Published by Programme B
As a well-built member of “Gen-Z,” I initially thought that my overall technological literacy was more than enough. However, then came blockchain technology, and I felt like a boomer. I mean, I had zero ideas about what it was or how it worked.
So, I started getting along with it and found the idea to be quite fascinating. Like, imagine you’re living in a world where you don’t have to answer or pay anyone about your money. And the transaction process is much more secure than you can imagine.
Yes, that’s how blockchain will change the financial scenario.
However, as of now, the technology has only been deployed in some specific sections. Thus, the application variety of the same is pretty low. Keep reading to know more about them.
Blockchain Technology – A Quintessential Review
Blockchain, in essence, is an unchangeable digital ledger that is shared between a business network. You can use the same for recording your past and present transactions. Or, if you want, you may also utilize the same to track an intangible and a tangible asset.
When you buy an asset here, the transaction process is written as a “block” on the supportive ledger. And, once it’s created, you won’t be able to change it again. This, sequentially, makes it almost impossible to cheat or do money laundering on this platform.
Blockchain technology is also being used to operate the core system of cryptocurrency. But, if you want to trade the same, you’ll still need to use an intermediary application like WealthSimple. To know more, click here.
How Is Blockchain Being Applied?
Since the beginning, blockchain technology has been primarily applied in the fiscal segment. However, now, it can be found almost everywhere. Keep reading to know more about it.
Application – 1: The Healthcare Industry
Blockchain technology has been applied in the healthcare industry to take care of the data of patients and doctors. Besides, it can also be used to manage electronic medical records and preserve information for a prolonged period. Finally, many organizations are also utilizing the same to monitor epidemics and critical diseases efficiently.
Application – 2: Government
Usually, the protection provided by Blockchain technology can be quite beneficial for the government or authority of a country. For example, it can make the whole voting system fair and square by not letting the same person vote again and again. Besides, it can also improve the tax collection system by streamlining the procedure entirely.
Application – 3: Real Estate
As per a report, a typical homeowner will relocate around twelve times throughout their life. And, while they’re at it, they have to go through challenging and tedious processes all over again. However, blockchain is pretty efficient. It can solve this issue by combating fraudulence through encryption and offering higher transparency.
Application – 4: Trade Finance
The current trade finance process is quite inefficient and, therefore, can be vulnerable to some practices. However, with Blockchain, you can offer transparent governance, boost processing speed, and remove intermediaries. Therefore, the whole procedure will be much quicker and lower the issues of human error or fraud by a mile.
Application – 5: Gaming
Yes, the Cryptocurrency segment has also crept into the gaming world. There’s a thing called NFT being used to purchase the in-game currencies properly. It can help in solving the payment difficulties. Besides, it’ll also make sure no one’s able to steal.
The Bottom Line
Blockchain has been quite crucial in changing the world of finance. And, the way its overall implementation is increasing, we’re expecting it to be used more prominently. It, in turn, will make the whole process much more transparent, decentralized, and immutable.
However, before the system is executed properly, the whole world must learn about the whole system properly. Otherwise, they won’t be able to get the full potential out of the technology properly. This, in turn, might lead to a breakdown of the entire infrastructure.
Anyway, now, I’ll be finishing up this article. If you want to know more about the same, then tell us about it through the comment section. I’ll try my best to get back to you as soon as possible!
Photo by Jonathan Cooper