These days the Blockchain is a hot topic all over the world. The blockchain is the world’s leading software platform for digital assets. A block-chain is, initially a chain link, which is an ever-growing list of records known as blocks, that are linked and protected by cryptography. The global network of computers uses blockchain technology to jointly manage a database. There are three basic technologies that combine to create a Blockchain. These technologies are:
1) Private key Cryptography
2) A distributed network with a common record
3) The incentive for the maintenance of Web transactions, record keeping, and security.
Top 7 Blockchain Applications
One of the most discussed topics in the financial services industry today is blockchain technology. Financial firms and regulators are looking for ways to take advantage of blockchain technology. The first-timers, which relate to the concept of Blockchain, think that its only purpose is to use it in financial services. Yes! for processing bitcoins (Cryptocurrencies), the concept of Blockchain evolved. But after careful observation and research, it opened a new way of applications, and its precedents were expanded in the financial sectors.
1. Commercial financing
There are many activities in business related to the export and import of goods. To keep records of such goods, this is a difficult task manually or even using computer systems. Everyone wants to modify this. The blockchain will be useful in such situations.
The trading sector is another complex activity which is based on the maintenance of accounting books for each transaction during the trade. Thus, the blockchain system automates this process and stores record for present and future needs without any flawless goals. Therefore, dependence on the blockchain should simplify trade-related tasks.
Blockchain plays a big role in the insurance sector. Keeping complaints from customers for various reasons is really hard work. Thus, Blockchain simplifies such complex tasks and helps the insurance sector to carry the claims without making any mistakes. This can increase the trust between policyholders in the insurance sector.
4. Cross-border transactions
Cross-border transactions are nothing more than exchange transactions with foreign currency. At the moment it functions with the Nostro / Vostro account. Nostro means our account, where the domestic bank opens an account with a foreign bank. Vostro means your account, where the foreign bank also refers. To standardize such transactions and keep the correct records, Blockchain does the best job.
Health care is the maintenance or improvement of health through the prevention, diagnosis, and treatment of diseases, injuries and other physical and mental disorders in humans. Health is also one of the important industries of people’s lives. And it must support medical records in an effective and safe way. For this, Blockchain is the only solution to ensure the security of the system.
6. Internet of things
Now the Internet of things is the most conversational stuff on the Internet, and its applications are growing rapidly day by day. For such systems, it needs various transactions between devices and recording data for the future. And the system should be safe and automated, for such complexes. The blockchain is one of the best for their implementation. You need to know how to get the greatest benefit from this new technology.
There are really very difficult tasks that the government reveals in meeting the needs of people. In addition, to introduced schemes must have a proper list of transactions, which can help them to optimize resources and automate decision making. In these exact situations, the blockchain can use its schemes and inject the trust into the people with proper management or governance.