The hype around bitcoin has increased the popularity of blockchain technology. Many people consider bitcoin as the next big thing that happened after the invention of the internet.
So, how does blockchain actually help in real-world situations and how does it change the way we do business?
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It is apparent that blockchain technology is here to stay and some of the innovative applications of this technology are impacting a variety of sectors from media, healthcare, finance, government, and others.
The Internet of Things IoT
With the next boom in blockchain applications, we must face the reality that these new programs are not without complications. With millions of IoT products and their safety concerns for consumers, it’s no wonder hackers would like to steal our data.
Blockchain-infused IoT adds another level of security by utilizing transparency and incorruptibility to keep things “smart” on all levels.
What it does with blockchain tech: Filament produces software and microchip hardware that lets other devices operate on the blockchain. Its products encrypt ledger data, distribute real-time information to other blockchain-connected machines, and also allow for a machine’s monetization based on timestamps.
Blockchain in the healthcare sector is still in its infancy however, there has been a lot of progress in the last few years. Early studies have shown that healthcare applications run on blockchain technology have shown to streamline business processes, reduce healthcare costs, and improve access to information — which can save many lives in the long haul.
The healthcare sector has always been underwater with high costs and an advanced system that collects and shares sensitive information will undoubtedly bring the costs down in this crucial sector.
What it does with blockchain tech: Patientory is a system for medical records which securely stores patient data on the blockchain.
One of the biggest healthcare issues is that patients’ medical information can be accessed by various providers, making it difficult to consolidate so much raw data about each individual. With Patientory, patient history and other pertinent data such as current providers are readily accessible by all treating doctors.
What it does with blockchain tech: Shipping company DHL is a big proponent of blockchain, using it to keep track of shipments and transactions. This company has a reputation for its large-scale US presence; they are one of the largest shipping companies in the world to embrace blockchain.
Not many people are aware but blockchain technology can improve the government. A state in the USA, Illinois has already used blockchain technology to secure its government documents.
Furthermore, blockchain can do more than that for governments by improving bureaucratic efficiency, accountability and reducing massive financial burdens. With that said these blockchain technologies have the capability of cutting through thousands of hours of red tape every year.
What it does with blockchain tech: Voatz is a mobile voting platform that allows people to vote from their smartphones or PCs without fear of hackers or data corruption at any time. West Virginia was the first state to use Voatz during elections for those who are out of town.
These are just some of the many blockchain applications that are out there. The world is changing at a fast pace, and with the help of blockchain, the world can become more efficient, better managed, and safer.
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