The blockchain is one of the most revolutionary technologies to have limelight in recent times. Earlier, one of the primary applications of blockchain technology was limited to the trading of bitcoins. However, this distributed ledger’s capability extends to several other applications today. The future of blockchain technology is expected to witness several breakthroughs. This network-to-network chain not only safeguards business dealings and prevents theft or loss of data, but also plays a major role in expediting the processes, simplifying the company’s affairs, reducing errors, and saving organizations from hiring a third party. Here’s a look at some of the key applications of blockchain technology.
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Applications of Blockchain
Electronic Health Records
Today, in most healthcare companies, data is stored electronically. There is an immense amount of patient-data available with healthcare companies and the storage and safety of these records prove to be a tedious task. Blockchain technology ensures the convenience and safety of medical record-keeping. The application of blockchain in healthcare companies not only helps in storing patient records but also ensures that access to these digital records is restricted to authorized personnel. Consequently, ensuring higher safety and security of patient records.
Supply Chain Monitoring
Quick and on-time delivery has become a priority for modern customers, bringing the need for supply chain efficiency to the forefront. Forward-thinking companies are considering the applications of blockchain technology in enhancing the efficiency of their supply chains. The future of blockchain is expected to play a major role in strengthening the supply chain processes for companies. Blockchain technology removes paper-based trails and can easily pinpoint inefficiencies within the supply chain. This technology can also locate in real-time the items that are in transit.
The food industry is expected to be one of the major sectors to reap the benefits of the blockchain. Interestingly, the applications of blockchain in food safety has proved to be a major success. Blockchain technology helps in tracing the origin of foods all the way to your plate. Blockchain data is immutable which enables tracking the journey of food products. Moreover, blockchain technology makes it easier to identify the source of the contaminant in the case of any food-borne illness.
The future of blockchain appears to be bright with its use-cases in several key areas. Using blockchain technology for digital voting helps eliminate the problems of fraud and impersonation. This would help the regulators to see quickly identify whether something was changed on the network. This technology combines the ease of digital voting with blockchain’s immutability to make individual votes truly count.
Payment Processing and Money Transfer
Expediting fund transfers and payment processing is arguably going to be one of the most sought after use cases in the future of blockchain. As a greater number of banks validating transactions 24 hours and days and seven days a week, the volume of transactions is expected to shoot up. The use of blockchain technology facilitates processing transactions within a matter of seconds.
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The applications of blockchain technology could rival or replace current equity trading platforms to buy or sell stocks in the future. Blockchain networks validate and settle transactions quickly, eliminating the multiday wait time investors encounter when selling stocks and seeking access to their funds for the purpose of reinvestment or withdrawal.
Customer Loyalty and Rewards
The retail industry is one of the sectors that is going to greatly benefit from the applications of blockchain technology. Blockchain in retail can step-up customer loyalty and reward programs. This technology can be used to create a token-based system that rewards consumers and stores these tokens within a blockchain. This would incentivize consumers to return to a certain store or chain for shopping. Moreover, it eliminates the fraud and waste that are commonly associated with paper- and card-based loyalty programs.