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Blockchain: Transforming the world with technology

With its distributed database approach, blockchain is attracting many tech startups as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types.

Devdiscourse News Desk | Updated: 14-03-2018 11:03 IST | Created: 14-03-2018 10:23 IST
Blockchain: Transforming the world with technology
Transforming the world with blockchain (Star Tribune)

The blockchain is set to transfigure the world with its wide-ranging applications. From education to finance, agriculture to energy, health to trade and marketing to healthcare, blockchain applications are considerably transforming the world.

A blockchain is basically a digitized, decentralized, public record book of all cryptocurrency transactions which is the main technological extension of Bitcoin. It is a leading platform for digital assets.

"Blockchain technology is not only being connected with money, it is more about economy's structure," Kadir Kurtulus, the head of Blockchain Association of Eurasia (BLASEA) told the Anadolu news agency.

With its distributed database approach, blockchain is attracting many tech startups as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types.

Applications of Blockchain

Financial Services

Distributed ledger technologies provide a shared, comprehensive and unalterable record of transactions that is why most financial service companies have started planning how these technologies might fit into their future strategies.

  • The blockchain provides a perfect system for risk-free management and transparency for Insurance Claim processing.
  • The blockchain ledger reduces error by encrypting the records for asset management.

Internet of Things

IoT devices can collect data and process the data either locally or send the data to centralized servers or cloud-based application back-ends for processing.

From analytics to security, blockchain will possibly change the digital infrastructure

  • Smart Diagnostics and Machine Maintenance
  • Smart contracts between the consumers and manufacturers for record maintenance.
  • On-Demand Manufacturing services where machines will have their own blockchain accounts.

Government

  • Distribute social welfare through the blockchain technology
  • Ensuring security in online electoral processes
  • Ensure transparency

Digital Identity

  • Birth Certificates
  • Passports
  • Marriage certificates
  • E-Residency

Healthcare

  • Database management with enhanced security
  • Accelerate biomedical research
  • Health information exchange
  • Reduced transaction costs
  • Population health management
  • Fraud prevention with transparency

The future applications of blockchain are endless and are still underdeveloped. However late it may come, it is set to revolutionize the world.


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