Let’s read Blockchain Beyond Cryptocurrency: Real-world Use Cases. Because of its link to Bitcoin, blockchain technology has become more and more popular. Many people have used these two terms synonymously for a long time. But as the understanding of the technology has grown, the difference between cryptocurrency exchanges and blockchain technology has become clearer, with Blockchain applications extending beyond cryptocurrency.
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Best Blockchain Beyond Cryptocurrency in various industries:
1. Government
In the Government and political setting, the blockchain is a hot topic. There are many blockchain government use cases that improve service quality, safeguard individual property rights, and provide transparency in the system. Governments across the world, including China, Canada, the USA, and the UAE, are using blockchain technology to better their country’s lifestyle, and the adoption trend is largely confined to Ethereum.
2. Banking
Beyond the trading of virtual currency, Blockchain beyond cryptocurrency has a number of applications in the financial industry. It is mainly used for fraud reduction and know-your-customer (KYC) projects. It is used to bring all the information onto a distributed ledger with timestamps and batches of selected transactions, securely linked to another block. This blockchain use outside of Cryptocurrency in the banking industry will make it nearly hard for hackers to compromise the system network without being alerted or recording the timing of the breach.
3. Cybersecurity
You can store your data on a distributed, decentralized system using Blockchain as a service model and reduce the instances of security threats and hacks. Usually centralized servers are used to store data in computer networks and cloud-based business operations. So, if you save all your important business data on a centralized system, you become more vulnerable to data loss, corruption, hacking, and human error. Blockchain beyond cryptocurrency technology can help avoid these risks.
4. Healthcare
There are multiple blockchain use cases in Healthcare. You will be amazed to know how disruptive an industry can become when combined with the introduction of a revolutionary technology like blockchain into healthcare. In 2020, it emerged as one of the most prominent and leading trends in healthcare. The technology comes with a secure and inflexible architecture for storing EHR data, safeguarding it from security breaches. Also, many blockchain app developers are using the technology to create new medications or more personalized treatment regimens.
5. Pharmaceuticals
According to the World Health Organization (WHO), 1 out of 10 medical products distributed in low-income countries are counterfeit or substandard. Therefore, an app called Verifier has been developed to lower the risks of pharmaceutical fraud. This smartphone app uses the phone camera to carry out a spectral analysis of the medicine and uploads the results to a blockchain for verifying the drug’s medical footprint. This is just one of many blockchain use cases to decentralize the pharmaceutical industry.
6. Advertisement
The main aim of an advertiser is to deliver relevant ads on time. The Blockchain beyond cryptocurrency use case in advertising is all about targeting the right people at the right time. This Technology can be used to track different service providers and link them together. This saves advertisers from losing money when someone creates fake web traffic or uses bots to visit the page. Blockchain can efficiently track the origin of the visitors and test if they are authentic and organic.
7. Affiliate Marketing
You all know what affiliate marketing means, a business pays a decent amount to people who promote their service or product through various social media platforms, like Instagram or Facebook. So, the concept is entirely based on trust that influencers won’t remove the post after getting paid. Smart contracts in blockchain operations ensure that money is only transferred when someone has completed the assigned task.
Conclusion:
Blockchain beyond cryptocurrency, these are the most prominent real-world applications of blockchain. Also, many of the biggest brands in the world have started to explore this technology with the help of top blockchain app development companies to grow their business alongside the future uses of blockchain.