Applications of blockchain technology and Used cases
Use of Blockchain Technology
With the increased popularity of Bitcoin, many industries have turned their attention to Blockchain technology. It is a major power behind all the digital currencies in terms of blockchain technology. People or engineers of top engineering colleges in Jaipur have found the uses and applications of this technology in many other industries as well. Blockchain technology also enables easy distribution of the digital information without copying. If the network is designed in a special way, it will regularly and automatically update the spreadsheet.
Decentralize an Information with the Use of Blockchain Technology
In a Blockchain technology, all the information is shared and it has no centralized version of it. It exists as a shared database and are truly public to use by the students of Best Engineering Colleges in Rajasthan. They can host the data by thousands of computers simultaneously. Anyone also can access its data using an internet. A new software is popular as ‘Ethereum’, which has been developed using blockchain technology. Also, this is an open software platform which allows the developers to develop and deploy such application in the network which are decentralized.
To develop your understanding about how this technology is being used across different industries. So, engineers of Best BTech Colleges in Jaipur uses Industrial use cases of the Blockchain. Some of them are as follows:
Blockchain Applications in Banking & International Payments
In the Blockchain technology, all the data is shared. Also its entries are encrypted and confirmed like a verified Google document. It also must create a safe and secure log of all the sensitive activities. This feature of the Blockchain technology can be used by the students of engineering colleges in Rajasthan excellently for money transfers and international payments.
A large commercial bank has many retail clients who can get efficient and cheaper payments, especially in the case of international transfers. This need of the clients can be settled through the blockchain technology, as its application will reduce the requirement of manual settlement of the transactions by the bank.
Blockchain Use Case in Audit and Regulatory Compliance
Due to the extremely secure nature of the Blockchain, it is useful for audit and accounting. As all the data in the Blockchain technology is secure, encrypted and confirmed, it keeps the integrity of the records and reduces any possibility of error by the students of btech colleges in Rajasthan.
The special advantage of using this technology in the accounting field is that once the mark records. That created and locked with blockchain technology. No one is authorized to change the records, not even the owner of the records. This could potentially reduce any need of the auditors.
Uses of Blockchain Technology in Insurance
In Insurance sector, the Blockchain technology of private engineering colleges in Jaipur can be used with the help of smart contracts. Smart contracts will be influenced by the blockchain. So, the contracts and claims if validated by the network could be recorded on the blockchain, will eliminate any invalid claim made from the multiple claims made for the same accident.
Blockchain Applications in Healthcare
The Blockchain technology can be used very effectively in the healthcare sector by the students of engineering colleges India. In this sector, it can be used in two different ways:
- To keep the health data of the patient secure, the data will include age, medical history, gender or other vital information of the patient without attaching any particular name of the patient. This data when synced with the blockchain will enable easy access without any privacy invasion.
- Today, health records are frequently connected with the medical devices. So, the blockchain technology can be used to connect health devices with the health records of the patient reducing the risks of the data related with the medical devices.
Uses of Blockchain Technology in Real Estate
The real Estate data can be linked with the Blockchain technology. And also help students of top engineering colleges in Jaipur will really reduce the chances of any fraud and help them in the quick verification of the finances. As this technology is highly encrypted. The real Estate data gets connected with it and offer wider transparency in the selling and purchasing process.
Uses of Blockchain Technology in Media
Some work has already been done in this industry. The blockchain content distribution platform is in the name of ‘Decent’. It will launch a platform with the name Publiq. Which will enable the writers and the content creators to channelize their work with the help of blockchain.
By using this process, students of best btech college can get the immediate payment without any risk. Various companies have also developed a new technology. So, with the use of which it allows the companies to purchase any ad through the blockchain technology.
Uses of Blockchain Technology in Voting
Students of top BTech college uses the blockchain technology in the Voting area. The most important and interesting thing of the blockchain technology store past data cannot be changed. The present cannot be hacked and the system cannot be altered in the future.
All the nodes will see the exact same result. All the votes can be traced to their source without sacrificing the voter. The voter should verify the recording of their votes, if a ballot is modified or missing, before the election is over with the help of end to end encrypted and verifiable voting system.
These are some of the potentials of the Blockchain technology that BTech graduates have explored. Blockchain technology also can be used in different other areas like record management, supply chain management, identity management, peer-to-peer transaction and many. So, this technology has immense hidden potential to explore with time.