Can Blockchain Help In Other Ways Apart From Cryptocurrencies?

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07 October 2021

Technology

Blockchain and Cryptocurrencies go hand in hand. Whenever we think of one, the thought of another one automatically crosses our minds. Blockchain is the foundation of Cryptocurrency; it is quite known to all.

But it can not be the only identity of an amazing technology like Blockchain. It has the potential to change our lives in a wider manner. We all should know about the amazing applications of Blockchain apart from Cryptocurrency. Let’s start with the definition of Blockchain.

What Is Blockchain Technology?

Blockchain is the main technology behind almost every Cryptocurrency. It is a system of recording information in a specific way, making it very difficult or almost impossible to hack, change, or cheat.

Essentially it is a digital ledger of transactions, which is first duplicated and then distributed across the entire network of computers on the specific Blockchain network. Whenever you are trading with Bitcoin using the bitcoin revolution in a particular network, the transaction is being seen at every node of the network.

Can Blockchain Help In Other Ways Apart From Cryptocurrencies?

In case you are thinking or have a conception that Blockchain can only be utilized in Cryptocurrencies, you are totally wrong. Apart from Cryptocurrencies, an amusing technology such as Blockchain can be utilized in many ways.

In fact, across the globe, Blockchain is being used for major tasks by a number of big organizations. Here we will discuss some of the applications of Blockchain apart from Cryptocurrency.

1. Smart Agriculture

Think of a supply chain. Blockchain in agriculture is more like a supply chain. When the supply chain offers understandable applications of Blockchain, the agricultural sector can also benefit from Blockchain Technology.

Let’s take an example of tracking any ingredient like rice, quite literally from the farm to your plate. An RFID tag scan will work great as an initial block, along with tracking its entire life cycle, from farm to sale, and where the final product is actually ending up.

2. Smart Contracts

We all are pretty much aware of the fact that Blockchain is all about trust. This is the reason why it is perfect for smart contracts. Suppose an oil company has a contract with a shipping company that the specific type of oil has to be kept below a certain temperature limit all the time, at any cost, can not exceed a particular humidity level.

With the assistance of IoT devices, all these essential metrics might be easily tracked. In addition to this, Blockchain technology will make sure that smart contracts are duly fulfilled. It will also ensure that the shipment reaches its destination within a particular time.

3. Online Voting

The Electronic voting system, which is Blockchain-centric, is capable of potentially accelerating voter fraud. The concept of a Blockchain-powered voting system is quite like the following points.

  • It will capture votes using a token.
  • Then it will be placed in a wallet of a specific candidate.

As it is almost impossible to hack or cheat a Blockchain network, there will be nearly zero chance of voting fraud.

4. Refugee Aid

Every year, millions of people become refugees. For most, being a refugee is not only scary but also a dangerous experience. Generally, refugees are poor and are in need of financial assistance.

Keep in touch with whatever is happening in the Crypto and Blockchain industry. You might know that one of the biggest implementations and utilization of the Ethereum Blockchain ever-for-a-kind charitable cause has finished with a successful trial recently.

Blockchain Can Be The Future

We have got some pretty impressive applications of Blockchain apart from Cryptocurrencies. Hospitals or health sectors are also implementing and using Blockchain to keep and track patients’ records in their work system.

This way, the data will be secured and transferred without delay to the right computer system whenever needed. The data of the patients will also stay secured and protected. So, next time you are thinking about Blockchain, ensure, apart from Cryptocurrency, you are considering all these marvelous applications.

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