In today’s time, the significance of Blockchain is only increasing in the largely technological, digital world that we are living in. It is with the help block to him that gigantic financial transactions are taking place without having to run for cover to the classical intermediary, that is bank, albeit digitally. There are several functions of blockchain technology, however, have you ever wondered about the fact that blockchain can have a number of non-financial uses as well? In this blog, we will tell you about some of the uses of the blockchain technology beyond the confines of quotidian economic transactions. Without much ado, let us now begin!
6 Non-Financial Uses of Blockchain:
While corporations’ investments in cryptocurrency have increased substantially, alongside trading activities due to the proliferation of trading platforms like bitcoin. This article will focus on some of the non-convention applications of blockchain.
Copyright and royalty protection: Access to the Internet has enabled us to express our creative minds to the people around us. Any creative expression comes with the risk of one product of creativity being stolen as well. Did you know that with the help of blockchain one can properly implement the copyright laws, and make sure of the fact that the artist who struggled to bring a creative product into existence gets paid for the same, whenever it is used? To add to that, the detail that clearly shows the royalty distribution is also given access to!
Voting Digitally: Given the world, we are living in, it is only normal for you to be worried about falling prey to voter fraud. Are you wondering about how to combat the same? You can now do it by using blockchain technology. In fact, it is with the help of blockchain technology that you can sit at home, and cast vote digitally. This can inevitably offer a far better degree of transparency involved, with blockchain technology. If any discrepancy is noticed, the smart contract will take care of that.
Food safety: While it may sound unbelievable to you, one of the most intriguing features that the blockchain technology sustains is to provide security through data collection. This also reflects the food industry. Blockchain can easily detect the origin of what you are planning on eating, and can also successfully tell you about the supply chains of the same. This provides a high quality of safety involved while putting a bright smile on the faces of the participants!
A storehouse of Data: Long as blockchain is there in the market, you certainly don’t need to worry about backing up all the essential detail that one requires. This is more applicable institutionally, and blocked him is doing quite a commendable job according to a section of the corporates. We all are aware of, cloud storage systems do not come with the degree of protection that blockchain does, and the security policies thus are much better, ensuring the complete confidentiality of the one providing the data!
Medical recordkeeping: Let us take this opportunity to break the good news to you that the medical market is not completely dependant on the pen and paper method of keeping track anymore. With time commanded to have moved towards a certain degree of advancement, and has chosen to stay updated with the current technological up traditions for the sake of convenience, and safety. blockchain has been helping maintain records of patients, and their medical requirements, and carefully maintaining the data available, with lesser to no loopholes.
Weapons tracking: Finally, one of the many other users of blockchain is to track down the traces of weapons around in order to bring crime across the world under control. Blockchain focuses on both create, and maintain a lacuna-free, and firm registry network. This Network eventually makes room for law enforcement and other essential interventions!
In this blog, we tried to present to you a picture of all the non-conventional things that octane technology does. Sincerely hope that you had an engaging time reading, end good procures information from the same. Wishing you luck in your future!