In the technology sector, developers are trying their best to bring up applications that can simplify work. Most applications developed are meant to serve most sectors in the economy.
Blockchain is a decentralized ledger system used to record data and process transactions. Blockchain was developed to bring up a trustworthy system that records transactions and data that cannot be tampered with.
Some of the merits of blockchain are transparency, the ability to track transactions and goods, faster transactions, improved security, creating job opportunities among many others.
Blockchain has been said to have three stages. These stages are namely: bitcoin and digital currencies, smart contracts, and the future respectively.
Applications of blockchain technology in education
In learning institutions, there are various transactions and recordings done daily. Some of these activities include recording the food sales, recording the students’ attendance, calculating total fees paid and paying the respective salaries and wages to the staff.
Blockchain comes in handy since it is a ledger system where transactions are recorded.
The salaries and wages transactions are easily done. This is because every month the transactions are linked to the previous months’ transactions.
It will be easy for the school to trace how money has been used. The students’ records are also recorded and cannot be changed providing accurate information.
Online learning is managed easily while using blockchain technology. An academic blockchain may be referred to as a decentralized system that peers are required to install specific software that enables the node to access the students’ personal and academic details. Digital identification cards could also e created for the students and the school’s staff.
Applications of blockchain technology in healthcare
Healthcare centers are known to have different patients every day. It might be very difficult for the staff involved to manually record people’s information.
Having an automated system is easier and less tiring. Blockchain is used to record each patient’s details as well as visit day to the healthcare center.
The patients’ and staff data may be easily retrieved when blockchain has been used. The plus advantage with blockchain is that with every visit a patient makes, the records will be linked to his or her previous records.
Payment transactions could also be recorded in the ledger system since they are accurate and cannot be edited or deleted by anyone. Equipment records could also be done using blockchain.
This will help trace the performance of various equipment and show how long they have been operating before servicing or replacement.
Salary payment to the staff is also simplified by using blockchain. This is because the transactions will be linked to the previous months’ transactions. One will easily trace how the finances are handled within the institution.
Applications of blockchain technology in business
In the business sector, blockchain plays a very big role. If you are dealing with a big supply chain, blockchain could assist you in tracking your goods.
The transparency feature enhances traceability. This is where the traced goods can be validated and indicate the origin. The tracing works when users in a supply chain acquire digital tokens that authenticate the movement of goods. When the goods change possession, it is updated.
Blockchain also assists in keeping records of a business safely and in a way that it cannot be changed. All transactions made in the business are also recorded for easy monitoring of the business progress.
Some of the benefits of applying blockchain in business include:
- Eliminating middlemen
- Prevent the government from changing the currency value
- Smart contracts are used that enhance trust among clients
- The nature of data being immutable makes it easy to track the business’ progress as well as equipment
- The transaction speed is improved
- The transactions fees are low
- Tracking of transactions done
Applications of blockchain technology in banking
In banks, various processes are done daily. An example is transacting with cryptocurrency such as bitcoin. Blockchain would also help reduce the transactions fees done by customers.
The bank will also have the ability to handle the bankers’ data easily since blockchain has a ledger system.
The data is linked to the transactions done by each customer. The information will be accurate since the data is immutable.
Operations in the bank can be monitored easily. The transactions done will also be processed within a few minutes. Middlemen are eliminated in the banking transactions which means safer transactions will be done.
Applications of blockchain technology in finance
In the finance sector, the stock market has been transformed positively by blockchain technology. Blockchain enhances transparency and trust in transactions which encourages people to use smart contracts. Middlemen are eliminated in this sector by using blockchain. Some middlemen might con clients that may end up affecting a business.
The high-performance nature of blockchain makes it possible to handle numerous transactions at a go. The infrastructure cost is reduced when using blockchain that is an advantage to financial firms.
Asset management is also made possible by the application of blockchain. Blockchain has influenced asset management through the following ways:
- The fund launch has been automated
- The transactions settings can be customized according to an individual’s preference.
- The transparency feature is enhanced
- Guidelines meant to guide users and punish illegal activity detected
- An automated transfer agency has been implemented.
It is clear that blockchain not only works in currency matters but also works in data records. If you want to simplify work, using blockchain will be the best choice. Fatigue is most certainly reduced since blockchain has automated most processes that were earlier done manually.
It is essential to know that blockchain is not hack-proof but the best security features are enhanced to avoid illegal penetration.
The only known way a blockchain network can be hacked is when one has access to various nodes of the network. Truly, blockchain is the next big thing in our day-to-day activities be it educational matters, health matters, financial matters, and food matters.