blockchain-based systems. They can also be used as a significant anti-corruption tool, improving data quality and traceability in a range of situations ranging from tax collection to financial aid distribution.

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 DApp & PAYMENT SOLUTION

_source

Blockchain technology has already proven to be extremely effective when it comes to moving money throughout the world. Compared to centralized banks and payment methods, sending bitcoins to friends, relatives, and others throughout the world is already cheaper and faster.

Furthermore, centralized websites and Apps deny consumers control over their data and frequently fail to compensate them appropriately for the genuine value they contribute to the platform. Decentralized applications (dApps) built on the blockchain eliminate the intermediary, allowing users to benefit from lower costs, better incentives, and increased transaction efficiency while also being able to send and receive digital money.

Blockchain solutions, as Vitalik Buterin put it, "enable people to work directly with one another, without the need for intermediaries or centralized systems."

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 INTERNET OF THINGS (IOT)

_IOT

The Internet of Things (IoT) and blockchain go together like clockwork. IoT networks are widely used to acquire data from various sources, and blockchain is a decentralized technology.

Organizations can utilize blockchain to keep track of IoT devices, data collected, and interactions between them in an immutable and transparent manner. Because of its security features and cryptocurrency applications, blockchain is an appealing platform for machine-to-machine (M2M) transactions.

Because blockchain is focused on allowing precise and safe transactions, it's only natural that it would be coupled with IoT to assure accountability, data correctness, and security.

CONCLUSION

The blockchain which can simply be regarded as a digital ledger, has the ability of improving privacy, security, transparency and efficiency for different networks. It also serves to provide absolute equality for users thus making it able to improve various aspect of human existence.