Last updated on March 8th, 2021 at 09:49 am
Blockchain has been the primary technology behind the rising popularity of cryptocurrencies, especially in 2017. It is the concept of having a transaction system without the involvement of any financial intermediaries, which has been revolutionary in its time. It completely obliterated the need for banks and transaction fees, and time required for long distance transactions.
Blockchain technology is not just meant for the cryptocurrency. Here are some of the potential ways in which it can be used in the modern world.
Processing payments and transferring of money: Banking transactions can become much simpler when blockchain is involved. Transfer of funds from one party to another can be facilitated 24 x 7. Banks are not involved in the process, and therefore, the transaction can be completed within seconds.
Supply chain management: There is no need for records or physical bookkeeping when it comes to maintaining supply chains. Blockchain would help business owners figure out the issues in the supply chain much easily, and then locate the issues in real time. The technology would help perform quality control checks in the supply process from the place of origin to the retailer.
Rewards programmes in retail transactions: Loyalty rewards are an effective process to keep customers and maintain revenue for many retail businesses. Including blockchain in this system would completely eliminate the need for paper and card bases loyalty reward points. The token-based system would reward customers in a fast and effective way. Fraud and other issues would also not arise which is common in the current systems. Customers would find this system more reliable and would come back to shop from the same retail chain.
Digital IDs: Digital identification has become an increasingly important concept. It eliminates the need to carry your identification document around. It will also help people in remote areas get access to resources or banking services. Microsoft is currently working on digital IDs through its Authenticator app. It is currently used by many people and gives them control of their digital identities. Blockchain technology is instrumental to facilitate the process. The company is also working on decentralized digital IDs as well.
Sharing of data: Blockchain can be used to share or sell unused data. The cryptocurrency IOTA has recently launched a beta version of the Data Marketplace. Involving blockchain can help unused enterprise data be used in a number of industries. Currently, IOTA has more than 35 brand-name products currently, with Microsoft being one of them.
Protection of copyrights and loyalties: Copyrights and loyalties for music and other shareable creations have become unclear, with digital and other platforms are involved. Involving blockchain in the process would help secure the transactions which take place for such products. Loyalties and copyrights would also be maintained properly as a part of the process. Blockchain training offers a real-time distribution of data, which can be especially helpful when it comes to profit-sharing.
Online voting: Blockchain offers transparency in the system which can be very useful when it comes to voting. It can help you put votes digitally, and all regulators can clearly keep a track on the votes, making your vote really matter.
