Use of Blockchain in Various Sectors

 

 

The explosion in popularity of Bitcoin, a blockchain-based cryptocurrency, brought Blockchain technology to the forefront. The origins of Blockchain technology date back to the late 80s, when Merkle Tree was created. However, W. Scott Stornetta and Stuart Haber were the first to use it. Haber and Stornetta imagined a cryptographically secure system with blocks linked together in a chain. This would ensure everyone keeps the timestamps of documents. The whitepaper by Satoshi Nakamoto, Bitcoin: Peer–to–Peer Electronic Money System, went viral. 

 The Bitcoin phenomenon became a soft barrier to blockchain technology. Blockchain app development companies weren't popular until recently beyond financial services and digital currencies. Blockchain technology is far from mature today, but its use is expanding across many sectors. 

Healthcare

Cyber-attacks are most likely to target the healthcare sector. Medical institutes must protect their data to ensure confidentiality and safety. 

Secure data sharing between hospitals and clinics can improve healthcare services and increase the effectiveness of treatment with an accurate diagnosis. Blockchain allows patients, clinics, and other entities to collaborate and give access to the network without exposing critical data.

Blockchain-driven healthcare solutions can also significantly improve patient care, advance medical discoveries, secure patient data management, and track medical supplies and patient collections. 

Data storage 

To increase security and integrity, blockchain technology can be used in data storage solutions. It is easier to hack into data stored in a distributed manner than to wipe out the entire network.

One point might be all that is needed for a centralized storage provider. Because access is not tied to one company's activities, this allows for greater data accessibility. Blockchain data storage may be more affordable in certain cases. 

Finance and banking

Blockchain has many benefits for the banking and finance sector. It is transparent and secure and can improve record-keeping. It is an excellent solution for banking purposes, such as Anti-Money Laundering, Client Onboarding, or Fraud Prevention.

 Monitoring is the apparent application of Blockchain. It provides transparency and greater traceability and allows for faster analysis due to its digital nature.

Sharing a distributed ledger with regulators is also an option.

 This would eliminate the need for reports and help with identifying risk faster. In addition, Blockchain will enable automation, reducing costs and speeding up decision-making. Read full blog: https://magazineque.com/use-of-blockchain-in-various-sectors/