How Will Blockchain grow beyond cryptocurrency?

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How Will Blockchain grow beyond cryptocurrency?

• The blockchain is the technology for the 21st
  century and ahead. If we talk about the surge of
  new things in the recent times, then blockchain
  is the most trending topics. It has convinced us
  that it holds a lot of possibilities of making
  the functioning of many business operations
  seamless.
• Blockchain as the technology was initially
  limited to Bitcoin an cryptocurrency exchange,
  however, over a period, it has outgrown its
  conventional use and found application in various
  fields like healthcare, supply chain, logistics,
  etc.

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• An important point to note here is that
  Blockchain comes with a multitude of benefits
  which makes it the universal technology. However,
  over a period, the developers are working on to
  find its usage in different fields. In this blog,
  I will be highlighting how blockchain will grow
  beyond cryptocurrency .

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What is the Blockchain?

• Before jumping on to Blockchain expansion in
  different fields, it is essential to understand
  what is this technology and what are its various
  features which makes it so inevitable?
• The blockchain is a digital distributed ledger.
  It is the underlying technology for Bitcoin and
  other cryptocurrency exchange. The platform has
  all the information time-stamped which makes it
  easy for the user to track the information.
  Furthermore, Blockchain or DLT is the technology
  works on peer-to-peer transactions which means
  that there is no involvement of the third party
  in the same. It results in lowering the
  processing fee cost and also saves the time that
  goes during the validation process.

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What are the key features of DLT?

• Coming to the key features of this technology,
  then it can be summed up as
• Distributed ledger
• Peer-to-peer transactions
• Lesser time consumption
• No third party involvement
• Immutability
• Safety and security of data
• Easy to track

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Lets explore what the different application of
Blockchain are-

• When it comes to the blockchain application then
  there are myriads of business niches where you
  can find blockchain application, here I am
  highlighting five unconventional application
  blockchain
• Learn more about Blockchain

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Banking and payments

• The first and primary application is banking and
  payment. This platform allows easy interaction
  between the two parties without third-party
  intervention. It saves time since the
  communication takes place directly between two
  parties. Thus it saves the time of validation and
  verification. Additionally, since there is no
  third party involved the processing fee or
  transaction fee (as applicable) is nullified.

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Cybersecurity-

• This is yet another area of concern in todays
  time especially when everything has become
  digitized. There is a need for a system that
  could ensure that every data or information is
  safe in the digital world. When it comes to the
  blockchain, the data here is verified and
  encrypted using advanced cryptography thus making
  it resistant to any digital threats or attacks.

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Healthcare-

• Blockchain has a prominent role to play in the
  healthcare and medical niche. It can be used to
  create a centralized and secure database where
  the doctors can store all the medical history and
  could be easily accessed by authorized doctors
  and patients.
• Smart Contracts- As the name indicates, these
  contracts are digitized and operate based on
  certain programming. In case of smart contracts,
  two parties who decide to work together agree to
  certain terms and conditions which gets recorded
  as code on the blockchain. When the event occurs
  and is completed following the pre-set
  conditions, the payment is initiated.

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Human Resources and verified Credentials-

• Blockchain is also highly recommended for human
  resource and verification of credentials of
  credentials. Blockchain ledger can be used to
  create an information repository which can be
  utilized to verify the employment history,
  background check, validation of credentials.
• Conclusion- The technology looks are promising
  as of now, and we have seen many start-ups
  investing in this technology to explore how
  blockchain can prove beneficial for every
  business niches. At the same time, we must
  remember that blockchain is a new technology it
  holds a lot of potentials, but this technology
  still needs some transformation. It needs
  regularization and some rules so that it becomes
  completely full-proof.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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