Real-life Blockchain Applications for the common man
‘Blockchain’ is one of the most used words in modern times. It is often used in connection with cryptocurrencies. However, the concept of blockchain is not limited to cryptocurrencies.
Supply chain management
These days, it is imperative for companies to act fast and efficiently because people want their products to be delivered quickly. This supply chain trend gained momentum during the Covid-19 Pandemic. To make this supply chain faster and more efficient, blockchain technology can be used. With this technology, it is possible to track everything – from placing an order to delivering it at the doorstep. A blockchain platform can avoid delays in product delivery and additional costs.
The more efficient voting system
A strong voting system is one of the most important factors in strengthening a country. Today’s electronic voting system is not completely safe. A transparent voting system must be free from any attacks. Only then the legitimacy of the voting process will happen. Blockchain technology provides an opportunity for this. Blockchain technology stores the voting database. Therefore, it is possible to verify and evaluate this information when necessary.
Retail Loyalty Rewards
Maintaining customer loyalty is important in any business. Companies are now holding on to customer loyalty by offering them a variety of rewards. It is part of the organization’s loyalty programme. With cryptocurrencies and blockchain technology, loyalty rewards can be made more accessible and easier.
Copyright and ownership protection
With the proliferation of the Internet, ownership of works of art such as videos, music, and paintings has become a common element in life. Third-party platforms like Google and Meta have their own verification system but they are foolproof. This is where blockchain technology comes in handy. Digital copyright data can be stored in secure and transparent blocks of the blockchain.
Use in-personal loans
Banks and other financial institutions provide loans to individuals and businesses in times of need. However, the process – from submitting the loan application to receiving the loan – is time-consuming. However, with blockchain smart contract technology, this can be done without interruption and much delay.
These are just a few examples of the benefits of incorporating blockchain technology in your life. In fact, blockchains can fix any inefficient system. It offers numerous possibilities. For best results, combine blockchain tech with other evolving technologies.
