Blockchain Applications: A Hoax Or What?

By Ansah Boateng

Unquestionably, Blockchain is a relatively new technology that was used and designed for the cryptocurrency world. Yet, due to its data-processing capability and record-keeping ability, it’s now adopted by various fields. But still, peoples are not able to understand its potential due to its complex nature and other reasons. So, today we will discuss- is the Blockchain Applications are for real, or they are just a hoax!

The blockchain technology is proliferating in diverse fields like- tracking goods, cross-Border payments, keeping medical records, insurance claims processing, agriculture industry, storing credit records, food market, etc. Let’s dig a little deeper.

Keeping medical records

All the medical data related to the patient can be stored and accessed using Hyperledger Composer, a distributed ledger by the hospital. The record/ blockchain is then get shared with the patient, insurance companies, other hospitals, or the government. Although everyone can access the data, no one can modify or remove the previous set of information. So, the medical record will remain as transferrable yet permanent.

Cross-Border Payments

By using Blockchain or bigdata technology, cross-country payments can be performed successfully. With its essential security, the remittance data get transmitted securely. Being a universal ledger, the blockchain data can only be accessed by everyone with the credentials of a specific network. When the data or node gets modified, it needed to get permission from the other nodes. This way, if a sudden change or transaction is taking place between buyer and seller, both have to agree for a payment processing securely. Although, no banks present on this system, because no one can modify the old records, so the transactions remain flowless and scam-free. Now using the existing cryptocurrencies, the buyers and sellers can pay or receive money securely.

Agriculture Industry

All the agriculture and cultivation related data can be adequately stored using blockchain technology. The farmers can get the data instantly. Information like- centralize weather reports, seeds nature, soil report, bug, and fungus related information, yield crops or vegetable’s selling price, the demand, etc. can be collected from a single platform like a smartphone. Approximately everyone on this planet carries one or more smartphones, so it’s a better opportunity for a farmer to yield more returns, when they get predicted and calculated risk data and variables in their hands.

Food Market

Unlike the cultivation, the food marked can be heavily modified using blockchain technology. The secure record-keeping method ensures the trackability of a specific package of fruits or a jar of jam. The payment and settlement of transactions between farmers, to supermarket or retailer, can be secure, and the individual customers who shop and buy the food also can ensure its origin and nutritious elements.

Equity Management

Data security for the asset management field is strongly necessary. But with the traditional methods, the information will get diverse and spread through different channels. The blockchain technology will centralize that by open collaboration and by creating asset and transaction transparency. It increases the overall “Operational Efficiency,” while less resource is involved.

Therefore, from the upper mentioned data, we can see that Blockchain is useful and not a hoax. This is a relatively new technology, so it needs time to grow more while we should act to adopt this technology for the betterment of our society!