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Cryptocurrency is by far the most popular and recognized application of distributed decentralized accounting technology known as blockchain.The cryptocurrencies are always been built on the back of blockchain technology, starting from Bitcoin years ago and continuing with hundreds of unique altcoins in 2018. But despite the common misconception, blockchain technology can be-and is used for much more than cryptocurrency applications.
Indeed, some experts believe that the main value of cryptocurrencies like Bitcoin and Ethereum does not derive from the same currency, but from the same blockchain technology that helped to create it. technology is helping to change the game entirely in hundreds of fields, and innovators and researchers are devising new ways every day to use the distributed centralized register to their advantage and profit.
Understanding how blockchain technology can be used across multiple industries is incredibly important to help underscore how technology has become integral to the entire technology industry in recent years. In many ways, blockchain technology is working to change the world, altering the fundamental ways we share and understand information in almost every industry.
6 Real-World Blockchain Technology Applications of use cases
Finance and Banking
For banking and financial industries, blockchain technology has a clear and obvious advantage in offering institutions and companies. The blockchain is incredibly effective and economical. As a result, financial institutions around the world have considered the use of blockchain technology to restructure the way their transfer and banking processes work in the modern world.
A major obstacle to adoption in this area, however, is the global nature of the blockchain. Technology requires global participation to function properly. As a result, a total disruption of the banking sector may not yet be possible, because the banks are not globally connected enough to make the acquisition of blockchain probable or probable.
Taxes
On the government side of things, blockchain It also has a place in the future of the fintech painted in the new Silicon Valley.
First, blockchain technology is incredibly effective in verifying information and data sent over its network. By processing huge amounts of information from different types of parts, the nature of the blockchain lends itself to being used by the government. A government agency could convert blockchain technology into a component of the tax system with relative ease.
The voting process
Blockchain has important implications for the daily functioning of many governments around the world. In particular, technology could innovate the voting process in countries such as the United States, where electoral fraud and vote-counting issues slowly undermine the legitimacy of the same elections that serve as the backbone of democracy.
For countries that do not have just elections as the United States endeavor to host, the consequences are even more significant. Governments with serious problems of manipulation of voting and corruption, a decentralized way of following and presenting votes could legitimize the entire government.
Educational Purposes
This sector has already been modified by blockchain technology. Some schools around the world are working to use the blockchain to store information about a student's academic history, and even the degree and distinctions of the student. Because technology allows the immutable and secure storage of multiple types of information, blockchain helps solve the fraud problem and is in the job application process and could also make it easier for universities to evaluate student applications. of high school. [19659009] Supply Chain Innovation
The Blockchain could also be used to change the nature of global supply chains. Because it provides the necessary transparency and security to its chain transactions, the blockchain could be implemented by companies that want to maximize the efficiency of their existing global supply chain.
Healthcare
Preservation of millions of medical records in countries like the United States has created numerous problems in the past. The IT infrastructure of even the largest hospitals can be compromised by external attacks, attacks to which the blockchain technology could be much less susceptible.
The use of blockchain in the healthcare sector could add a level of safety, efficiency and effectiveness to the integral process of transferring records, patient information and health data across multiple systems across the country and the world.
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