Use of Blockchain Technology in today's world 2023

Before knowing the uses of blockchain ,lets take a brief look into the Blockchain technology which will help us to understand better, the

use of this new technology.

Brief about Blockchain:-

Blockchain is the revolutionary technology behind Bitcoin , It is the technique or it is the distributed database which is used to

store information or data electronically in digital format in decentralized manner.

Now the question is What is the meaning of Decentralized?

It means there is no central authority to control the entire data and information rather this control is transferred from the centralized entity to a distributed network of people ,groups or organizations who are connected to that network. And if any change is done to that data in present in that network can be observed by every individual of that network .

And that's why blockchain provides transparency and security to data.

Uses:-

This new technology can change the way elections are being conducted , healthcare data is being collected and even the way the public records are being managed by the government .

Now let's take a close look to the utility of this new technology in this new era .

Lets begin with uses of the blockchain.

1. Digital Elections

Worried about frauds that are done during voting in any elections?

Well alternative solution has come up now to face this situation of scams and frauds . Blockchain offers the ability to vote digitally ,and its transparent enough that any regulators would be able to see if something were changed on the network because all the nodes in this chain is connected with each other in the form of blocks. Hence ,the change in any node can be clearly seen .

2.Payment Processing and Money Transfer

Blockchain technology was initially used to support the digital currency like Bitcoin but is now being explored for various applications that don’t involve bitcoin. It further offers the following top benefits:

a. Removes intermediaries

To make a payment, one has to pass through several intermediaries and authorizations, such as the payment gateway, exchange mode, issuer, etc. Even though intermediaries are responsible for maintaining the authenticity of payments, but they have the following drawbacks-Their service is chargeable and It increases the transaction time. Whereas, with blockchain payment systems, one can: Settle transactions more easily
,Maintain the authenticity of the transactions without the presence of middle-men ,Save the transaction data securely.

b. Transparency and security
One of blockchain technology’s most significant benefits is the high-level transparency it offers. Details of all transactions that take place via a blockchain network are: -Stored in the blockchain , Visible to everyone.
Hence, while making payments, you don’t have to worry about saving any records as they get saved in the blockchain and are kept safe while ensuring the integrity of the data.

c. Safe and quick cross-border payments
Cross-Border payments occur when the payee and the payer reside in different countries. Making cross-border payments has been a problematic area for a very long time . With blockchain, one can transfer funds from one country to another very quickly. Blockchain payment systems can reduce payment processing time from days to a few hours.

3.Blockchain in IOT

Internet of Things has million of applications and many safety concerns and an increase in IOT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart watch.

Blockchain infused IoT adds higher level of security to the data breaches by utilizing transparency and virtual incorruptibility of technology to keep things "smart".

4. Blockchain in Healthcare

The good news is the medical sector has already been moving away from paper for recordkeeping purposes for years. However, blockchain offers even more safety and convenience. In addition to storing patient records, the patient, who possesses the key to access these digital records, would be in control of who gains access to that data.

5. Blockchain in Government

A blockchain-based digital government can protect sensitive data while increasing trust and accountability. Some of the key benefits of implementing blockchain in government include:-

-Secure storage of sensitive government and citizen data
-Prevention of data leakage risks
-Digitalization and reduction of labor-intensive processes
-Reduced costs associated with managing accountability
-Increased transparency and prevention of corruption cases
-Enhanced efficiency and automation of administrative processes

6. Secure personal information

Sensitive and personal data such as social security number ,data of birth, and other identifying information on a public ledger (e.g. Blockchain) may be more secure than current system which is more susceptible to hacks.

Blockchain technology can be used to secure access to identifying information while improving access for those who need it in industries such as travel, healthcare, finance etc.

7.Money Laundering protection

Once again, the encryption which is so integral to Blockchain , makes it exceedingly helpful in combating money laundering . The underlying technology empowers records keeping , which supports "Know Your Customers" (KYC) the process through which a business identifies and verifies the identities of its clients.

8. Data Storage

Adding blockchain technology to a data storage solution can provide greater security and integrity. Since data can be stored in a decentralized manner, it will be more difficult to hack into and wipe out all the data on the network, whereas a centralized data storage provider may only have a few points of redundancy.

9,Monitor Supply chain and Logistics

Blockchain technology helps us to track items as they move through a logistics or supply chain network can provide several advantages. First of all, it provides greater ease of communication between partners since data is available on a secure public ledger. Second, it provides greater security and data integrity since the data on the blockchain can't be altered. That means logistics and supply chain partners can work together more easily with greater trust that the data they're provided is accurate and up to date.

10.Blockchain in Media and entertainment industry

Blockchain creates the potential to transform how media content—such as music, video and other types of entertainment—is delivered, consumed and paid for. Current systems were not designed to manage complex, personalized content and service bundles. It is extremely difficult in today’s digital ecosystems to manage the digital rights, royalty collections and the transactions among a large number of intermediaries. Blockchain, with its shared ledger approach, can help to improve the media supply chain and decrease copyright infringements by adding transparency, security and control.