Blockchain Can Be Used in Endless Ways for Endless Purposes

Blockchain, though seeing headlines in recent years for its use in cryptocurrencies, is not that young in today’s tech world’s perspective. For most of us, it’s only limited to its use in cryptocurrencies. But blockchain can go way beyond just cryptocurrencies in making life easier.

Blockchain is special and holds the key to redefining the way we live and do things. Things that are important and require too much of our attention and effort. In today’s article, we’ll take a look at why blockchain is something close to revolutionary, and how versatile it is in its potential use cases.

Blockchain Can Be Used in Endless Ways for Endless Purposes

So, now that we know blockchain technology to be the new and improved way of storing and transferring data, it’s time we understand how the secure, transparent, and decentralized nature of blockchain means that there is endless potential in the ways we can utilize it. Let’s look at some of the most promising use cases for blockchain.

Financial Transactions

This is the use case that brought blockchain to reality, and its potential to be a medium for fast, secure, and transparent transactions has already been proven through the boom of cryptocurrencies over the last several years.

Nowadays, cryptocurrencies are being used for various purposes. Business transactions, marketplace transactions, and other forms of transactions related to various services are using blockchain technology, for example in the online casino industry. Blockchain makes casino gaming safer, cheaper, faster, and more transparent, making crypto casinos more reliable and attractive to consumers. It’s no surprise that new crypto casino sites are springing up like mushrooms everywhere.

Identification and Data Management

We’ve entered a huge domain here. It’s possible to create personal identification systems that are reliable and confidential through blockchain. In many industries, it can be used to store the data of individuals over time.

For example, blockchain can be used to store medical records digitally and securely, making it easier to update and keep track of. This can help doctors ensure faster, more accurate, and more efficient care. For the education sector, it can be used to store records, performance analytics, and grades of individual students over time. This’ll make it easier for teachers to identify the strengths and weaknesses of every student, and ensure proper education. The potential is endless.

Digital Identity and Certification

Blockchain can create a digital identity for you that’s hard to fake or steal. Also, the fact that it can store data over time, means that you can use it to create certifications for certain facts. For example, if you connect your car’s odometer to the blockchain, you can prove to a potential buyer that the odometer reading hasn’t been tampered with. Pretty neat, right?

Supply Chain Management

By implementing blockchain into their supply chain, companies can keep track of individual product sales, inventories, as well as individual units of product. This can be quite handy for certain industries. For example, if a certain batch of food causes food poisoning in many people, the manufacturer can quickly track it down and remove that specific batch from the market.

The thing is, we can only talk about so many use cases in such a short article, when the potential is virtually endless. To sum it up in short, any process that requires a third party to be initiated and audited, from data management, credentials, finances, ownership certification, voting, etc can be decentralized by blockchain to ensure maximum security and transparency.

So, What Makes Blockchain So Secure?

The name of the tech is pretty self-explanatory. It consists of blocks that hold data in them, and they are linked like chains. More on this in a bit. Every block represents a certain value in a certain context. For example, in cryptocurrencies, when you make a transaction, a block holds the data of the sender, receiver, amount sent, etc.

Every block also consists of a unique hash and the hash of the block before it, and this is exactly what makes it so secure and transparent. Changing anything in a block changes its hash. So, even if you do tamper with the data in a block, the changes won’t fit. The previous hash written in the block won’t match anymore.

As the data of the whole chain is stored on countless computers around the world, it’s virtually impossible to tamper with the overwhelming number of blocks. And whatever change you try to make can be identified and pinpointed.

What Does the Future Hold?

Blockchain is a powerful tool that can transform various aspects of our lives, making them easier and safer by improving how we store and transfer data. And it’s already in its worst phase, meaning, it’s only going to get better from now on.

In the coming years, we may see a drastic shift in the sectors we talked about as the technology gets better and the world starts to adapt. Blockchain is here to stay.

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About: Andries vanTonder

Over 40 years selfemployed 

He is a Serial Entrepreneur, an Enthusiastic supporter of Blockchain Technology and a Cryptocurrency Investor

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