Top 5 uses of blockchain technology you didn’t know about

TOP 5 USES OF BLOCKC HAIN TECH NOLOGY YO

Before learning the best uses, let’s first learn what Blockchain T echnology is. It is a ledger that records transactions in a digital format across a network of computers. It is popular because once a transaction has been entered and recorded in its database, it is impossible to alter or delete it. Another important aspect of this technology is that it works in a chain system consisting of blocks that hold a certain number of transactions. Thus, it is named ‘Blockchain Technology.’ It further allows for transactions between two unknown parties with ease without the need for a central authority to govern it. Thus, Blockchain is a secure technology to record transactions transparently. WWW.PROINVESTIDEAS.COM

One must know how Blockchain works to use it as an optimum resource. Blockchain technology, nowadays, is used in many different industries. Primarily, it allows cost and time-saving transactions with tight security. When one uses Blockchain Technology to make a transaction, the technology records the details and proceeds. But, the data recorded serves as a digital database that can be checked but cannot be altered. As they consist of so many innumerable ledgers, this technology is also sometimes called ‘Distributed Ledger Technology (DIT).

In business, Blockchain Technology ensures a secured and transparent transaction recorded in a digital database and allows room for decentraliZation of authority. It can be used in financial transactions, supply chain management transactions, and further in digital transactions too.

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DISADVANT AGES OF BLOCKCHAI N

Some of them have been discussed below:

The large number of transactions done by users every minute from different parts of the world will lead to higher processing fees.

Although blockchain technology attempts to provide the most secure transactions, they have also been prone to cyberattacks and thefts.

Blockchain technology is a bit complex in structure. Many times, it may be hard for a normal person to understand it at one time.

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A large amount of energy is utilized to cope with such large networks and data, which is not good for nature in general.

BLOCKCHAIN TECHNOLOGY AS A CRYPTOCURRENCY

Cryptocurrencies are generally currencies on a Digital Platform in a digital format. These currencies can be used to buy or transact over blockchain without centralization. The key fact for its popularity is that cryptocurrencies can operate independently and are decentralized as the blockchain.

As these digital currencies are prone to cyberattacks, crypto hardware wallets are used. They are used to hold the private keys associated with your crypto account. There are also online crypto hardware wallets that can be accessed through the web or app. They are known as “cold storage” as they store the keys on any cloud storage or remote server which is not connected to the internet.  There are many cryptocurrency wallets in the market, such as Ledger wallet, Trezor wallet, Metamask, Exodus, and many more.

Blockchain Technology has many other uses other than Cryptocurrency. Some of these have been discussed below:

Blockchain can be effectively used to deal with financial transactions which are secured and decentralized. Also, digital currencies and smart contracts are becoming extremely popular.

FINANCIAL TRANSACTIONS SUPPLY CHAIN MANAGEMENT

With new developments emerging in blockchain technology every day, it is also for the supply of goods. The technology can trace and track the movement of goods in transit throughout the journey allowing transparency of the entire process.

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HEALTHCARE GAMING AND VIRTUAL REALITY

Blockchain technology has made data handling easier for healthcare sectors. The distributed ledger network allows the information recorded to be shared easily.

Another of the most popular uses of blockchain is its integration into gaming and virtual platforms. The gaming industries are working on creating advanced virtual worlds for gamers.

CONCLUSIO N

Although they are secure and a great way to store data on a large network making the data handling, they are currently prone to cyber threats. There is still scope for development in this technology, but it’s worth keeping an eye on.