Top 5 Real World Applications of Blockchain Technology
November 17, 2021
It seems that all online merchants and businesses are getting behind crypto nowadays. Bitcoin and other cryptos are a hot topic in the world right now, with blockchain technology implemented in many ways. Faster payments are just one of the benefits of the blockchain, but there are many other advantages of this technology that can make the Internet a more secure and comfortable place to visit.
From bingo sites in the UK and online casinos to online merchants and beyond, the blockchain has numerous uses in the real world. While cryptocurrencies and therefore the blockchain are not officially recognized around the world, the tides are turning and it won’t be long before the blockchain dominates whole industries.
Let’s take a look at a few realistic real-world applications of the blockchain.
Voted fraud was once a problem for underdeveloped countries, but it’s becoming a bigger issue in democratic countries even now. The blockchain could be a solution to this problem. It’s impervious and easy to implement, although there could be legal obstacles to this step.
With the blockchain, digital voting will be transparent, and any changes to the system can be seen by regulators. With the token system in place, the blockchain will ensure one unchangeable vote per person.
Wills and Inheritance
Paper will and the inheritance will most likely be replaced by digital solutions in the future. Some of those may be based on the blockchain thanks to the smart contracts functionality. These wills and inheritance documents will then be perfectly legal and crystal clear when it comes to who should receive the assets in question.
Sharing data via the blockchain is coming sooner or later. A system has already been developed by IOTA and it uses blockchain tech to share and receive data. Enterprises could implement it in the future and route unused data bundles to places that need them the most. The blockchain could be a sort of a marketplace for storing data and in this way, it could improve on a number of industries.
Current copyright and trademark protections are not exactly bulletproof. The laws could be changed and made more secure with blockchain technology. It could revolutionize copyright protection and make sure that the artist gets a fair share of their content sold.
The blockchain will also ensure authentic royalty distribution to artists and content creators. As a matter of fact, this industry needs such a boost right now and should definitely take a look at the blockchain as a viable solution.
Faster Payments with no Intermediaries
The biggest advantage of the blockchain is that it offers fast, instantaneous payments with no meddling intermediaries. Cryptocurrencies provide a fast way to transfer any amounts safely over the web in a fully safe and secure way. Inter-company transactions and record keeping are also one of the many great benefits of using the blockchain to complete financial transactions.
This is probably the main selling point of the blockchain and its main advantage over banks.