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Blockchain Technology Use Cases You Should Know in 2021

Blockchain has gained massive popularity in the past decade, thanks to Bitcoin. However, Blockchain use cases have expanded way beyond cryptocurrency now. Blockchain technology is emerging as a game-changer for multiple industries, including BFSI, healthcare, education, real estate, supply chain & logistics, and IoT, to name a few.

Blockchain’s popularity and increasing industrial applications are skyrocketing because of its innate qualities – the decentralized and distributed ledger is immutable and completely transparent. There’s no need for a centralized authority to manage a Blockchain network. All the peers in the network verify the information stored in the Blockchain ledger. The bottom line – it is highly secure and reliable with hardly any point of entry for attackers.

Essentially, these qualities of Blockchain technology make it one of the most revolutionary technological tools of the 21st century. Being a tamper-proof ledger, Blockchain technology offers many possible use cases for businesses across all industries.




Blockchain Technology Use Case

·        Smart Contract: Smart contracts Blockchain-based contracts enforced in real-time. They are created as an agreement between two or more parties without the involvement of any intermediary. The contract exists across a distributed and decentralized Blockchain network. Smart contracts are now a staple in healthcare, real estate, and even for government agencies.

 

·        Internet of Things (IoT): Blockchain empowers IoT devices to enhance security and bring transparency to IoT ecosystems. Blockchain offers a scalable and decentralized environment to IoT devices, platforms, and applications. By integrating Blockchain technology in IoT devices, the possibility of data breaches can be reduced to a great extent.

·        Money Transfer: With the advent of digital currency and blockchain technology, companies are not holding back in adopting currencies like Bitcoin to enable remittance services. With this service, companies are trying to solve multiple issues such as high transfer cost, limited money distribution methods, limited brand options, limited ways to deal with money, etc. Blockchain tech enables lightning-fast transactions in real-time.

·        Personal Identity Security: Industries across the board are latching onto new technology that promises to improve online security, which includes blockchain. From hacking and violating personal files to forging documents, identity theft comes in many different forms. Blockchain can help combat this menace by storing crucial personal information (for example, social security numbers, birth certificates, address, PAN, etc.) on a decentralized and immutable ledger.

·        Logistics:  Blockchain tech can acknowledge data sources and automate processes, thereby building greater trust and transparency within the logistics industry. Using blockchain in logistics systems and supply chain can help you handle help you track down freight more easily. It can be used to improve the delivery process internationally and locally.

·        Digital Media: Digital media companies are burdened with many challenges like data privacy, piracy of intellectual property, royalty payments, and copyright infringement, among other issues. By incorporating blockchain technology into the digital media infrastructure, companies can protect their intellectual property, maintain data integrity, target the right customers, and ensure that artists receive their royalty payments in due time.

Want to step into the future with us? Give us a call +1 315-245-8590 or send us an email sales@blockchaindevelopments.io today, and let the team at Codezeros get your new system up and running!

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