Updated June 23, 2023
Introduction to Applications of Blockchain Technology
In this Topic, we are going to learn about the Applications of Blockchain. The Blockchain is a technology that enables moving digital currencies from one side to another side. Some people refer to bitcoins as Blockchain, but those facts are incorrect. Blockchain is a technology it’s completely different from Bitcoin. Some important facts related to Blockchain are given below:
- Santoshi Nakamoto firstly introduced it in 2008.
- It works on cryptography and uses peer-to-peer networks.
- Blockchain is built by using three technologies which are Private Key Cryptography, Peer to Peer Network, Program(the Blockchain’s protocol)
- The primary use of Blockchain is in Cryptocurrencies.
- The database of Blockchain is managed by peer to peer network and by a distributed timestamping server.
- It can be described as a value-exchange protocol.
- There are three types of Blockchain:
Public blockchains, Private blockchains, Consortium blockchains.
Top 10 Applications of Blockchain in the Real World
The top 10 Applications Of Blockchain are as follows:
The primary application of Blockchain is in Cryptocurrencies like Bitcoin. Bitcoin is a decentralized digital currency introduced by Santoshi Nakamoto.
Nowadays, Blockchain is also replacing the existing, or we can say overtaking the current Banking system. With the help of Blockchain, we can transfer the fund from one person to another in a second because the transaction’s validation will take place through Blockchain and cryptography. It’s a possibility that Blockchain will cut down 19.8 Billion Dollars which is going for middleman cost/year. Because of the Blockchain, the hacking of accounts will become impossible. Applications of Blockchain also solve the problem of double-spending.
3. Payment and Transfers
Because of Blockchain, only the wallet system has grown up so rapidly, and by using that, we can make the payment and money transfers very quickly; we don’t need to enter the public key. We need to scan a unique QR code and pay soon. The amount done by Blockchain will be highly secure with no transfer fees. For blockchain transfer, no bank account is needed.
Healthcare is also a domain where Blockchain technology has been used for storing the details of the patients. This technology ensures that anyone accessing this Blockchain can access patients’ data. This database will be highly secure and for checking the data related to the patient-doctor has to log in there with the public key and details, and he can check the patients’ data.
5. Law Enforcement
The law enforcement agency is also now applying applications of Blockchain technology. So that they can create a Common Database of the criminal and the crimes committed by them with all the biometric details. Since it’s highly secure, nobody can change it without proper access.
Blockchain can be used in the next election or Voting because of its unchanging revolutionary nature. Voting will become more secure and fail-proof with the help of Blockchain.
7. IoT(Internet of Things)
Blockchain is also now used by IoT. This ensures that data that will transfer over or between the devices will be secure and encrypted without any interference.
8. Online music
Online music is one field that is increasing with the help of Blockchain technology. Companies are putting their music in a blockchain where everyone can access the music, but none can change it, and a customer can pay for a particular song and then he can download it from the Blockchain itself.
9. Real estate
Real estate is also a domain that is affected by the applications of Blockchain, and in the future, people will sell and buy property over the Blockchain.
10. Digital IDs
Blockchain is also now used by different companies for Digital Id. These digital IDs will be managed by the owner’s private keys and will also help avoid excess personal information over the internet.
These are some fields where the application of Blockchain technology is used. Some other areas are also where the Blockchain is emerging, like Monitoring the supply chains, audit trails, Medicine monitoring, Data sharing, Copyright and Royalty, Tax Regulation, and Equity trading. If we will talk from a career point of view: Blockchain is a rising field. In the market right now, Blockchain developers are significantly fewer, and the demand for developers will be very high in the upcoming need.
This has guided applications of Blockchain technology in the real world. Here we have discussed the Different applications of Blockchain like IOT, Voting, Bitcoin, Banking, etc. You may also look at the following article to learn more –