Top 5 Applications Of Blockchain Technology You Can Expect This Year

If you have opened the link to this article, I am sure you take a keen interest in the technology. Now, if you are a new investor, you may not have all the nitty-gritty of all the terms.

First, let me tell you what blockchain technology means. Blockchain is the core concept on which cryptocurrencies work. It is a database; to understand it further, you need to know how a database works.

The main purpose of a database is to collect and store information. For instance, I am sure you must have used spreadsheets in your office. You can store information on a spreadsheet, everybody has access to it, and information can be edited.

Blockchain works on the concept of a Decentralized Public Ledger; all your events and transactions get added to your ledger, and everybody available on the blockchain technology will see it. But do note that the transactions and various events on the blockchain technology can only be added and not edited or reversed back. To know more, visit tycoonstory.com.

Key features of Blockchain technology

These are some of the key features of the fascinating Blockchain Technology.

Blockchain Is Decentralized

Blockchain technology is decentralized, which means it is on its own; nobody is regulating it. Each information is stored separately on blocks of information called blocks. It can be accessed only by the people available on the Blockchain network.

Unique Storage System

Storage System

Like I mentioned in the previous point, information is collected and stored in blocks. Each block has a different storage capacity. When one block is filled, it is chained to the older block.

This way, it forms a chain, and thus it is called blockchain technology. There are different time stamps assigned to different blockchains after it is done collecting information.

Lucidity At Its Best

Blockchain is decentralized. That is why the details of the transactions are transparent. The events can be seen by acquiring a node—more transparency, less the chances of fraudulent activities.

Top 5 Applications Of Blockchain Technology You Can Expect This Year

These are some of the uses of Blockchain Technology that we can expect in 2021

1. Blockchain In The Healthcare Industry

Blockchain is on the verge of disrupting the entire healthcare industry. Implementing Blockchain will be good from both the patient’s point of view and the industry’s point of view.

Blockchain technology will facilitate the record-keeping system. By using blockchain technology, all the details of the patient’s health can be accessed, and the sharing of information between different institutes also becomes easier.

The current status of sharing health data between medical institutes is a long procedure. Implementing Blockchain will make it easy, and medical institutes will save the lives of a lot of patients.

2. Blockchain Unique Identity

Blockchain

If WhatsApp killed SMS, if email killed letters, Blockchain will be the killer of our social security number. We have to carry many cards in our wallets, like our social security number, driving license, etc., to prove our identity.

Upon implementing Blockchain technology, we will all have a unique identity, and all our past records and activities can be seen by using the Blockchain.

3. Central Bank Digital Currency

Central Bank Digital Currency

The governments of most nations in the western hemisphere are on the verge of launching CBDC, also known as Central Bank Digital Currency. They are doing it so that they can tackle the rising popularity of Bitcoins and altcoins. CBDC will be decentralized and will use Blockchain Technology. Russia has already made plans to launch the crypto ruble by 2025.

4. Blockchain for world trade

Blockchain for world trade

Tech experts have predicted by the end of 2030. Most of the world trade will be made using Blockchain technology.

5. Improvement In The Living Standards

Blockchain will improve the living standards of people in general. All the information will be available on the network. It will decentralize the data collection, will take the help of consensus to cross-verify and store the information in the decentralized public ledger.

Final Thoughts

Blockchain technology is the most sought after technology. Almost all major industries are on the verge of implementing Blockchain technology in their industry. Tech experts have predicted that blockchain technology will be implemented in almost all industries by 2050.

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