Over the last couple of years, the blockchain network’s technology has grown into a nearly unfathomable stature. Its popularity as such was probably not anticipated when Bitcoin, the first cryptocurrency, was launched way back in 2008.
However, today, it is nearly impossible to think of a world that does not have the blockchain network running behind several other pieces of technology. Blockchain is now the underpinning technology behind various sectors. Its utility is not just confined to transactions using cryptocurrencies. It has many more purposes than just that to serve. We shall focus our attention to the discussion of the various functions of blockchain technology and the places where it finds itself.
The potential applications
The technology that runs the blockchain network is quite complicated; thus, it would be unwise to limit its function to the sphere of cryptocurrencies. Therefore, we will look at the different areas where blockchain technology can be implemented or is already implemented.
The Automotive Industry –
Blockchain finds a widespread utility in the automotive industry, where it is now possible for consumers to use the network in an attempt to deal with fractional ownership issues in the case of autonomous cars. Besides, the blockchain network also maintains a record of the several deals that occur within a specific period of time involving automobiles. Thus it is quite a safe way to manage deals and maintain a digital record of sorts.
The Financial Sector –
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As we have mentioned once or twice in this article, the blockchain network is not just something that is used in transactions using cryptocurrencies. It is something that is used to perfect the way finances are dealt with. It makes traditional forms of fiat currency transactions faster, cheaper, and more transparent. Payment gateways like Flexipay also use blockchain technology to lend domain transparency.
If you had never given it a prior thought, maybe it is time to put things into perspective. The blockchain network is also variedly used in the sector of voting. Constituents could cast their valuable votes using a blockchain code through their smartphones or other digital devices. This shall make it easy for the citizens to cast their votes and never miss out on one even if they are physically not present in the area. Again, the same network of the blockchain can be used to count the results in precision and verify the results without any delay in the process.
The Healthcare Sector –
The blockchain network is an end-to-end encrypted piece of technology that can be used to maintain information of patients in the safest way possible. It shall lend utmost security to the patient in terms of the records of their medical history and keep them from any potential privacy breaches. Thus with the blockchain network at the disposal of these healthcare sectors, patients and doctors need not worry about the security of their private and confidential data.
The blockchain network is complicated, but it is a marvelous piece of technology. There is so much this network can contribute to, and it is essential to understand the technology in all its glory to pay its due accolades.
In the near future, it can be stated with certainty that the blockchain network shall take over every aspect of the technological world and become a household name. Therefore, all we can do is be ready when the time comes and be prepared to welcome the fresh new changes in.