Earlier we have discussed Blockchain and it’s explanation – now open your lids to peep into the applications of the Blockchain.The most talking concept in the mouths of every geeks and futurist.Let’s explore!
If you never come across about Blockchain, then without hesitation you need to read “New trending innovation: Blockchain explained in a simple way!“.For the people who read the article or known before about blockchain, I am excited to reveal it’s use cases that hook you on Blockchain for future.
Without wasting any time, we will quick stride into the applications that leverage the subject of Blockchain.
7 Applications of the Blockchain
The first-timers who touch the concept of Blockchain thinks its sole purpose is for the applications in financial services.Yes! to process Bitcoins(Cryptocurrencies), the concept of Blockchain evolved.But after close observation and research, it opened to a new path of applications and it’s use cases enhanced in financial sectors.
1: Commercial financing
A lot of businesses activities involved in exports and imports of various goods.To maintain the record of such goods is an intricate task manually or even with computer – anyone has the ability to modify.Hereforth, blockchain will come in handy in such situations.
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.
3: Cross-border transactions
Cross-border transactions are nothing but the foreign exchange transactions.At the moment it is functioning with the help of Nostro/Vostro accounts.Nostro means our’s account, where the domestic bank opens an account in the foreign bank.Vostro means your account, where the foreign bank refers too.To standardise such transactions, and keep the proper records – Blockchain handles the best.
Blockchain has the big role to play in the insurance sector.Handling of claims from the customers for distinct reasons is a really hectic job.So, the Blockchain simplifies such complex tasks and help the Insurance sector to carry the claims without any errors.This might increase the trust among the policyholders in the Insurance sector.
There are really difficult tasks that government expose in handling the people needs.Also, the schemes which are introduced should have proper transaction list, which might help them to optimise the resources and automate the decision making.in this exact situations, blockchain can leverage their schemes and inject the trust into the people with proper governance.
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.
7: 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.