10 Uses of Blockchain Technology

10 Uses of Blockchain Technology

Blockchain as we all know is a digital, decentralized, distributed ledger capable of making transactions without needing a financial intermediary. It has been making headlines around the globe and is capable of recording all online transactions that include exchange of value, digital transactions and more. All this data is collected into encrypted blocks that cannot be changed or modified. Besides storing data, Blockchain technology can be used in various other fields.

blockchain ledger
Source:Mckinsey

Here we will discuss 10 potential everyday uses of Blockchain technology that will definitely change the world.

1. A warranty claim

The tedious and time-consuming task of warranty claim can be made simple and quick by Blockchain technology. Say for example, you call for a warranty claim to your fridge company with Blockchain system in use the customer care agent will ask for products serial number to verify whether your product is under warranty or not on its Blockchain identity. This way he will be able to identify whether the claim is genuine or not, leaving no room for human error. Also, he can run a check and tell you what all is covered under warranty, making things easy for you.

This process will be less time consuming as there will be lesser human involvement.

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2. Monitor supply chains

When it comes to checking supply chain, Blockchain comes handy as it removes the major cause of inefficiencies i.e. paper trails. As paper-based trails make difficult for the businesses to identify inadequacies in real time. Besides, Blockchain technology will allow businesses and the consumers to view how products perform and keep a check on its quality when they travel from manufacturer to retail and so on.

3. Ownership and royalty protection

In this interconnected world, getting a fair share for your content be it music, videos or anything isn’t easy, but with Blockchain technology we can keep a check on fraudsters. As Blockchain will help to keep a check on ownership laws and will ensure creator gets fair share. Furthermore, Blockchain technology provides real time transparency to music and video creators so that they can keep check on content distribution.

4. Cybersecurity

Cyberattacks are making news headlines and there is no way to keep them in check. But with Blockchain technology becoming popular things are changing. As it provides verified and encrypted data security for businesses making it difficult for cyber criminals to hack into the system without authorization.

5. Gaming

With rise of in-game purchases and online transactions most people have their card details stored in their online accounts. Thus, creating security issues like what will happen if their account is hacked or companies server go offline?

But with Blockchain technology this problem can be easily handled as this technology will give gamers and other online users full control over their account. Individuals will be able to share their in game items easily by keeping their security intact and no one will be able to use the details for their personal gain.

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6. Tax collection

We cannot have it both ways, as Blockchain technology provides greater transparency and data control for individuals. It provides same benefits to government officials this means no longer you can hide your earning. Meaning you will have to your taxes.

In some countries, authorities have started using blockchain for tax collection and issuing invoices.

7. Arms and ammunition tracking

Controlling and keeping a track on illegal arms and ammunition deal is one of the hot topics. With Blockchain technology one can get this task done, as Blockchain creates transparent and unmodified network law enforcement agencies can easily track and keep a check on weapon transaction and ownership. Furthermore, Blockchain can also help them keep a record of private weapons sale.

blockchain alarm

8. Fight with Art Fraud

Art counterfeit has existed for long and art lovers are looking for a way to handle it. With Blockchain technology this issue can be handled. As blockchain technology allows both the artist and owner to create verification standard from their workplace or home. Using this verification standard, they can easily know the art they are paying for is genuine or fake.

9. Locking access to possessions

We all know blockchain uses, Smart contracts. Using these Smart Contracts Blockchain networks can grant access to people. For example, if you are out of home and want a technician to fix your damaged belonging, you can share a digital key with him to grant access. This means only the person having digital key will have access and others will be locked out.

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10. Electronic voting

With voting fraud making new headlines it is obvious to be worried. But with Blockchain technology you no longer need to worry, as it offers the ability to vote digitally. As regulators can keep a check on network any change made by fraudsters will immediately be noticed. This means there will be no chanced of voting fraud, votes will be counted truly.

At last we can say, Blockchain will surely change the digital world. As all the transactions that take place on Blockchain are transparent there will be no chance of fraud. Furthermore, chances of human error will be nil as everything will be managed by smart algorithms.

Preeti is a technical writer with Systweak. She covers new technology and troubleshooting. She loves gadgets and is an avid reader. In her free time, she likes to travel and explore new places solo.

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