Blockchain Technology has been revolutionizing how money is transferred. Its financial applications are genuinely appreciated, primarily because none of the popular electronic currencies like Bitcoin or ethereum could be used without this tech. However, at the surface level, blockchain Technology sounds pretty straightforward and seems like its function is limited to being an electronic ledger to track all transactions.
Many people think that the reason for the existence of Blockchain is only to note down the transaction in the block and to encrypt the information while connecting them in a never-ending chain.
However, this application of blockchain technology is not even scratching the surface of its immense power. The applicability of blockchain technology goes far beyond allowing monetary transactions to happen across the world. When properly utilized, its record-keeping power can be extended towards non-financial tasks. For this reason, we are finding that companies from different sectors like logistics, government, healthcare, real estate are all using blockchain technology to change the way records are kept.
Some amazing non-financial uses of blockchain technology
There is no draught of information regarding the financial applications of Blockchain. However, to truly appreciate this ingenious Technology, understanding its non-financial applications must be done as well. Given below are just some of the few most popular non-financial applications of Blockchain that you can look into:
Blockchain in the healthcare industry
We all know the struggle to keep all our prescriptions and medical reports in a proper file. We often lose one document, and our medical records are generally held in soft copies. In addition, we usually do not provide all of the information of our medical history due to the cumbersome documentation process of records giving doctors just the basic information about current problems. The healthcare industry has often mentioned that a record of all the patient’s medical data leads to better treatment. However, when we cannot give a complete detailed history of all the kinds of ailments or allergies that a patient might have, this can delay proper treatment.
These problems can be easily solved through blockchain technology as it can create a database for all the information regarding a patient. Any and every element or clinical procedure can be recorded in the online ledger, which a medical practitioner can easily access at any point in time. Furthermore, as blockchain technology encrypts the data, a patient’s medical information will remain safe in cloud storage, and the struggle to keep all medical reports in a binder properly will be eliminated.
Helps in identity management
There are so many different kinds of records of Identity cards of citizens given by governments. This can range from a soccer social security number, PAN Card details, passport, driving license, etc. Maintaining a proper record of each of these IDs is a complicated task, and one cannot just upload this information online as it is highly unsafe. This is where blockchain technology can help encrypt the data to be stored online for easy access by both the government and the citizens.
Helps in Voting
It doesn’t matter if the voting is to elect your governmental representatives or shareholder voting; blockchain Technology can eliminate the possibility of voting fraud. Through blockchain technology, people can vote safely in a much faster way.
Blockchain technology is revolutionizing how record keeping is done in today’s world. Just using it for financial reasons limits its power, and the fantastic application in the non-financial sectors given above should be considered. However, if you want to make profits out of this Technology, then, of course, you have to use its financial application. This you can do by using cryptocurrencies to generate profits.
Of all the cryptocurrencies, Bitcoins are the ones that are transacted in the highest number through blockchain Technology since its inception. If you too want to experience this new age mode of the transaction, go on to official exchanges for Bitcoins to try your luck in the cryptocurrency market. Just read the testimonials of people who have earned profit using Blockchain like this App to understand its popularity correctly.