While talking about technology, an inevitable term we can hear is “BLOCKCHAIN”. Some of the questions that come to our mind on hearing the word BLOCKCHAIN is: “What is Blockchain?”, “Where is Blockchain used?”. We can hear people saying that Blockchain will be the future of the modern world. To explain this further, the best way is to discuss some of the use cases of Blockchain used today.
APPLICATIONS OF BLOCKCHAIN:
Blockchain use cases in healthcare industries:
Blockchain companies along with healthcare providers are currently researching to improve blockchain-based systems. This can benefit both patients and professionals.
One of the main problems faced in the healthcare industry is patient data management. The medical histories of each patient are stored by individual health agencies. So, it is impossible to find a patient’s previous history without consulting their previous provider. This may lead to mistakes due to a lack of knowledge about the patient’s medical history.
‘MedRec’ developed using Ethereum blockchain is a big solution for patient data management. MedRec is a prototype to store patient’s data and records electronically. It creates a decentralized content-management system and uses blockchain smart contracts. With MedRec, users can decide when and to whom they can share their data. So, they can grant a guardian, family member or anyone to view their records. Hence, it provides confidentiality and ease to find a patient’s details from anywhere. Consequently, we can reduce the number of deaths from medical mistakes.
Blockchain use cases in banking:
Even in this 20th century, with automatic cars and machines, we can find that international money transactions are slow. This is because most of the international payment systems need to pass through multiple banks to reach the final destination. In contrast to the security benefits, the money is unknown until it reaches the end-user.
‘RippleNet’ provided by Ripple is one of the Blockchain applications which gives a frictionless experience to send and receive money globally. Ripple uses blockchain technology to make a decentralized system. This can settle transactions within seconds even though it handles millions of transactions frequently. The fee for transactions on Ripple is only 0.00001 XRP which is minimal, rather than the large fees charged by banks for cross-border payments. RippleNet is scalable, secure and operates with different networks. Many banks and companies are using Ripple to increase transaction speed and minimize transaction costs. Therefore, Ripple can become the future of payment processing and global transactions.
Blockchain use cases in the retail industry:
According to IBM, retail organizations can prove their quality through blockchain technology. This is achieved through Product authenticity, tracking and tracing reliable delivery throughout the supply chain. Thus, Blockchain changes the future of the
‘Product Provenance’: Provenance is a blockchain-based application that provides end to end transparency in the source of origin for products and ingredients. For instance, Isn’t that good to ‘track the meat from farm to plate’? With Provenance, enterprises can create a Network of Trust that will make consumers easy to choose a product.
Management of loyalty points: This is an era of reward points and coupons. Retailers can create digital wallets based on blockchain to centrally manage rewards, loyalty points, and coupons. Therefore, customers can store all the rewards and coupons in a single digital wallet than managing multiple programs. This makes loyalty points more easily transferable between customers and retailers.
Fraud preventions: Retailers can use blockchain technology to avoid fake items to reach customers. To stop the spread of conflict diamonds, ‘Everledger’ is using blockchain to track the origin of these luxury items.
The above given are only some of the real-time Blockchain applications.
The job opportunities for Blockchain is booming since it is used in almost all industries. As per the data from Glassdoor, there is a 300 percent increase in blockchain-related jobs from last year. According to a new Jobsite Hired, there is a 517% increase in demand for software engineers with blockchain development skills over the past year. As a result, this demand translates into high salaries. This high salary is the outcome of increased demand and short supply.
LIVEWIRE, Thrissur provides quality training in Blockchain course from experts. We focus on Ethereum, Hyper ledger, Solidity programming and more needed to start a career as a Blockchain developer. You will be provided with an Internationally recognized course completion certificate and a Global Competency Certificate along with your training. This can give you a head start to your dream job.