Blockchain is a decentralized network of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Since the introduction of Bitcoin, Blockchain Technology has evolved greatly around the world. Today, innovators in various fields are realizing the benefits of the technology beyond Bitcoin. Several organizations from medicine to finance are searching for news to integrate blockchain technology into their infrastructure.
Let’s have a look at some real-world examples of blockchain technology in action:
Eliminating middle man-
Blockchain Technology is now being used by many organizations to cut out the middleman and create a secure, decentralized way for service providers and customers to connect and transact safely and directly.
Reviving Healthcare Industry: Blockchain has a wide range of applications and uses in healthcare. The ledger technology facilitates the secure transfer of patient medical records, manages the medicine supply chain and helps healthcare researchers unlock genetic code.
Enhancing Banking & Transaction Facilities: Blockchain has the potential to allow banks to settle transactions directly and keep better track of them than traditional methods. A standard bank transfer takes a few days to settle due to the way our financial system was set up.
Smarter Supply Chain: Knowing the status, condition and provenance of every product on your supply chain is key for businesses – and, for consumers, provenance is becoming an increasingly important issue.
Offer Efficiency In The World Of Insurance: Blockchain-enabled smart contracts have the potential to revolutionize insurance claims by ensuring only valid claims are paid out.