Blockchain has proved to be a revolution in the system of records. It was invented with the idea of the perceived shortcomings of the traditional banking system. Entrepreneurs around the world are trying to understand this invention and ways of implementing it in their business. Most of them had already done it. Let us just take a quick view of understanding what exactly Blockchain Technology is and how it works.
What is Blockchain Technology?
Understanding the term:
In the simplest words, Blockchain is a computer file that stores data and information. The file is composed of blocks of information and each block is interlinked with the previous block forming a sort of chain. Every block contains information for example: “transactional records data”, combined with a previous record of when the block was created.
Safe & Secure:
All the blocks are encrypted in a very special way, therefore only the user with the original exact cryptographic key will add/access any record. The rest of the users will only have access to go through the information. In the network, the database is not managed by any specific person, instead, everyone gets a copy of the whole database.
Why Blockchain was invented?
Inventors believed that the traditional banking system was not up to the mark, as banks behaved as third parties and robbed unnecessary high transactional fees from the users.
They even dismissed the idea of payment validation and the duration of cross-border transactions was taking up to 5 business working days, which was a lot. With the invention of Blockchain, banks are entirely out of the equation now and real-time transactions are possible along with reduced transactional fees.
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However. Blockchain Technology was initially fabricated to enable the use of Bitcoin & other cryptocurrencies. Its applications have far exceeded across finance, healthcare, media, government, and other sectors.
From a new version of money to powering the digital identity in IoT (Internet of Things), let us explore some of the most promising blockchain applications that have impacted our daily lives:
1. Supply Chain Management:
The supply chain is transferring goods from one point to another, like from the moment they are sourced to the time they are finally distributed to the end-user. This process is both time and management-consuming as it relies heavily on paper records.
What Changes came after Using Blockchain?
- Elimination of Manual Records – Manual record-keeping often leads to errors. Blockchain reduced the chances of mistakes and increased the process at the same time.
- Traceable and Transparent – With the help of Blockchain, public ledgers are introduced which document every product that is traveled from one location to another making it a transparent process. This will help the management to trace or recall their assets at any point in time.
2. Healthcare:
The healthcare industry includes heavy data because of the number of patients. It creates havoc whenever any important information gets lost in the shuffle mainly because of technology misuse and lack of proper technological infrastructure.
What changes came after using Blockchain?
- Management of Patient’s Health Data:
Blockchain has made medical records identical and accessible all over the world. Patients are now able to access their health and treatment records whenever they are required. - Secured Documents: The Blockchain technology helped in storing and tracking patient data which is recorded in a timestamp during the clinical trials. The permission to make any changes in the data is accessible to the restricted persons.
- Digital Identity:
In today’s era, digital security is the main concern for everyone, because nowadays everyone is on the internet. The world is facing this security issue as the World Wide Web is easy to hack.
What changes came after using Blockchain?
- Easy Process- You don’t have to go through a long series of mediators to create a Digital ID. Blockchain tech has eradicated all the third-party negotiators as well as the record storing failures, making it an easy and fast process.
- Reliability- Blockchain provides a unique encrypted key (biometrics) to each user so that they can manage, track, and control their own digital identities.
- Hassle-free!!- Since everything is available on one platform, accessing the information is very easy and less time-consuming for the users. Users can now check their information, make payments, and even set up a business quickly.
- E-Voting- Voting has always been a centralized and complex procedure. Over time, voters have lost trust in the voting system because of the opacity. People often feel cheated and sometimes even forced to vote for the candidate they do not like.
What changes came after using Blockchain?
- Using Token to Vote:
Blockchain tech makes sure that each person does not vote twice. Votes are provided a unique token for the desired candidate they want and it gets recorded in the blockchain permanently. - Highly Transparent and Secure:
Since technology is immutable, people are not able to delete or change any other person’s vote. The authorities easily find out if any unsuspected activity is done during the voting process. - Quick & Accurate Results:
The human role is exempted in the process. Therefore, the chances of wrong count values and the number of days counting the values of votes are decreased. Blockchain offers quick and efficient results. - Smart Contracts:
Traditional or regular contracts require the third party to legalize and monitor the deal. This often leads to complex legal transactions, insurance agreement issues, insecurity, and more money.
What changes came after using Blockchain?
- Eliminating the Third Party:
Smart contracts are digitized contracts that are legally bound. Since they are digitized, the need for third-party regulators is not needed. - Security:
The entire process is independent and automatic. Therefore, the transactions done are easy, quick, efficient, and highly secure.
Conclusion
By looking at the aforementioned examples, we have seen that Blockchain is far more than Bitcoin and cryptocurrencies. From tracing the supply chain management in real-time to providing quick legal transactions through smart contracts, blockchain has impacted our daily lives and will continue to leave its benchmark in different fields as well.
Jellyfish Technologies is one of the early adopters of Blockchain and over the years, has developed good competency in developing blockchain-based solutions. We are proficient in implementing private blockchains, implementing smart contracts, API integration to Blockchain, and other custom requirements. We are ready to help in a time-bound manner and in a cost-effective way. If you are interested, feel free to contact us.
