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The word “Blockchain” has become successful and famous because of “Bitcoin”
Yes that’s true, most of the people in blockchain world has started their journey with buzz known as “BitCoin”.
The bitcoin buzz started it in 2017, internet was flooded with stories about millionaires, debates about its legitimacy, famous tweet about “Bitcoin hitting one million dollar”, articles all around cursing people for not investing in bitcoin in 2007–2008 and the viral “Pizza Story”. That’s how most of the people has started their first blockchain journey with “Bitcoin” purchase.
More or less, we all have experienced problem initially and was looking for someone to help us out for following basic queries.
- What is Bitcoin
- How to Buy Bitcoin
- How and where to store Bitcoin
- What are exchange houses
- What are cryptocurrencies
- Where to invest
- What is next bitcoin
- Where to invest
- What is next bitcoin
When people started exploring bitcoin, they have heard first time about “Blockchain”.
Bitcoin has not only bought money to that industry, indeed has been a reason people become aware of blockchain.
Now the pendulum has swung and companies are focused on the promise of Bitcoin’s underlying technology blockchain.
What is Blockchain?
In simple word, blockchain is distributed database, which means there are thousands of computers connected to a network, validating and storing new record into their respective databases. When a new transaction is done, it is broadcasted to all computers in the network and is been added to their database linking to previous transaction.
This linking of new record with previous transaction is called “Blockchain”.
As the block of data (transactions or records) are stored in thousands of computers it is impossible for anyone to access all of them and modify or temper.
Blockchain has inevitable potential to change the world and solve many current problems. Like any new technology, it is important to understand that we are very early in the journey. A lot of progress yet to be made to implement blockchain successfully across other industries and especially financial sectors.
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Here are few useful cases which if implemented can be a game changer.
1. Banking Sector
The most talk of the town use case of blockchain is banking sector. Blockchain can revolutionize the way banks operates. Following are the few advantages of blockchain for banking sector
- Reduce transaction time
- Transaction accuracy
- End to End guaranteed message delivery
- Process efficiency by removing the need of reconciliation
- Cost reduction, the fast & cheap settlement can save huge transaction cost
- Transparency, means can be easily auditable.
- Risk reduction as the record is permanent and cannot be tempered
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2. Health Care
Health care is another example where blockchain can play a major role by storing encrypted patient information which is shared across other healthcare providers. Implementation of blockchain can benefit patients, doctor and hospitals.
- Manual form filling not required
- Patient centralized medical history can help doctor to diagnose and treat patient effectively.
- Cost saving, no need for duplicate medical tests
- Admin work and enrollment time can be reduced as comprehensive and reliable patient information is available on blockchain.
- Encrypted information can only be access by patient and medical staff reduce the risk of privacy breach.
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3. Automobile Industry
Blockchain can play vital role in resolving many problem faced by automobile industry. Blockchain can create immutable, transparent, secure, and reliable vehicle lifecycle repository.
Implementation can result into an Eco-System which can be accessible for data sharing by manufacturers, insurance companies, dealers, service stations and for research & development purpose.
- Global and de-centralized vehicle history.
- Vehicle registry / sale and purchase history
- Transparent accident and repair history
- Easy insurance, claim and lease handling
- Traceable owner history
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4. Voting & Election System
Election and voting always been hounded by electoral fraud, election manipulation and vote rigging.
Blockchain is the missing link which can provide reliability, integrity and transparency to the architecture.
Different countries has begun experimenting with blockchain for fair election, implementation can bring transparency and reliability for the systems.
- Ease of voting, , people don’t have to find their pooling stations, travel and stand in big queues to cast a vote, instead it can be cast from anywhere using computer, laptops or smart devices.
- Transparent and auditable
- Cost saving and reduce risk of miss management for arranging elections.
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