Focus has shifted to blockchain, the underlying distributed ledger technology (DLT) that underpins Bitcoin and other cryptocurrencies as they gain popularity.
At its core, blockchain technology is easy to grasp, maybe easier than finding brown trout in Assasins Creed. The technology consists mainly of a shared database with entries that must be encrypted and verified using peer-to-peer networks.
Consider it as a shared Google Document that is highly encrypted, authenticated, and where each entry in the sheet relies on a logical connection to all of its predecessors and is accepted by everyone on the network. However, blockchain technology is capable of far more than merely powering the Bitcoin currency. We’ve included a few of its cutting-edge uses in the business, government, as well as other industries below.
International Payments
The use of blockchain technology makes it possible to generate a record of sensitive behaviour in a manner that is both safe and efficient. Because of this, it is an ideal option for making payments and transferring money across international borders. For instance, in April of 2018, Banco Santander introduced the world’s first money transfer service that was based on blockchain technology. The service, which is offered by Ripple and is known as “Santander One Pay FX,” gives users the ability to perform same-day or next-day international money transfers by using xCurrent.
Santander has improved the efficiency of the procedure by automating the entirety of it on the blockchain. This has resulted in a reduction in the number of intermediaries that are generally necessary for these types of transactions. Because Santander is such a significant commercial bank, it serves a huge number of retail customers who, especially in the field of international money transfers, might benefit from more effective and affordable payment methods. Because blockchain technology eliminates the need for banks to settle transactions manually, it is possible to use it to lower the fees associated with these types of transfers.
Capital Markets
Systems that are based on blockchain technology also have the potential to enhance financial markets. According to a research by McKinsey, blockchain technologies provide capital markets with a number of advantages, some of which include the following:
● Clearing and settlement to take place relatively promptly.
● Audit trail which is consolidated
● Operational advancements
Axoni, a startup company that was established in 2013, develops blockchain-based solutions with the express purpose of improving capital market conditions. Axoni has just recently announced the launch of a distributed ledger network to manage equity swap transactions. This network will make it possible for both parties involved in an equity swap to remain synchronised throughout the entirety of the lifecycle of the swap and to communicate any changes to one another in real-time.
Online Gambling
Numerous benefits and advantages come along with using blockchain gambling websites. These blockchain casinos have the potential to revolutionise the way people enjoy playing games and gambling in the modern day. As a result of the fact that blockchain technology offers several advantages that are applicable to nearly every kind of gaming, it is now being used in a variety of settings within the gambling sector.
When a transaction is conducted using blockchain technology, there is no need for a third party, also known as a middleman, to be involved. This is one of the major advantages of adopting this technology. Because of this, playing at a blockchain casino may provide players with an experience that is far safer and more secure compared to other venues at which they can gamble. One of the most serious problems that consumers are having with online gambling sites right now is fraud, particularly when it involves money or other assets. Blockchains minimise the possibility of fraud occurring on gambling websites in almost every instance, which is a huge advantage for those who enjoy participating in gambling activities. Blockchain casinos were developed to guarantee that all financial dealings are conducted through smart contracts, providing players and developers with a playing field that is both fair and secure.
Healthcare
The term “health data” may refer to both generic information like age and sex as well as essentially more fundamental medical history data such as history of vaccination or vital signs. Because none of this information, by itself, would be capable of unmistakably identifying any one particular patient, it is permissible to put it on a distributed blockchain, which means that it may be viewed by a large number of people without raising an excessive amount of privacy issues. You can also check out https://healthtechresourcesinc.com/ehr-implementation-support for details.
The use of blockchain technology makes it possible to connect specialised connected medical devices, which are becoming increasingly common as they grow more connected to an individual’s health data. The data that is produced by devices will be able to be stored on a healthcare blockchain and appended to individual medical records. The data silos that are created as a result of linked medical devices are now one of the most significant challenges that these devices must face. However, blockchain technology may provide the solution that will allow these data silos to be bridged.
Media
Blockchain technology is already being used by several organisations in the media industry in an effort to prevent fraud, save costs, and even protect the Intellectual Property (IP) rights of material such as music recordings. MarketWatch predicts that the worldwide market for blockchain technology to be used in the media and entertainment industry will reach $1.54 billion by the year 2024.
Eluvio, Inc. is one of the many platforms that have gained increased attention for its use of blockchain technology in the media. Eluvio Content Fabric was first introduced to the public in 2019, and it makes use of blockchain technology to provide content creators with the capability to manage and deliver top-quality content to customers and commercial partners without the usage of content delivery networks.
In addition, the media conglomerate known as MGM Studios has only lately begun using the platform to provide “global streaming to online, mobile, and TV everywhere audiences of ‘certain assets.'”
Voting
The use of blockchain technology has the potential to make the voting process more user-friendly while also enhancing its level of safety. Even if a hacker gained access to the terminal, they would be unable to influence the operation of the blockchain’s other nodes even if they were successful in gaining access to that node.
Because it would be difficult to generate a false ID, election officials would be able to more accurately and quickly count ballots thanks to the fact that each vote would be linked to a single ID.
Compliance/Regulatory Oversight
Recordkeeping is the source of the vast majority of regulatory supervision, but the repercussions of failing to preserve records are, without a doubt, substantially more severe. Therefore, compliance is something that cannot be negotiated by corporations. As a result of blockchain’s ability to make record changes accessible to authorities and enterprises in real time, time gaps may be reduced, and red flags and anomalies can be identified sooner.
Non-Profit Agencies
By enhancing transparency, blockchain technology may be able to help non-profit organisations address the growing anti-trust issues they are experiencing. This is because the technology is able to demonstrate to donors that charities are, in fact, putting their contributions to good use. In addition, the technology behind blockchain might assist such nonprofit organisations in more effectively donating those funds, better managing their resources, and improving their ability to monitor various things.
