Beyond Cryptocurrencies: Practical Applications of Blockchain Technology
Written by Scott Craig|Posted on August 25, 2023
Application of blockchain technology is spreading across industries and creating a demand for blockchain professionals. In fact, Statista reports that spending on blockchain technology is expected to reach 15.9 billion by 2023. While the most commonly known use of blockchain is cryptocurrencies, there are many other real world applications.
Sending Transactions Across Borders
Sending payments across borders is both costly and timely due to the need to have third parties acting as intermediaries. Blockchain technology eliminates the need for third parties making cross-border transactions faster and more cost-effective.
Combating Digital Ad Fraud
Each year, businesses lose billions of dollars on digital ad fraud due to bots clicking on ads instead of humans. Blockchain technology can help businesses save money by providing more transparency and tracing clicks back to their origin.
Many countries like the US and India have reported cases of rigged electronic voting machines (EVM) which have raised concerns about voter fraud and shaken trust in EVMs. The immutability aspect of blockchain technology can create a digital voting system that is safe, secure, and trustworthy.
As more and more of our personal data is stored online, users want to know that their information is safe from cybersecurity threats. Blockchain technology is inherently highly secure due to its use of cryptography and decentralization infrastructure.
Streamlining the Supply Chain
The supply chain is a highly complex system that currently involves many third-party vendors. Blockchain technology can help to streamline the supply chain, reduce the need for third parties, and track products efficiently and accurately.
Blockchain technology can help support and scale the adoption of the Internet of things (IoT) by storing large amounts of data in a decentralized and safe environment. It can also be used to update software, deal with errors, and follow best energy practices.
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