Bitcoin and cryptocurrency have been in the news for quite a time. Along with Bitcoin, blockchain also started getting its share of recognition. But, the main credit for the recognition of digital payments and the surge of the various mediums/platforms of digital payment system should definitely go to Blockchain. To be precise, this underlying technology which facilitates the cryptocurrency medium and numerous platforms for digital payments is a distributed ledger which records the transactions on its secure method. The conventional method like various banking institutions takes fees to move the funds from one account to another, but Blockchain does the transaction of cryptocurrencies devoid of any fee, in a transparent way. The decentralized approach of digital or crypto payment paves a way to a transparent system which gives a very secure experience to the people using the system.
Let us see a few methods where Blockchain can be used beyond cryptocurrencies:
Smart contracts pave a way to validate automated contracts or agreements. The contracts can be signed via blockchain framework. Blockchain eradicates the need for any mediators when drafting and implementing a contract.
Implementing blockchain in a voting system can build a feeling of trust, security, and reliability amongst the voters. Frauds happen on a huge scale in the during elections, thus Blockchain can create a hope of assurance to the voters that the votes are not forged. The e-voting concept can disrupt the conventional method of voting.
The huge electricity bills every month can be really annoying which can lead you to shock, anger and doubt. You might wonder about the sources which are generating so many bills. So, here comes blockchain to your rescue. Implementing blockchain in the electric power sector can help to enhance the tracking of energy. This can be so much useful to cut down the monthly electric expenses to a great extent.
The digital payment system along with peer-to-peer approach will be spurred using blockchain, it can be very secure and speedy method to do transactions. Many organizations are adopting blockchain to overcome the restrictions of geographical boundaries for the transaction of funds.
Stock market operations can be done on the blockchain. Utilization of blockchain in this sector can be a big progress. It can be a reliable and secure method for the stock exchange market.
When technology comes into the scene, human or manual errors can be eliminated to a great extent. Furthermore, when it comes to accounts human errors cannot be tolerated. Thus, blockchain leads to a validation, authentication, and verification to such account-related transactions.
Supply chain management:
Blockchain can lead to giving people an inexpensive method, where it is easy to trace the transport of commodities. Blockchain will give transparency to the transportation of goods and services.
Moving on the similar line with the Supply chain, tracking of goods can definitely bring transparency but if any error comes on the way, blockchain helps to trace the foundation of the problem, which is beneficial for taking actions for the sake of Quality assurance.