Blockchain

How Blockchain Technology Can Be Applied In Real Life

In the year 2009, Blockchain was first introduced in the market through the first-ever Cryptocurrency, Bitcoin. Although initially, this technology was only...

Written by Niel Patel · 2 min read >
blockchain penetration testing

In the year 2009, Blockchain was first introduced in the market through the first-ever Cryptocurrency, Bitcoin. Although initially, this technology was only partially acclaimed by a group of technological experts. 

As Blockchain had come to the marketing holding hand of a digital currency, a number of financial experts also predicted that it would change the financial industry really soon. 

Apart from that, the decentralized nature of Blockchain technology seems appealing to the millennials and the recent generations. They always have been looking for a solution that will be completely within their control. 

The decentralized, public ledger allows everyone to be a part of a closed network, but that does not have any centralized entity to regulate everything. It also brings transparency and efficiency. 

The best part is that Blockchain based-solutions are pretty hard to alter or hack. As there is no centralized authority, the hacker needs every node of the network, which is practically pretty tough. 

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Practical Implementation Of Blockchain Technology

Bitcoin, the first Cryptocurrency, is the first implementation of Blockchain technology. At present, the implementation of Blockchain technology has gone far beyond just the limit of Cryptocurrency. 

Right now, this amazing technology is impacting several industries. Here, we will talk about some real-world implementations of Blockchain technology. 

Eliminating The Middleman

All the centralized services such as Airbnb, Uber, and much more play the role of aggregators. They all are centralized platforms that connect users with the service providers. 

In this system, these centralized aggregators are the ones who are in control. They are the ones who set rules and their own terms and take a cut from the transactions. 

With Blockchain, a network can be decentralized, and the middle entity, along with their fees, will be eliminated. TUI Group is an example of implementing Blockchain technology this way.  

Improving Healthcare

In order to improve the healthcare management, Blockchain technology is really effective; SimplyVital Health has already developed two Blockchain-based products;

  • Connecting Care: It basically tracks the progress of a patient once they leave the hospital. 
  • Health Nexus: Its main purpose of it is to offer decentralized Blockchain patient records. 

Apart from this, Gem, a start-up company, is also working together with the Center for Disease Control to develop a Blockchain for storing all the data related to disease outbreaks. 

Improved Banking And Transactions

In order to combat fraud and also track financial transactions, Barclays has already introduced several Blockchain initiatives. Also, for managing bank guarantees, Bank Hapoalim is collaborating with Microsoft to develop a Blockchain. 

Then there is the Blockchain platform of Aeternity, which lets users create smart contracts that become active only when some particular conditions are being met. It means that only when the parties in a transaction agree with the terms will automatic transactions be made. 

Smarter Supply Chain

Having a clear knowledge of the condition, provenance, and status of each product on your supply chain is basically the key to your business. On the other hand, for customers, provenance is becoming a crucial issue with every passing day. 

Here, DeBeers is thinking about using Blockchain technology in order to trace diamonds all the way, starting from the mine to the customer end. 

It is definitely going to increase transparency along with letting customers verify that the diamonds that they are getting are free from any type of conflict. 

Efficient Insurance Solutions

RiskBlock is a Blockchain solution that nationwide insurance companies are trialing. It basically offers proof-of-insurance information. The main purpose is to assist law enforcement along with insurers in verifying insurance coverage in real-time. 

In addition to that, it is also hoped that it will make the claim process more efficient and faster. Blockchain-enabled smart contracts also have the potential to revolutionize insurance claims, and that too by making sure that only valid claims are being paid out. 

To Conclude

From the above discussion, it is clear that more giant organizations, along with start-ups, are working to develop Blockchain-based solutions for providing more transparency and efficiency in different sectors. 

We just need to wait and watch where this Blockchain technology is actually going. 

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