Application of Blockchain

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When the word Blockchain strikes, the only thing that comes up in our mind is Cryptocurrency. Because there is a general belief that blockchain is just for trading the cryptocurrency. However, this is not true. There are several other applications too.
  1. Digital voting - To ensure secure and accurate voting, blockchain can be the best solution. Because the data once added, can neither be deleted nor changed. With the help of this unique feature, the issues like double voting, vote altering and vote deleting can be eliminated. Also, the most crucial task of vote counting can also be eliminated and the instant result after the poll can be made possible.
  2. Healthcare - To store each signed medical record of the physician is a bit tough task. But if these records when added on the blockchain, they would be stored securely, accurately for years and simultaneously be accessible to the approved parties. Also, who had lastly accessed and changes made can be noticed easily.
  3. Supply chain - Yet another intriguing blockchain use could be tracing a product for creating more transparency between the merchants and consumers. For example; Walmart a company in the USA uses blockchain to track Lettuce and Mangoes. This system lets the company to trace the origin, the storing and processing steps in the supply chain along with the selling date.
  4. Finances - To speed-up the transfer of funds from one party to another, it may take up several hours if processed through a third party. But if these transactions are processed over a blockchain, the transfer of funds can be done within a matter of seconds that too with minimum commission in any part of the world. Recently, it was reported that Dubai may launch Cheque chain - a platform for handling cheques. In this project, all the issued cheque have a unique QR code, this code is registered on the cheque chain platform. This can help to check the source and the authenticity of cheque.
  5. Insurance - There will be no need to call your insurer, again and again, asking for the payout and paperwork. With the implementation of smart contracts, based on the pre-defined rules the insurer will be able to accept and pay out the claims instantly.
As you can see above, the blockchain is not just an application for the cryptocurrency, but it has way more opportunities for various applications in other sectors. Its applicability will continue to broaden as the technology progress.
Stay tuned at Coinscapture for more such interesting blockchain articles.

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