10 APPLICATIONS OF BLOCKCHAIN
Hello everyone and welcome to another edition of the Blockchain 101 series. This is the third lesson in the series and if you haven't seen any edition you can scroll through my feed and have some awesome reads. Today's topic will be the application of Blockchain. Blockchain technology truly has changed and radicalised the way we do things and the way stuff is carried out. We will be looking at some ways in which Blockchain can be or is already in use. So let's jump right into it shall we:
First, Blockchain can be used for payment and money transfer. This is a basic application, it is seen as a store of monetary value and that money can be transferred at lightening speed, way faster than Fiat at least.
Second, Blockchain can be used to monitor supply chain. It is highly useful in monitoring and confirming whether products or services have been successfully received. Its transparent and open nature allows for stuffs to be easily tracked.
Third, Blockchain technology is highly resourceful in Data sharing. Blockchain is synonymous with transparency and openness and Blockchain cannot be corrupted and it is highly useful in sharing data.
Fourth, Blockchain is also really useful for making and tracking Digital ID's. That can be seen today with the use of Blockchain by big companies to track their employees.
Fifth, Blockchain is useful in the areas of Copyright and royalty protection. In recent weeks we have seen news of Blockchain technology being incorporated into the field of copyright from musicians using it to get paid for their music to writers using it get royalties for their writings. It can be used to maintain copyright and ensure that artists and other creators get paid for their efforts and hardwork.
Sixth, Blockchain technology can also be used for Food protection and safety. We have been seeing more activity in this field since IBM began its IBM Food TrustBlockchain Network. We have seen retail giants like Nestlé, Carrefour, Avril Group and even CHO sign up and begin using the Blockchain technology. It is highly useful for food traceability and it enhances transparency of product provenance and the supply chain.
Seventh, another key usefulness and application of Blockchain is for Data backup. Just like the name implies, it is a Block of information, each linked to different chains. So this can be used for data backup, the data can be stored on the Blockchain where it cannot be corrupted or tampered with.
Eighth, Blockchain technology is also highly useful in the field of Weapon tracking. This is a field that many are already exploring and it's gaining crazy traction. Blockchain is used to track weapons and other equipments and make sure that they get to their supposed destination.
Ninth, Blockchain technology is highly sought after and useful in the field of voting and elections. Blockchain is known for its openness and at the same time secrecy. Its transparency and at the same time protection of personal details. So Blockchain is highly useful in elections for voting, it would maintain user anonymity while also making the process as open and fair as possible.
Lastly, Blockchain can be applied in the field of smart contracts. This is one area that Blockchain technology has been flourishing in recent times. Smart contracts can be hosted on a Blockchain and the rewards are given when a party or both have fulfilled the terms of agreement. They handle all the aspects of the contract from enforcement, to management, to performance and not forgetting the payment.
So as you can see, the applications of Blockchain are limitless and so sooooooo many. They serve so many purposes and are set to revolutionise the world as we have it today. Hope you picked a thing or two. Ciao adiós.