Cryptocurrency: Real World Application of Blockchain Technology

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People think of something completely unheard of or new when somebody talks of crypto. However, many know crypto as a digital currency. Despite these simple interpretations, do you know how to use blockchain technology?

Worry less; this is a decentralized peer-to-peer database financial system with inbuilt protocols for verifying data before adding it to the database.

Blockchain is the foundation of cryptocurrency since the introduction of bitcoin gave rise to blockchain technology. So how can you use this technology to your advantage today?

Blockchain voting

This is something completely new, thanks to the rapid revolution of technology. Many people are used to voting electronically or by queueing. However, do you know that blockchain technology can enable you to vote, tally the vote and guarantee the integrity of the process?

This perfect blockchain technology can identify a voter, verify the voter using cryptic security, use its blockchain network to monitor the vote tally, and guarantee the integrity of the whole process.

Gaming

The immense technology in developing the blockchain enables online gamers and gamblers to establish the randomness of dice rolls, poker, and many other game events. This is the same technology that  has established gaming platforms such as the online Casino Netbet use to record players’ strengths and determine their strengths or weaknesses in losing or winning.

Decentralized finance

With the improvement of technology, people sell their products and services globally. Due to the lack of common currency and high taxes in dealing with other currencies, making payments for goods or services in crypto becomes the best option you can jump into today.

Similarly, blockchain and DeFi are compatible. Whereas DeFi apps keep track of secure transactions and help eliminate slow and costly intermediaries, blockchain technology will seek to retain a record of previous transactions hence centralizing finances.

Healthcare

The architecture used in building the blockchain technology enables it to provide crucial health information; this includes storing your health record.

In this case, users will get a permanent storage facility and can access the records anywhere there is an internet connection. Similarly, users can share access with the doctor or other medical practitioner. Also, with permission, you can add any data to the records.

Researchers have proposed that blockchain technology has the potential to revolutionize the healthcare sector by allowing patients complete access and control over their medical health records. On the other hand, making payments via crypto for healthcare services is another added advantage.

Supply chain management

Blockchain technology has proved to be sufficient and excellent in keeping data. Manufacturers, consumers, and retailers are urged to track a product from the sources to the consumer’s basket.

This ability enables you to reduce the risk of consuming banned food substances. For example, with blockchain technology, you can track if food is free from organic contaminants. Similarly, this technology has the potential to help governments to enforce the payment of taxes. People can follow if an import fee was paid for a given product.

Final thoughts

It took a few years for the first non-crypto blockchain application to emerge after bitcoin was launched in 2009. It is also valid to say that this technology is still in its infancy. However, its applications are becoming a necessity in a world whose technology is changing rapidly.

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