We can spend hours arguing whether blockchain is a boon or a bane, but it is no longer possible to deny the convenience of using this innovative technology in different spheres of life. For those who are poorly informed, blockchain may be associated with cryptocurrencies and therefore finances. Fortunately, this technology is not limited to the financial industry only. Let’s see where else blockchain is applicable today.

Healthcare

In healthcare all data storage mechanisms have always been limited to a single system. Doctors from one country could use the Internet resource to add data and get all the necessary information, but their peers from other countries could not access that database. With the use of blockchain experts from different countries exchange experience being admitted to various resources having permission to access confidential information. Patients also benefit from the use of blockchain as it helps to update medical records and provide an opportunity to get a medical consultation in other medical facilities or even abroad (in case the patient has to get medical help during vacation or while on a business trip).

Education

Blockchain can be used to register diplomas and certificates so that they cannot be bought or received illegally because all the materials about the finished courses will be publicly available. Employers can take advantage and hire students who have honestly graduated from a higher educational institution.

Diamonds

Diamonds often serve as a money-laundering tool and as a means of financing terrorism on a large scale all around the world. Jewels are very small in size and can be easily transported. Blockchain provides insurance companies and claimants with access to the register of unchangeable historical data, which allows to identify the diamonds in order to establish their authenticity and confirm the authenticity of diamond transactions.

Real estate

In the sphere of real estate, the blockchain technology helps to certify the transfer of ownership, confirm money transfers, contracts and the owner’s data. The technology will also assist in eliminating paperwork, reducing red tape, improving services delivery and becoming a key driver for the industry transformation.

Internet of Things

Blockchain and IoT are among the hottest tech trends today, and the joint use of these technologies brings a lot of benefits. Many experts consider blockchain as a powerful way to ensure the security of IoT devices by combining them into a decentralized, scalable environment. The integration of blockchain into IoT also gives the opportunity to maintain identification of the devices, facilitate microtransactions between them, and provide proof of payments.

Voting

From presidential elections to a student’s questionnaire, with blockchain the voting process is secured from any third-party interference. This will make the results accurate and reliable because the counting of votes cannot be faked.

Conclusion

The use of blockchain goes beyond the cases described above. The technology is rapidly developing, and more and more professionals are applying and enjoying its advantages. Thanks to blockchain, almost all spheres of modern life will become transparent and accessible to everyone: fair elections, lack of corruption, rapid money transfers, etc. And it is already obvious that in most cases the use of blockchain makes economic sense and leads to secure use of any kind of data.If your business is ready to reap the benefits of this technology, choose blockchain software developers from Softvelopers.