A list of the top 11 blockchain applications
Blockchain is an immutable, shared ledger that facilitates asset tracking and transaction recording.
There are so many applications of blockchain nowadays.
Bitcoin: The major application of blockchain is in Cryptocurrencies like Bitcoin. The Bitcoin currency was created by Santoshi Nakamoto as a decentralized digital currency.
Lenders: Blockchain can be used to execute collateralized loans through smart contracts by lenders. In smart contracts built on the blockchain, certain events trigger automatic actions such as service payments, margin calls, full repayments, and collateral releases.
Voting: Blockchain technology could also be used to vote if personally identifiable information is held on a blockchain. Blockchain technology ensures that no voter votes twice, that only eligible voters can vote, and that votes cannot be altered.
Food Safety: The blockchain technology also enables tracking food from its origin to the plate. A blockchain allows one to track food products from their origin to the supermarket since its data cannot be changed.
Sharing of data: IOTA, a cryptocurrency, introduced its Data Marketplace beta in November, explaining that unused data could be shared or sold on the blockchain. Almost all enterprise data is unused, which makes blockchain a useful tool for storing and moving data across multiple industries.
Supply Chains Monitoring: Using blockchain technology to monitor supply chains is simple. Enterprises can quickly spot inefficiencies within their supply chains and detect items in real time when paper-based trials are eliminated.
Law Enforcement: Blockchain technology is now also being applied by law enforcement agencies. Since it's highly secure, no one can change its contents without proper authorization, so they can create a Common Database with details about the criminals and the crimes they committed.
Securely share medical infornmation: A blockchain can provide accurate and up-to-date information on patients to doctors and medical professionals. In that way, patients can ensure that they receive the best care possible from multiple doctors.
Money transfers: Blockchain technology still has a lot of great applications thanks to its original concept. Transfers of money using blockchain can be more efficient and less expensive than using existing services.
Real estate: In real estate transactions, there is a lot of paperwork involved to verify financial information and ownership and then to transfer deeds and titles. Blockchain technology can make the process of verifying and transferring ownership of real estate transactions more secure and accessible.
Government benefits: A blockchain can also be used to administer government benefits such as welfare, Medicare, and Social Security. Blockchain technology could reduce fraud and operational costs.