The uses of blockchain technology are not limited to bitcoin and cryptocurrency. Its strength in optimizing operations while maintaining high security, privacy and transparency makes it a reliable technology, complementing various fields. Please keep reading this article till the end to find out more about it.
How Is Blockchain Technology Being Used?
Although it’s still a newcomer in the tech segment, blockchain technology is utilized pretty exponentially in the market. Here, in this section, we shall delve into some of the distinctive applicabilities of the same. So, let’s keep scrolling.
Product Quality Control
With the help of blockchain technology, manufacturers and suppliers can maintain a record of every step in the production process. This applicability has a three-fold benefit to production and supply –
- It ensures high-quality distribution. Blockchain makes it possible to maintain digital records for every change made in the product during its journey from the factory to the retailer.
- Blockchain enables companies to track their inventory efficiently. This means they can be sure that none of their products have gone missing or been illegally traded.
- Blockchain technology allows businesses to ensure that each product is unique and exactly what customers ordered.
Asset Ownership Transfer
With blockchain technology, the ownership of assets can be transferred securely and efficiently. It helps in asset ownership transfer by:
- Providing means of authentication and verification of the ownership of data.
- Offering a decentralized platform for recording transactions, including asset transfers.
- Securing transactions using cryptography.
The main benefit of using blockchain technology for asset ownership transfer is that it is immutable. Once a transaction has been recorded on the blockchain, it cannot be altered or deleted.
Being attentive to the financial market before transferring ownership in an asset trade will be essential too. For this, you can use online trading apps like bitcoin prime that help you access the financial market and make the right decisions.
Creating Digital IDs
The blockchain is a distributed ledger that records all transactions in an instant. Blockchain technology helps create digital IDs by making information tamper-proof. This makes it harder for hackers to do things like steal your identity or impersonate you online.
Another way that blockchain technology helps with creating digital IDs is by making it possible for companies or organizations to create their own digital ID systems.
This opportunity prevents you from relying on government agencies or other companies that might have access to personal information about people who use their services.
Food Safety Assurance
Blockchain technology’s secure and transparent record-keeping system makes it applicable in ensuring food safety.
The first step towards commissioning food safety with blockchain technology involves creating an immutable record of every transaction related to your company’s products or services. Hence, you can easily trace back its origin.
Additionally, creating a digital identity system at every step of food production is highly beneficial. Customers can, therefore, verify the identity of each ingredient before buying your products online or offline without exposing personal details such as address or phone numbers.
Maintaining Medical Records
Blockchain is well-suited to the world of medical data because it can be used to create a permanent record of all the information contained in a patient’s medical history.
When storing your medical data in a blockchain, you can include allergies, prescriptions, medications, genetic information, and more information. It allows doctors to keep track of your health.
Medical blockchain networks give you the right to maintain privacy. You can control who can access your information.
When gun-control is the talk of the town, we can implement blockchain networks to make the world a better place. The most significant benefit of using blockchain for weapon tracking is that it makes the data available to anyone who needs it. Thus, you can get real-time updates on your weapon’s whereabouts.
Moreover, the blockchain technology helps trace the weapon’s origin. This gives you an idea about who bought it and when they used it in a crime. You can also track serial numbers on guns and make sure that they have not been sold illegally.
Regulating Employee Rights
Blockchain technology helps regulate employee rights by providing a way to maintain permanent, transparent records of all transactions.
This allows companies and employees to have access to complete transparency about any changes that occur in the company’s financials. And, it also allows the company itself to be accountable for any fraudulent activity.
Organizations can track an employee’s work history, which can help employers identify when an employee has been working overtime or has been paid incorrectly.
Companies like Coca-Cola and the U.S. State Department are working on a blockchain registry. These contracts can be updated automatically and ensure trust for both parties.
Blockchain technology has only been around for a few years, but it’s already being used in dozens of different ways. We can see blockchain-based applications inside banks, insurance companies, universities and healthcare systems.