Bitcoin is already a steamy digital currency with big hype in the market. People are now focusing on the underlying distributed ledger technology that gives power to bitcoin. Blockchain is an advanced technology, but it is easy to understand. The technology is the shared database that is filled with all the entries of bitcoin, which gets confirmed on the network. It is crucial to understand that blockchain is a strongly encrypted system and is tamperproof. Many cryptocurrency exchanges, such as this trading platform, can be obtained from the internet. Below are some real-world use cases of the bitcoin blockchain.
It is a very appreciated feature of blockchain. These are the smart contracts that are entirely based on blockchain. These contracts are executed on the blockchain and are agreements between the parties without any intermediary. This contract exists on the decentralized blockchain network. The smart contracts of the bitcoin blockchain are used in the healthcare industry, real estate and in various government fields.
Internet of things!
We all are well aware that the IoT industry is growing increasingly with a lot of connected devices. According to the latest forecasts of experts, by the year 2030, there will be more than fifty billion devices that people will be using at that time in the world. Since this number continues to grow, it will also increase the risks as hackers can breach your data from a connected device. However, integrating blockchain technology in IoT devices significantly reduces the chances of data breaches.
Payment processing and money transfers are blockchain technology’s most recognized features and use cases. This technology allows the processing of lightning-fast transfers in actual time. It has completely transformed the BFSI sector as it helps in saving time as well as money. With blockchain technology, you can make immediate transfers anywhere. The cost of transfer is so low that you will not face any extra burden of transaction fees. It eliminates the requirement of paying a fee to the banks. Moreover, the transfer cost of bitcoin is significantly less than a bank transfer.
Security of identity!
Today the personal identity hack is a hot crime, and it is increasing worldwide; in the year 2019, more than 14.4 million people whose identities were hacked. Identity theft is of various types in which the hackers violate personal files to forge the documents. At the same time, blockchain can help you in fighting hackers. It stores your personal information on the decentralized ledger, in which any hacker cannot intrude.
It is a matter of fact that lack of transparency is a big issue in the logistics industry. Such a hassle becomes more problematic because thousands of companies operate in this field, which costs time and money for the business. It is the time when blockchain can help you out. The transparency of data is one prominent feature of blockchain. You can quickly learn about all the data sources and start the processes.
It will build higher trust among the people in this industry, and the transparency you get is next level. The use of blockchain is extensively increasing in the logistics industry as it helps in effectively tracking the movement of goods in multiple locations. Transparency in data recording related to the goods in movement is a good feature of blockchain; the stakeholders can quickly identify the exact locations of the goods with blockchain technology. It guarantees very effective management of all the goods used in the transaction.
You might not know, but blockchain technology integrates the control system and storing your documents. The main benefit of using blockchain in education is its incapability of modifying the data that is once recorded on the system. The info can easily get added to the blockchain, but you can’t tamper with or edit it. Moreover, it also confirms the legality of documents because everyone can know who wrote all the information. However, very few people are using the benefits of blockchain in education.
One best use case of blockchain is in the entertainment industry. This technology prevents betting sanctions because crypto is not recognized as cash. Moreover, the blockchain has also increased the excitement in the music industry. It can store all the users’ data in an encrypted way, providing ownership rights and the feature of smart contracts. Furthermore, since it is hackproof, you can save your original copies of content on the blockchain.