Blockchain – Instead of central authority, here the trust is obtained through coding and technology collaboration. To make it simple let me say in precise. Consider you are following an Excel sheet for transactions, when it comes to blockchain the sheets gets distributed through the millions of computers and the information is resistant to the modification of data.
Though this blockchain have attained fame for the digital currency transactions this powerful technology have been incorporated in multiple industry and making changes to develop the industry.
As i said already Blockchain is mainly for digital currency transaction then obviously no doubt that banking is exploiting this technology and ranking first.
Banking sectors have been taking advantages of blockchain to manage the bank records at a faster and cheaper way in the decentralised concept.
When it comes to retail, the shopkeepers don’t have any stable source for the quality of the products that is either fresh or not, because of less transparency. But blockchain truncates all that uncertainty and provides fortunate digital public ledger which is immutable, and supports real time tracking.
Recently the Walmart has also utilized this in their Retail business.
Many specialist speaks that blockchain technology has the highest probability of benefits and convenience in the healthcare fields, that is a patient record from birth to death can be maintained long lasted and can be accessed by any doctors.
This may help to treat any patients in emergency situations and it will be life solving for a person.
No wonder, there will be no space for the voting irregularities when the distributed ledger is there to store the details that is from the voter registrations to the voter verification everything happens through the decentralised systems at the limelight of transparency.
So the election and other streams can influence it.
Rental and Ride Sharing
For the peer to peer network the blockchain could provide a solution by cutting off the middleman requirements which results in the reduction of cost. This rental can be for any products like house, space, books, boats, cars, equipments and many others.
Not only in the above listed, Blockchain has also placed its presence in some government sectors, agriculture, law enforcement charities aid organization, education and others. So when actually the blockchain got influenced in every field you can experience both transparency and security at the same time.
We Zodeak aid entrepreneurs with the blockchain solutions with a team of experienced developers. If you have any queries regarding the industry focus of the blockchain, lets share a room for the conversation.
Hope it’s helpful.