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In Which Fields Can Blockchains Be Used?

by root

Undoubtedly, one of the most common uses of blockchains is the trading of cryptocurrencies. Through blockchains, people can easily send or receive crypto assets from different people. Thanks to cryptography, users can exchange money with each other quickly and securely without the need for a third party. Since every transaction on blockchains is recorded, you can transfer cryptocurrencies in a transparent and reliable way. All you need is the recipient’s cryptocurrency wallet address.

In addition to being reliable, it is possible to transfer money very quickly, allowing blockchains to stand out in this field. Using blockchains as a money transfer method has become quite common. Transactions are processed within minutes, as a financial institution such as a bank is out of the way as they charge more expensive fees for these money transfers compared to blockchain transactions.

Therefore, blockchain has the potential to change the way to conduct business in many different fields. Here are the most popular fields and use cases of blockchain technology categorized into five.

Explore the top-rated blockchain use cases | by LeewayHertz | Coinmonks |  Aug, 2022 | Medium

blockchain use cases

Decentralized Applications (dApps)

One of the new concepts that blockchains have added to our lives is decentralized applications (dApps). Decentralized applications are applications that are written on a blockchain, and the dominance of the application belongs entirely to the user. There are various decentralized applications such as cryptocurrency wallets, social media applications, online games, and decentralized exchanges (DEX). The popularity of dApps is also increasing day by day. In a dApp, you can trade in-app using the currency of the respective blockchain. Since dApp is integrated with the blockchain, it also provides ease of use. Decentralized applications, unlike traditional applications, are applications in which the account owner has complete control. It is not possible for your personal data to be stolen or for your private correspondence to be read by others. In addition, no central application can remove the content you share without your permission or interfere with your account.

Smart Contracts

Although the use of smart contracts is increasing day by day, there is no doubt that they will be integrated into our lives in many different areas in the future. It is foreseen that the use of blockchains in this field, rather than money transfer, will come to the fore. Smart contracts are also the realization of the relevant state after a condition is fulfilled. Smart contracts, which are coded at a blockchain such as Ethereum, can be customized and modified. Due to this flexible structure, many different types of smart contracts can emerge. It is possible to use smart contracts in different sectors completely independent, such as the healthcare industry, supply chain, and decentralized finance (DeFi).

Health Care Industry

The healthcare industry is a sector that has started to use blockchain technology and benefits from the advantages of this innovative field. In the health sector, data is vital and must be kept on a regular basis. It will make it easier for doctors to see this data together from a single source while following the patient. However, it is not always possible for all systems to work together or may require high costs. Here, blockchain technology can be used to overcome these challenges. Once the patient’s medical data is recorded on a blockchain, it can be securely and immutably recorded on the network. In addition, the supply of drugs in the health sector is another important issue. With blockchain technology, real-time tracking can be made and drugs that are not stored under appropriate conditions during the supply can be detected. Today, there are blockchains that provide these technologies and they are used in the health sector.

Supply Chains

Blockchains are transparent, reliable, and immutable. The coexistence of these three features provides a favorable ground for the use of blockchain technologies in supply chains. Thanks to blockchains, the process of creating and distributing a product can be followed transparently. Since the information in the blockchain cannot be changed, all the processes of a product can be followed, and the authenticity of the product can be ensured.

Governance

Another area where blockchains make life easier is the field of governance. A blockchain system allows for a more democratic and fair distribution of votes. In addition, blockchain systems are one of the areas that can be preferred in the field of governance, as it prevents undesirable situations such as voting fraud or cheating.

In conclusion, blockchain technologies have been associated with cryptocurrencies by people who have no knowledge of the subject. But this technology goes far beyond just cryptocurrencies. With the developing technology, the use cases of blockchain technologies are growing in different areas. Blockchain technologies, which offer fast, cheap, and reliable solutions, are used in various and independent fields such as the health sector, finance sector, governance, and decentralized applications. Undoubtedly, this innovative technology is expected to enter our lives in many different areas in the future.

 

 

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