Block chain isn’t just the new cool word any more. Instead
of being a fad that would dry down someday, Block chain is dazzling the techno
landscape with some promising out of the box use cases. It is a renaissance in
the technology pool, that doesn’t create mere ripples, but is set forth to
bring about a new churn of whirlpools- with an everlasting effect.
Block chain, as a foundational technology, is creating
paradigm shifts in sharing of transactional data. The outcome is a redefined
business process that saves a lot of time, efforts and money. Block chain
technology is decentralized, distributed, immutable and transparent- as it
allows authorized parties to view any entry or transaction, made by anyone in
the network, in the data stored on thousands of servers.
Below are the five most interesting and innovative use
cases of Block chain technology.
1. International Currency
Exchange
There are several issues plaguing the international
remittances, like transfer cost on the higher side, risks involved in
transactions, inadequate methods available for money distribution, and
requirements of high liquidity etc. Thanks to its decentralized and transparent
nature, Block chain technology has emerged as a safer and more reliable method
of settling international remittances. Bitcoin type digital currencies and
Ripple styled platforms are being favoured by several banks to perform
international transactions.
2. Smart contracts
Smart contracts, one of the most innovative applications
of Block chain technology, is facilitating hassle free seamless transactions.
Smart contracts are self automated applications of computer programs that run
on block chain technology platforms, like Ethereum. Smart contracts are free
from loop holes, third party interventions, censorship, fraud and wear down
time.
3. Audit trails
Untampered documents, records of conversations and data is
crucial for any accounting and law firm. Block chain technology, in form of its
break in proof secure storage, ensures that all the files and documents are
stored safely without any risk of unauthorized access or tempering. Whether
encrypted or unencrypted, the data thus stored is immutable and unalterable.
4. E-Voting
The present system of electronic voting is secure but not
infallible. The entire e-voting system is centralized, which means, there is
one supplier that controls all the databases and codebase. This makes the
present e-voting system unreliable as it doesn’t provide the open source
desired from it. E-voting- enforceable through block chain technology can bring
in the desired transparency and reliability, wherein, voting records are
uploaded and stored in the reliable immutable block chain data storages. Thus,
the trustworthiness of voting can be maintained.
5. Supply Chain Management
and Communication
Modern day businesses aren’t single entity anymore. It is
the multiple partners business scenario where B2B communications are an
integral part of the package. It is an ecosystem where businesses survive by
cooperating, partnering and entering business liaisons with each other. For
instance, if we look through Designs and
Branding Strategy of a retail outlet which is a part of supply chain
system, several big- small businesses supply a wide range of items to the
retail store that sells it under one roof. Same is the case with mobile
manufacturing companies, which
source several parts from various vendors, and assembles
them all under one roof to make a mobile. Supply chain ecosystem requires
stringent surveillance, regular checks and tough regulations as it is prone to
thefts and frauds. Integrating block chain technology into this ecosystem is
highly beneficial as it provides unalterable records of status of each product.
As per Web Design and
Development Company Block chain technology is a vast sea with plethora of
options for innovative uses. It’s numerous reliable applications can bring
about a revolution in the existing transaction systems. These are just five
uses- the sea is wide open and companies will be casting their nets, as far and
wide as they can, in the coming future. Block chain technology is the promise
of a reliable future!
Related Article :
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2. UNDERSTANDING THE CONCEPTS OF
CONTENT MODELING AND ABILITY OF CONTENT
MANAGEMENT SYSTEMS TO PUBLISH CONTENT BEYOND WEBSITES
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