How is Blockchain Technology helping in the real world?

How is Blockchain Technology helping in the real world?

Blockchain
October 3, 2022 by Diana Ambolis
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The cryptocurrency Bitcoin, which is built on blockchain technology, was the first to use Blockchain. The practical applications of Blockchain, on the other hand, go far beyond cryptocurrencies, and the technology is likely to touch a wide range of businesses in the future. Let’s have a look at some real-world applications of blockchain technology: Getting
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The cryptocurrency Bitcoin, which is built on blockchain technology, was the first to use Blockchain. The practical applications of Blockchain, on the other hand, go far beyond cryptocurrencies, and the technology is likely to touch a wide range of businesses in the future.

Let’s have a look at some real-world applications of blockchain technology:

Getting rid of the middleman

Blockchains are currently being utilized to cut out the middleman and establish a secure, decentralized platform for service providers and customers to connect and interact in a secure and direct manner. Aggregators like Uber, Airbnb, and Expedia operate as a centralized platform connecting service providers with clients who require that service. The centralized aggregator is in charge here; they set their own terms and conditions and charge a fee on each transaction.

TUI Group, the world’s largest tour operator, is leading the way in using blockchains to someday replace travel aggregators like Expedia. The company now stores its contracts on a private blockchain, but it wants to develop a public blockchain where agents and customers may interact directly with hotels. TUI isn’t alone in its endeavor; Winding Tree is another firm developing a decentralized travel booking system, so expect to hear a lot more about blockchains affecting the travel sector in the coming years.

Improving the healthcare system

SimplyVital Health, a blockchain company, has already developed two blockchain applications to help with healthcare administration. The first, ConnectingCare, monitors patients’ progress after they leave the hospital, while the second, Health Nexus, aims to deliver decentralized blockchain patient records. Gem, a startup, is collaborating with the Centers for Disease Control and Prevention to develop a blockchain for storing disease outbreak data with the aim of improving disaster relief effectiveness.

Improved banking and transactional services

Bank Hapoalim is cooperating with Microsoft to establish a blockchain for handling bank guarantees, while Barclays has already launched a number of blockchain efforts for tracking financial transactions and preventing fraud, among other things. Another example is Aeternity’s blockchain platform, which allows users to construct smart contracts that activate when particular circumstances are satisfied, allowing automated payments to be issued whenever all participants in a transaction agree that certain requirements have been met.

Supply chains that are more intelligent

For businesses, knowing the status, condition, and origin of every product in their supply chain is critical, and provenance is becoming an increasingly crucial concern for customers. DeBeers intends to employ blockchain technology to track diamonds from the mine to the end-user, increasing transparency and allowing clients to certify that their diamonds are conflict-free.

Walmart is also utilizing blockchains to track the safety of farm food, which is good news for customers after a batch of infected lettuce made scores of people sick in the United States in 2018, prompting the retailer to suspend lettuce from shops as a precaution. Farmers will be required to enter precise records of their products into a blockchain beginning in 2019. Walmart will be able to pinpoint possibly contaminated batches far more readily in the case of a future contamination issue.

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Efficiencies in the insurance industry

RiskBlock, a blockchain technology that delivers proof-of-insurance information, is being tested by Nationwide Insurance. The idea is to make the claims process faster and more efficient by assisting law enforcement and insurers (not to mention the insured) in verifying insurance coverage in real-time.

Blockchain-enabled smart contracts could revolutionize insurance claims, ensuring that only valid claims are paid out. For example, the Blockchain would instantly know if any claims for the same accident had been lodged. When the prerequisites for a satisfactory claim are met, payment could be initiated automatically, without the need for human participation, dramatically speeding up claim resolution.

Blockchain technology is clearly still in its early stages, with a long way to go before it can be deemed popular. However, these examples demonstrate how sectors are beginning to recognize its benefits, and we should expect to see even more companies investing in blockchains as the technology improves.