Usecases for Blockchain Technology

Hello and Everyone

Technology is evolving and blockchain is one of the advanced technology that is capable of managing the data on a scale. The best part about blockchain is that it cannot be altered. Whatever is recorded on the blockchain cannot be deleted however some changes can be done with consensus. Such changes can also be tracked and this is why blockchain is the best form of Technology for bigger projects and businesses. Over the years this technology has got more attention from different industries. This is going well because many businesses are considering blockchain as one of the solutions to store their data. Technology management can be expensive but for a business, data is even more important and that is why they prefer having this technology over any other.

So today in this post I am going to talk about some of the use cases for blockchain technology that can make things easy for us-

Healthcare

Healthcare is one of the industries that should be surrounded by high-end technology and blockchain is the best solution. This is because now the data is huge in the sector and with blockchain, pharmaceutical companies can keep the information safe and secure with no changes possible unless needed. Medical records are very important in healthcare and with blocks and technology this information can be managed easily and will be accessible from anywhere in the world. This is good for medical institutions as well as for the users from the accessibility point of view.

Banking

Banking is part of our day-to-day life because we use digital money for various spending. I am talking about fiat money and we spend money on many goods and services in our day-to-day life. Sometimes we need to struggle with the transaction processing because bank servers are busy and they are not able to process transactions on scale. With blockchain, the banking segment can be revolutionized because banks and financial institutions can keep the payment and other banking data on the blockchain. Although many banks are exploring the possibility they are trying to find how they can use this technology to integrate in their banking business. Because blockchain is well integrated into peer-to-peer and payment it can be a good solution for banks.

Retail

Retail is another sector that is growing and after the COVID pandemic, this growth has been even faster. With the advancement of blockchain technology, data availability can be easy for retail companies. The entire supply chain management can be revolutionized through the blockchain and product information will be easy to use and available across these stores and different redistribution centres. This will also help as one of the best options for these businesses to adopt the advanced form of Technology which will also empower the customers to gain more trust. The supply chain is one of the biggest parts of retail business and with the integration of blockchain technology, this can also be simplified.

---

So these are some of the use cases of blockchain technology. Although there are so many use cases possible for this highly advanced technology and I hope that in the coming years, we will be able to see that for now, I discussed these three use cases in this post. I read a few articles a couple of months back that some of the countries are exploring blockchain technology for election purposes however I think it is too early to discuss but maybe in the future, we will get to know more about it.

---

---

This is my participation post for Initiative: February Monthly Prompt

Check out the above post if you are interested in participating in this initiative every day there is a different topic that is fun and allows us to share our thoughts.

---

Thank you so much
Stay Safe

Posted Using InLeo Alpha