The blockchain is the distributed ledger technology that brings about the cryptocurrencies like bitcoin and platforms like Ethereum. In common man words, blockchain is a virtual, public ledger that records all the transaction data securely and transparently.
The transaction ledger can be written with new information and the previous information that is stored in the blocks cannot be edited. This technology is consensus-driven as many computers are connected to the network.
Blockchain is secured by cryptography, immutable, decentralized, transaction ledgers, can be made public and do not depend on the system of trust.
There is a lot of hype about blockchain technology. Several public entities have included ‘blockchain’ to their company name, an upturn by 250% of the keyword ‘blockchain’ has been recorded by the Google search requests and there was the public discussion about the prominent application of the blockchain — cryptocurrency in the U.S. Senate
How blockchain brought revolution in various sectors?
Blockchain provides enhanced accuracy and information in the financial services ecosystem of the bank. Both Swiss bank UBS and UK based Barclays have experimented with blockchain. In blockchain startups like R3 CEV, the banks are investing. It is meant to develop Corda — a blockchain platform for financial markets.
The ride-sharing companies can facilitate all transactions through a blockchain system. The drivers and riders can create the more user-driven and value-oriented marketplace with the help of the distributed ledger. The startup Arcade city work as other types of ride-sharing companies that enables all transactions through a blockchain system. Drivers on the Arcade city can set their own rates and recurring customer base.
Education and Academia-
In the education sector, the blockchain solutions can manage the verification procedures. It will help in reducing the fake claims of un-earned educational credits. To secure and share the student records, the Sony Global Education has established a new educational platform in the partnership with IBM. This platform makes use of blockchain.
Lack of transparency is observed during and after transactions in buying and selling the property. The blockchain can check the possible fraud, an ample amount of paperwork, errors in public records.
Ubiquity, a tech startup offers a blockchain platform Software-as-a-Service (SaaS) for financial and mortgage companies. In Brazil, the company is working with Land Records Bureau to record property information with the help of blockchain.
In the healthcare sector, the hospitals, payers and other parties’ give importance to the chain so that they can share access to their networks. It will allow them to enjoy security and integrity without any compromise on the data.
‘The Gem Health Network’ by Gem startup is a blockchain network for the healthcare sector. The other blockchain startup — Tierion, offers the services of data storage and verification in the healthcare industry.
In the Philips Blockchain Lab, both Gem and Tierion have partnered with Philips Healthcare.
Business and Corporate Governance –
The business accounting can be more transparent by employing the technology of blockchain. It provides smart contracts and verifiable transactions. Aragon is a decentralized app on the Ethereum blockchain that is meant to disintermediate the maintenance and creation of the companies. To manage the entire global workforce, the Aragon is developing tools to help companies regarding the involvement of blockchain.
Networking and IoT-
For a new concept –ADEPT, both Samsung and IBM are using blockchain technology to create a decentralized network of IoT devices. Directly the devices can communicate with each other to manage bugs, check energy usage and update software. For a large number of devices, it operates like a public ledger that can remove the need for a central location to look after the communications between them.
Other areas where blockchain shows its significance
The Blockchain benefits other types of businesses like –
Stock trading, Insurance, Supply Chain Management, Sports Management, Energy Management, Gift cards and Loyalty Programs, Government and Public Records, Gun tracking, Wills and Inheritances, Retail, Charity, Law Enforcement, Human Resources, Credit Histories, 3D Printing/ Manufacturing, Crowdfunding, Commodity-Backed Currency, Libraries , Publishing, Photography, Public Assistance, Video streaming, Music/Entertainment Rights and IP, Forecasting, Cloud Computing, Industrial IoT and Mesh Networking, Car Leasing and Sales, Crypto Exchanges, Internet Advertising, Critical Infrastructure Security, Internet Identity & DNS, Voting, Messaging Apps and much more.
All the new technologies are fascinated by the Blockchains. In the critical application like money and identity, they potentially allow for system adoption. It is considered one of the emerging technology services that provide ways to have secure and transparent validation of transactions. For disruptive innovation, the blockchain is moving ahead.
Blockchain Application Development Company offers solutions in education, real estate, and healthcare industries by employing Blockchain. If you want to expand your business with Blockchain technology and need any kind of Blockchain Development Services, then here you can get the platform to enrich your business needs.