Blockchain is not only used technology in Bitcoin and cryptocurrency it uses goes far beyond that. Its need for businesses is growing day by day as it saves money and time. Technology has impacted various sectors like supply chain, voting, banking, finance, etc., which are discussed here. Before you get to know the use cases, read about blockchain to know its entire feature.
Blockchain is useful to monitor the movement of goods in supply chains. Throughout the supply chain, it tracks the goods and materials from the origin to the destination. That is it tracks the manufacture, transport, and distribution of goods until the goods reach the destined customer. These are all done in a transparent and secure way. Thus lowering the risks of fraud, counterfeiting, etc., and also reducing the costs.
Creators in this digital world must secure their work with copyrights. It can be videos, music or paintings, etc., which have to be protected from misusing their data or from others claiming ownership of their creations. Blockchain stores all digital copyright data in the blocks which are viewed by all and secure on the other hand. Once the information is stored on the blockchain it's difficult to modify. No one can claim ownership unless showing proof of the creation on the blockchain. Technologies like NFTs are helpful to gain profits for the artists for their creations.
The voting now can be broken down sometimes or possibly get attacked. As blockchain is distributed and transparent it's much helpful in digital voting systems. All the votes are secured, transparent, and immutable. This could reduce tampering, and build trust and reliability. People who are eligible to cast the vote will receive a token to vote once. The votes are stored as a node in the blockchain which can't be edited.
Since the inception of cryptocurrency, blockchain is popular in the payment and finance sector. It is popular because of the time and money it can save for companies. With blockchain, the user can avoid paying extra charges to third parties like banks for transferring their money. All the transactions are stored in blocks of the blockchain. The transactions are done faster, and securely with lower transactional fees.
Blockchain in healthcare systems is applied to store and keep all patients records more secure. It makes the service more efficient. It can store data like patient records and test results details. In addition to this, it is also used in drug traceability. From the manufacturer to the end user the drug's origin is recorded and tracked effectively.
IoT is a network of interconnected devices. It can connect and collect data to be used for gaining insights. Blockchain for IoT is essential to provide security for the systems. It ensures the data collected are secure and only seen by trusted parties.