The advent of blockchain technology has transformed operations in various sectors across the World. Known for aiding secure transactions, a high level of transparency, and great safety features, the technology remains one of the most sought in various industries.
Typically, blockchains consist of 3 technologies. The blockchain protocol is also known as the P2P network and private key cryptography. As technology advances, demand for a more robust technological infrastructure continues to increase big time.
Ranging from Information Technology, Health care, education, Digital marketing, retail, finance sector, and many others use blockchain to a greater extent. This is why several individuals and corporate entities are slowly integrating the technology into their systems. Through the help of blockchains, the old systems are slowly fading away.
So, what are the uses of blockchain technology today? This article offers insight into the use of blockchain technology in four major sectors.
- Electronic voting system
Blockchain technology has highly impacted the medical sector in many ways. Besides securing medical transactions, patients can automatically connect to other medical facilities and automatically access their medical data. With blockchain technology, patients allow certain researchers to access parts of their data for a while.
However, coordination of member health management is made easier since patient records are made easier through the blockchain systems. Blockchain open-source system ensures medical records are more secure and can easily be accessed from any location.
Ideally, the blockchain systems' data structure cannot be deleted or altered by third parties. This protects the patient's medical history, thereby making it easier for doctors to administer appropriate medication.
Additionally, the sensitivity of medical data requires limited access from third parties to protect patients' privacy. This is where blockchain technology scores higher. The patient's records are securely stored and only accessible upon permission from an individual.
Considering the high volume of medical transactions, the need for a secure payment platform remains significant. Therefore blockchain technology offers an ultimate solution to the possibility of cyber-attacks that may result in losses.
One of Blockchain technology’s most transformative aspects is its application in tamper-proof record keeping. Securing learners' credentials is critical in avoiding access and manipulation from third parties.
Record keeping of certificates, degrees, and diplomas is only limited to learners and digital platforms without a third party's need to verify them. Accreditation of educational institutions is another complicated process in various countries.
Intellectual property management is a crucial challenge in learning institutions. In this context, blockchain Technology plays a pivotal role in ascertaining whether copyrights have been violated. The technology can determine whether an invention or an idea is unique to a particular IP address.
The creation of a blockchain-based virtual transcript for university qualifications is an ideal game-changer in the education sector. The system can quickly generate a record of all academic qualifications in a person’s lifetime. The technology effectively reduces cases of CV fraud, reduces the time spent in verifying academic credentials, and speeds up student transfers.
Charity organizations collect and direct resources to help the vulnerable in society across the globe. The main challenge remains the safety of online transactions. In this case, blockchain systems are offering an ultimate solution to the safety of online transactions.
Dogged by mistrust from donors and lack of accountability for donors' funds, charity organizations have been experiencing dwindling fortunes big time. The declining donations are attributed to a lack of faith and questionable use of resources collected from philanthropists.
Blockchain technology can be used to turn around the negative perception that is slowly engulfing charity organizations. Reducing administrative costs through automation allows transparency on donor funding and is important in winning back donors' trust.
However, accountability through traceable milestones is another crucial criterion that can positively impact charity organizations' image. On the other hand, blockchain technology makes remittances cheaper.
According to a World Bank report, banks were found to be the most expensive cash transfer providers at an average cost of 10.44%. The crazy FX margins and high fees are proving a heavy burden to many people. This is contrary to blockchain platforms that easily authenticate parties' identities and transfer funds immediately.
Overall, blockchain is projected to reduce transaction costs by 30 %. The process is not only cheap but instant.
The blockchain system is undeniably one of the most efficient facilitators of secure money transfer systems globally. To avoid possible hacking and losses from cybercrime, the technology is the best for various charity organizations worldwide. You are not only guaranteed the safety of your transactions but low fees and high transparency level in the use of funds.
Blockchain-enabled platforms are cost-effective
The system makes cross border cash transactions cheaper than other standard transaction methods. Blockchain technology not only supports cheap transactions but also protects the transaction platforms from being hacked.
The tamper-proof nature has made blockchain supported systems more popular for transactions. Notably, blockchain technology offers a cheaper, faster, and secure alternative to traditional wire transfers.
Electronic voting system
Digital voting has become a standard technology in various countries. Free, fair, and credible elections are the desire of all parties in an electioneering process. Cases of voting systems being hacked through and manipulation of results remain a serious challenge in many nations.
The blockchain electronic voting systems operate through advanced cryptography, which offers the highest level of data security. The technology avoids external interference with voter tallying, which guarantees a credible outcome in an election.
Elections are essential in every nation because a large portion of society is always concerned about the integrity of elections. Lack of trust for the final election outcome has been a recipe for recurrent violence in every election cycle in some countries.
The use of a blockchain-powered electronic voting system is the ultimate solution to delivering an election process's actual outcome. The system offers anonymity of voter information. It helps build a strong election system that everyone can trust.
Blockchain technology has dramatically impacted various sectors across the World. Though many people are still skeptical about blockchain systems' effectiveness, it remains one of the most sought technologies in the World. If you haven't considered integrating blockchain into your systems, then it's high time you do.