Blockchain may revolutionize the future and a couple of places it is making a difference today.Digital currencies, like Bitcoin, are interesting for the future. However, I am more excited about what Blockchain can and will do in the future.
we will quick stride into the applications that leverage the subject of Blockchain.
Healthcare is also one of the important industries of the people lives.And it needs to maintain the medical records in an efficient and secure way.For this Blockchain is the only solution to keep the system secure.
Internet of Things
Now the Internet of things is the most talked stuff in the online and its applications are booming.For such system, it needs various transactions among the devices and recording of data for future.And the system should be secure and automate, for such challenging system – Blockchain is the one of the best to implement.
Smart contracts could provide transparency and an irrefutable record for managing claims if it was put on a blockchain and verified by the network. This would mean that identical claims would not be paid thus reducing the potential for fraud and duplicate claims being paid. Blockchain would allow for a more streamlined claims process that would be beneficial to the customer experience as well as save money for the insurance company.
This is just a small sample of the potential uses for Blockchain. As the Internet of Things continues to evolve the uses and potential uses for Blockchain will expand as well.
If Digital Identities are recorded on blockchain protocol, then my things can have the authorization to transact on my behalf. In other words, I would have an identity recorded on a shared ledger and then can add devices to my identity.
Over time, I could add smart objects too, from my shoes to my fridge to my car to my heating to anything. This will allow for a more secure way to verify someone’s identity and allow for a reduction in fraud.
Trade sector is another complex activity with is based on maintaining ledgers for every transaction while trading.So, blockchain automates the process and keeps the records for present and future needs without any flawless.Therefore, dependence on blockchain is must to simplify the trade-related tasks.
Think of all those components being bought and sold in the supply chains of the world, and then think about all those components being recorded in near real-time on a shared ledger. They have been talking about having real-time transactions around bills of lading and letters of credit but the challenge has been recording of the bill and then documenting the movement of the assets.
If we digitize the bills and letters of credit and you have a more real-time view of the world and supply chain. It is a smarter system because you can record more than just a product’s serial number and value of the current systems allow.
You can record virtually any other information you want like destination, who is shipping it, who is shipping it when it reaches port, tax, and government clearance. That is why it’s a smarter tracking system. The banks that invest and adopts this sort of system will have a competitive advantage in the future.