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Latest Applications of Blockchain Technology

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Blockchain technology is already turning the financial industry. But there are other applications of Blockchain technology. Read on to know more about some examples of latest Blockchain uses…

Several IT experts have predicted that the future is driven by the Blockchain technology. But it is already turning the financial industry upside down through its disruptive applications. But the applications of Blockchain technology in financial sectors is only the tip of the iceberg. The Blockchain’s true scope is in its ability to change the way you do things every day – like voting, travelling, or going to the doctor.

Wider Applications
While the Blockchain technology is primarily associated with cryptocurrencies and the financial industry, the true potential of Blockchain technology is much broader. Innovative startups are already finding ways to leverage Blockchain technology to give facelifts to nearly every industry imaginable, changing traditional practices to make way for new, disruptive business models. It is difficult to imagine an area of life that won’t lend itself to a Blockchain-fueled upgrade.

Blockchain’s Applications
Here’s a list of few of the sectors as of my knowledge implementing blockchain to there concerns.

Healthcare:
Blockchain technology a new model for health information exchanges. Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interchangeability of health data. This technology could provide a new model for health information exchanges (HIE) by making electronic medical records more efficient, intermediate, and secure. While it is not a panacea, this new, rapidly evolving field provides fertile ground for experimentation, investment, and proof-of-concept testing.

Governance:
The Blockchain can be used in business and government to increase transparency between parties, reduce corruption, and streamline bureaucracy. Transactions are tamper-proof and open to the public eye, allowing everything from rental agreements to national elections to be made fair and equitable.

In addition to existing automated consensus rules, we need to explore additional governance structures, to maintain these systems flexible to withstand time and responsive enough to adapt to unforeseen edge cases. This requires some groundwork to identify the parameters of the community which needs to be self-governed since governance for distributed networks is not a one size fits all solution. Depending on the type of community that needs to be governed a different set of governance mechanism, arbitration and checks and balances will be necessary.

Manufacturing:
With Blockchain, manufacturing-intensive industries can give rise to planetary ecosystems for sourcing, designing, and building physical goods, marking a new phase of peer production. Combined with other new technologies such as three-dimensional printing, manufacturing will move closer to the user, bringing new life to mass customization. Soon, data and rights holders can store information about any substance from human cells to powered aluminum on the Blockchain, in turn opening up the limits of corporate manufacturing.

Telecom:
Communications service providers (CSPs) have traditionally owned the end-to-end telecoms value chain for both consumers and businesses — spanning network infrastructure, provision of core voice and data connectivity, and related consumer services. However, in an environment of heightened competition in an increasingly digital world from infrastructure light over the top (OTT) players, together with decreasing revenues from voice and increasing costs due to the high band-width demands, there is a need to both reduce costs and find new sources of revenue. Blockchain has the potential to be for ‘value’ what the Internet has been for ‘information’.

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