The use of Blockchain from payments to digital identity management

The use of Blockchain from payments to digital identity management

Blockchain
June 10, 2022 by Editor's Desk
1971
Cryptocurrencies like Bitcoin have gained popularity in recent years due to their rapidly increasing prices. However, the full significance of blockchain technology remains to be seen. Recent comments from Reserve Bank of India’s Governor Shaktikanta Das indicate that cryptocurrencies may be a legitimate concern, but that blockchain technology can succeed without it. The Indian government
The use of Blockchain outside of cryptocurrency applications from payments to digital identity management

Cryptocurrencies like Bitcoin have gained popularity in recent years due to their rapidly increasing prices. However, the full significance of blockchain technology remains to be seen. Recent comments from Reserve Bank of India’s Governor Shaktikanta Das indicate that cryptocurrencies may be a legitimate concern, but that blockchain technology can succeed without it. The Indian government has said that, while it is considering what actions to take now, it does plan on ‘promoting the underlying technology of cryptocurrency and its uses’. Blockchain technology is the backbone of Bitcoin and other cryptocurrencies but has many other non-financial uses. Here are real-world use cases for blockchain:

Supply chain monitoring:

The supply chain is a process from raw materials to the final product. The main difference between a supply chain and a distribution channel is that the supply chain includes raw material production, production, and resale. Blockchain technology can be used to reduce the risk of counterfeit goods entering the supply chain.

Blockchain is a distributed ledger where transactions are recorded as blocks of information that are linked together using cryptography. So how does this work? Imagine buying goods from an online store. Chances are good that there will be a timestamp on each product you buy, which provides an easy way for other companies to track down where those products come from and where they have been at any given time.

In order for this system to work, all the companies involved in this process need to share their data with each other.

Transactions involving a blockchain are publicly available – they can bring coherence to the supply chain of a product and provide all stakeholders with perfect transparency. Product tracking allows you to follow a product’s journey from start to finish. This will increase visibility and accountability- manufacturers can watch over suppliers and ensure that they abide by the rules.

Money transfer: Transferring money is usually done through centralized entities. They can take hours or even days to process, whereas blockchain transactions only take seconds. This is because they don’t require a central facilitator to authorize them.

Blockchain technology has the potential to change the way money is transferred. With many different businesses using its technology, it has the ability to reduce operational costs by offering a secure, fast, and transparent way of transferring money. The blockchain can cut costs by eliminating third-party costs such as those for banks, notaries, and credit card companies. It also offers lower transaction fees as well as new opportunities for micropayments.

Digital voting: Having personal identification securely stored on the blockchain means that voting data cannot be tampered with. The idea is that this will ensure the integrity of the voting process remains throughout. In addition, it can make voting more accessible as people could vote with their smartphones without worrying about security.

Also, read – Blockchain World! Do YOU Think ICOs Can Be Replaced by OPOs?

Blockchain will be able to fix the flaws in the current voting system.

In a paper called “How Blockchain Will Work In Digital Voting”, it is explained that blockchain will be able to “fix the flaws in the current voting system”. The paper states that a blockchain is a decentralized ledger that records data and maintains a single up-to-date copy of the information on many different computers. It also states that, with blockchain, voters can have digital wallets and use them to cast votes in an election. It also talks about how, with this system, voter fraud can be minimized by preventing duplicate ballots.

Taxation: Filing your taxes can be time-consuming and stressful. If you store your personal information on the blockchain, you’ll be able to fill out your forms in a fraction of the time and with greater accuracy.

Many governments are looking to incorporate blockchain technology to improve the tax process by improving efficiency and transparency. The Australian government plans on releasing a report on the potential use-cases of blockchain in taxation.

Secure medical data: Medical data should be as accurate as possible to ensure the safety of the patients. Insecure systems can result in serious health-related issues and even death. This is why blockchain technology, where records are stored in a distributed network, is becoming increasingly popular. Records can also be cryptological secured and accessed securely & easily by doctors.

Blockchain voting

The use of Blockchain in medical data can provide security at its best.

With the help of Blockchain, medical data can be stored in a decentralized manner. The patient will have full control over their data and who is able to access it. This also ensures that the patient’s data is not tampered with.

Insurance: Smart contracts on blockchains can revolutionize the insurance industry. Claims will be processed much faster and without the need for paperwork. The claimant will be able to receive funds soon after submitting a claim. Customers are often untrustworthy. Blockchain technology could be the answer to preventing unreasonable requests by customers.

The application of Blockchain in the insurance industry is to reduce fraud, provide transparency, and eliminate operational inefficiencies.

Some benefits for insurance companies are reduced fraud because the technology provides a secure ledger that can track transactions. There is better transparency for all parties involved because there is no need for intermediaries, which means that claims processing will be much quicker. Blockchain-based smart contracts can also automate many of the tasks associated with the insurance process.

Lending: One of the more popular use cases for Smart Contracts is for loans on the Blockchain. These contracts are designed to automatically execute based on certain conditions being met. Loan processing can be done in a fast, cost-effective way using AI with events like repayments, collateral releases & service payments.

The distributed, immutable ledger of blocks is secure and quick to transfer data. As a result, lending with blockchain will be more efficient and transparent than ever before.

We will see a few changes in the lending space with the introduction of blockchain:

– Blockchain will allow different kinds of data to be shared between different lending institutions which will lead to a more efficient process

– It will reduce the risk of defaulting as transactions are timestamped on the Blockchain as soon as they take place

– Inefficiencies in the current system such as time delays between requests for credit checks or verification will disappear because information can be accessed faster via blockchain technology.