In today’s world, Blockchain is the trending technology which has taken most of the sectors by storm, but surprisingly with its rapid popularity, we are also faced with a number of misconceptions. One of which is its limited usage. The technology is considered to just revolve around cryptocurrencies, which is wholly untrue and baseless, and to eradicate this misconception, we’ll list and explain the 5 other uses of Blockchain that would help clarify how can Blockchain work without cryptocurrencies.
Let’s have a brief look at 5 unique uses of Blockchain in various sectors.
This is one of the sectors that seriously need advancement. The digital substructure of the medical sector is broken and devoid of latest blockchain technology in a number of countries. The major issue countries face in the healthcare is the security in medical drug dealing and database transfers. However, with the help of basic properties of Blockchain technology, we can secure a lot of medical data of patient. Also, the technology can help track all the drugs from production to delivery. The patient will be able to obtain his data and whenever needed, he would as well be able to sell it for research purposes.
Banking is also one of the sectors that seriously needs blockchain environment to reduce the major costs that occur during settlement and clearing, payments, and KYC. Starting from Settlement and Clearing, the banking sector can save a number of billions by utilizing the blockchain, which would not require any manual working to settle and clear customer transactions. Plus, the blockchain can help banks in payments by eliminating the need of any third party payment providers.
Blockchain will help banks to secure all the financial and payment data of their customers without getting involved to any 3rd party. This would help reduce the commission percentage charged by third party agencies that work internationally.
In the last, the KYC has been the department that keeps the record of their customers. In brief, it helps banks to look after their account holders because the bank will be held responsible for fraudulent money being transferred to any account via money laundering or any other illegal activity. With blockchain technology, this verification of account holders won’t be required to look after manually because any time the banks will be able to see the history of their customers. This would help reduce the cost of administrative staff and eventually save a lot of money for banks.
3. Smart Contract
With the rapid increase in the fraudulent activities using conventional contract method, the contract violation rate has been constantly increasing day by day, but we don’t need to worry more, as fortunately, blockchain can also be applied to make a smart contract application which cannot be engineered to fraud any person in contract. Also, as soon as both parties agree to the smart contract none of which would be able to back off from the terms and conditions setup at the time of contract.
4. Virtual Identity
With the illegal accounts being made in various sectors across the world, the authentic identities of people has become the major requirement nowadays. Even the online ad agencies are losing a lot of money due to fake accounts across the internet. Blockchain technology can help reduce these losses because when a person is registered on cloudbased blockchain tehconlogy ad agencies will easily be able to track him down provided he has multiple illegal accounts on internet. The sectors such as Banking, security forces, and healthcare will also benefit from it because they are the most concerned about the identities.
Some other uses could be: Marriage certificate, Passport, Birth Certificates, and Residential Contact etc.
The Energy Sector of the world is calculated to be worth around $2 Trillion which implies it’s one of the most required sector around the world. The here is how Blockchain will help energy sector reduce the consumption or help increase the production. Well, the answer is quite simple. It will basically help maintain the balance between energy consumption and production and will as well help countries to trade off energy among each other.
Therefore, these were 5 of the most potential uses of Blockchain Technology in the areas where cryptocurrencies are not required. We hope the misconceptions are cleared now.
However, if you still have any question related to Blockchain’s usage without cryptocurrencies, do let us know in the comment section and we’ll try to respond you abruptly.