5 Best Blockchain Applications That Would Transform Your Business
Blockchain is the fastest growing technology in the modern era where everything is now digitalized. This technology stores a large amount of information in blocks and all blocks are linked together. Blockchain uses decentralization which means that the data isn’t kept in one location and no one has complete authority over the data. This technology doesn’t include any third-party and performs transactions on its own using cryptocurrencies. It is the most secure technology using cryptography that has involved the use of keys so that only the user that has the key can access the specific data. This technology is being used in various mobile apps to make the apps efficient and has been proved beneficial in all the sectors.
Let’s have a look at the best list of blockchain applications examples that have transformed the businesses all around the world.
1. Secure Sharing of Medical Data
Blockchain is playing a huge role in the medical industry as medical systems are being converted into Blockchain technology. Medical institutes are using Blockchain-enabled apps to manage the records of thousands of patients. Using Blockchain medial apps patients can easily view their medical history, make appointments online and even interact with the doctor using the app. Moreover, medical data can be shared using the app so that medical data can be used for research purposes. Custom software development company help research institutions to study and do analysis on the medical data provided, which helps in developing solutions for different diseases whose treatments were previously not developed.
2. Cross-Border Payments
Blockchain business applications work on cryptocurrencies that are digital coins used to transfer funds from one source to another. Cryptocurrencies are different from traditional currencies and don’t involve third parties like banks or other financial institutions. These online transactions are highly secured and one can easily transfer money in just some time. There is a Blockchain wallet app available that shows the transaction history and you can transfer your bitcoins which is a cryptocurrency to the person far away from you within some clicks. Cross-border payments were time-consuming and required high charges for the transfer, but mobile app developers using blockchain solved this problem to a great extent.
3. Voting Mechanism
Blockchain technology has also influenced the government sector changing the way the government performs certain tasks. Blockchain has introduced a new and more advanced way of voting. The new voting mechanism is the most effective and most secure way that is being adopted by various governments of the world. Blockchain services company use the most flexible voting model which is the fastest among other electronic voting methods ensuring the security of every vote. In Blockchain voting systems, all votes are encrypted, individuals can confirm their votes, like where their votes counted, to whom they voted to include the history of all their previous votes.
4. Real-Time IoT Devices
According to research, the future is of IoT that is going to rule the world in the upcoming years. Physical devices are now over the internet-connected to mobile apps through which these devices can be switched on or off. These devices may include all tangible and intangible devices like houses and cars which are connected in a way that certain tasks can also be performed by these devices. Due to the increasing number of IoT devices, there are great chances of data being hacked. Blockchain provides a high level of security to the IoT devices making the IoT connected apps smarter with its strong techniques.
5. Blockchain Identity
Every app needs verification of your identity and information after verification provides you the access. Blockchain technology is used to protect the identity of its users by encrypting it and secure the information and data related to the users from spammers and hackers and even from the marketing schemes. Various apps use Blockchain technology for the identification including passports app in which users are allowed to identify themselves online or offline. Birth certificates, wedding cards or death certifications can also be issued by apps that use Blockchain identity. Even other personal identifications like ID cards, passwords, the license can be kept in the Blockchain identity apps.
The blockchain contains powerful algorithms and techniques, thus people can completely rely on this technology. There are several applications of blockchain technology beyond cryptocurrency that are being used and encouraged by millions of users. Medical data sharing was not easy but by using blockchain applications in healthcare users can share their medical data with research institutes. Blockchain business opportunities has introduced a payment method in which transactions can be performed from any corner of the world using the app. Blockchain can be a secured voting mechanism and can even verify the identity of its users over various platforms. The data related to IoT devices is now highly secured through blockchain technology.