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Real-life Applications of Blockchain Technology

Real-life Applications of Blockchain Technology

Blockchain technology is one of the most innovative digital technologies in the age we live in right now. People mostly use it for business transactions and all it entails. You can also use it without the need for a central authority such as a central bank, which benefits many businesses. 

However, blockchain has so many other uses and benefits. Thus, this article will highlight different ways you can use blockchain in real life. 

  1. Information On Healthcare 

In a typical healthcare system, the most least-informed party are the patients, even if they’re the healthcare industry centre. Health organizations lock away their patients’ health records, making it hard for anyone to access them. With the invention of blockchain, health organizations have moved their mode of record storage to a more digital one.  

Blockchain allows patients to access most of their health information. They would give the patient a key to access their records.  

      2.Digital Identity 

Before the age of blockchain, about 1 billion people did not have a digital identity. This fact resulted in slow business transactions and an increased risk of fraud and theft while dealing online. Now, blockchain is making a significant breakthrough in getting people digital identities. Multiple people using blockchain, such as cryptocurrency and healthcare industries, understand the importance of digital identities and use it efficiently in their software. What’s more, this digital identity has an extra level of protection by using an authenticator app. This application makes users use passwords or tokens to access their sensitive information. Ultimately, this means you can completely control your digital identity. 

       3.Food Security 

Food security has a large global problem for centuries. Blockchain has made the production, processing, and transport of food more comfortable than ever. It does this due to its immutable nature of blockchain. You can trace food trucks accurately and swiftly. For when illnesses arise, blockchain can also trace the source of contamination quickly. 

By performing these functions, it saves millions of tons of food being wasted. Instead, food will be more abundant to distribute, helping to manage hunger and starvation globally. 

       4.Contract Formation 

An excellent way people use blockchain in real life is by using smart contracts. Although this term was first used in 1993, the cryptocurrency called euthereum made this concept come alive in the digital age. It involves using several handy to run contracts. These applications operate without any possibility of fraud or theft, lag, censorship, or even advertising. 

Companies like bitcoin use smart contracts run by blockchain to bypass regulations, which would lower the fees incurred by their users. 

Fanspel is one of these companies that use blockchain to conduct all their activities. They are a high-ranking fantasy sports platform that offers incredible fun to all their users at the most affordable prices. 

Final Words 

Blockchain is one of the most digitally innovative tools known to man. It is easy to access, and it is also easy for companies to integrate the software into their businesses. With the direction the world is taking towards technology, it could potentially be the prevalent mode of transaction in a few years to come. 

http://www.thebitcoinerworld.com/real-life-applications-of-blockchain-technology/

 

Website:http://www.thebitcoinerworld.com/real-life-applications-of-blockchain-technology/
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