Subscribe to Our Newsletter
Wednesday August 17, 2022
Bitcoin (BTC) $23,390.27   Ether (ETH) $1,829.57
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Easily Swap USDT (TRC20) & More
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Koinly
CryptoNinjas
Home Blockchain Technology

Applications of Blockchain

Published by CryptoNinjas.net
07/12/2022
Applications of Blockchain

The applications of blockchain go beyond just cryptocurrency. Regardless of the idea behind blockchain being conceived initially as a technology supporting Bitcoin, there are other beneficial applications of the technology. You may ask; how does the blockchain work? It is a digital record of transactions that is replicated and circulated across all the networks on the blockchain. Its application can also be beneficial in other sectors. Here are the practical and revolutionary applications of this technology.

Money Transfers

The initial idea behind this innovative blockchain technology is still its best application yet. Money transfers with blockchain technology can be faster and less costly than using traditional money transfer services. This is particularly accurate with cross-border transactions. These are usually expensive and slow. Money transfers using the United States financial system can take days between accounts. However, a blockchain transaction can be completed in minutes.

Use Smart Contracts

Smart Contracts are similar to regular contracts. The only difference is that contracts on a blockchain are efficient and implemented in real-time, eliminating the need for a middle-man and increasing accountability for every party involved. This will save money and time while increasing compliance from the parties involved.

Financial Exchanges

Over the past few years, several companies have emerged with the idea of decentralized cryptocurrency trades. With the use of blockchain technology for trades, exchanges are more efficient and less expensive. Decentralized exchanges eliminate investors required to lay down their assets, allowing for more authority and security. Regardless of blockchain-based trades mainly dealing in cryptocurrency, this idea could be used in traditional investments too.

Personal Identity Security

According to LifeLock, over 16 million U.S citizens complained of identity theft in just 2017. Scams on this scale can happen through everything, from hacking into confidential files to fabricating documents. However, by securing sensitive data like birth certificates, social security numbers, and more on a blockchain record, authorities could see a significant decrease in identity fraud claims.

Use in Healthcare

The use of blockchain in healthcare is still new but it is already looking promising. In fact, blockchain solutions in healthcare have shown the possibility of decreasing healthcare expenses, increasing access to data across shareholders, and modernizing business processes.

Use in Logistics

A primary criticism in the shipping industry would be the inadequacy of transparency and communication. The high number of logistics companies filling up the space is a major disadvantage. According to research by the logistics company DHL, there are over 500,000 logistics companies in the United States alone. This leads to transparency problems. This study goes on to highlight just how blockchain technology can be the solution to this problem plaguing the logistics industry.

NFTs

Non-fungible tokens are regarded as ways to hold the rights to digital arts. Blockchain prevents the duplication of data. Placing an NFT on the blockchain ensures that there’s only one copy of digital art. This will make it just like buying physical art without the shortcomings of maintenance or storage.

Since the inception of Blockchain technology some years ago, businesses are looking for new ways of using this technology to simplify their processes. With the ever-increasing use of digital data globally, there’s a high demand for the data access, security, and transparency that blockchain technology can bring.

FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

08/12/2022
Crypto exchange Kraken's second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT....

Read more

Blocknative releases new tool to enable high-speed propagation of ETH transactions

08/11/2022
Blocknative releases new tool to enable high-speed propagation of ETH transactions

Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance...

Read more

SynFutures plans to integrate with Router Protocol to improve multi-chain access

08/11/2022
SynFutures plans to integrate with Router Protocol to improve multi-chain access

SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems...

Read more

New Serum powered DEX for Solana from Vybe Network launches

08/10/2022
New Serum powered DEX for Solana from Vybe Network launches

Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
ELLIPAL now supports Zcash (ZEC) for cold storage and trading

ELLIPAL now supports Zcash (ZEC) for cold storage and trading

01/14/2020
Crypto exchange Kraken's second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

08/12/2022
Brazil payment app PicPay launches new crypto exchange service with Paxos technology

Brazil payment app PicPay launches new crypto exchange service with Paxos technology

08/10/2022
"Move-and-earn" app STEPN to utilize LINE Blockchain for the Japanese market

“Move-and-earn” app STEPN to utilize LINE Blockchain for the Japanese market

08/09/2022
Crypto exchange Kraken's second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

08/12/2022
Blocknative releases new tool to enable high-speed propagation of ETH transactions

Blocknative releases new tool to enable high-speed propagation of ETH transactions

08/11/2022
SynFutures plans to integrate with Router Protocol to improve multi-chain access

SynFutures plans to integrate with Router Protocol to improve multi-chain access

08/11/2022
New Serum powered DEX for Solana from Vybe Network launches

New Serum powered DEX for Solana from Vybe Network launches

08/10/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version