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There have been products in the past that have gained more fame than the technology itself. Xerox is the biggest example of this. The same has happened with Blockchain technology as well. The entire hullabaloo created by Bitcoin price surge has brought the entire focus on the Cryptocurrency and put blockchain in the backseat.
However, if we look at the big picture the potential applications of blockchain technology are not limited to just cryptocurrency. In fact, the applications are virtually endless.
This post is all about those different applications where blockchain technology can prove to be revolutionary. Let us have a look at a few of those applications one by one -
Blockchain brings transparency and traceability - two traits that are imperative for a successful voting system. And, these two elements are the foundation of a blockchain. Successful implementation of blockchain technology in voting could eliminate the chances of electoral fraud.
One of the first cases of using blockchain in voting came when NASDAQ used the same for shareholder voting. On similar grounds, authorities in Moscow plan to bring blockchain technology into action for the domestic voting.
- Supply chain management
Supply chain management and traceability go hand in hand. Although businesses dealing in this niche have access to advanced systems that simplify the entire process of tracing the movement of goods, their quantity and everything else, there is still scope for error in this system.
However, with blockchain technology, there is no such room for error. It won’t be wrong to say that this technology can prove to be a boon for people involved in supply chain management.
Human errors are the most common cause of mayhem when you are dealing with accounts transactions. Accounting community has been trying hard to find a cure for eliminating this root cause, but there hasn’t been any concrete development so far.
Using blockchain technology in accounting could eventually reduce the chances of human error while recording transactions as the records are verified every time a transaction is processed.
- Stock exchange
The number of transactions and the amount of money involved in the stock exchange is huge. Hence it becomes imperative to maintain a fast and reliable platform to carry out these transactions. And, blockchain technology provides just the same.
In fact, stock exchanges in some parts of the world have started embracing the technology. With Australian Stock Exchange announcing to switch to a blockchain powered system to streamline its operations it became quite evident that the future of stock exchange lies in the blockchain tech.
Last but not the least application of blockchain on this list is its use in combination with IoT to create smarter applications.
A huge development in this field was witnessed when a German start-up announced created the first ever smart lock that utilized blockchain tech. The company, in the business of in-house rentals, installed smart locks at the front doors of rental properties. Now the door would only open when the tenant makes the payment for the rental property.
As you can see, blockchain technology finds application in almost every field. It’s just that the boom in Bitcoin has been so massive it has completely shadowed the hidden potentials and applications of this technology.
However, slowly but surely the technology is spreading its reach beyond just cryptocurrency. So, it won’t be wrong to state that blockchain is going to be the future of tech for businesses!