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Application of Blockchain Technology

<p><span style&equals;"font-weight&colon; 400">The term &OpenCurlyQuote;blockchain’&comma; originally called &OpenCurlyQuote;blockchain’&comma; is a list of ever-growing records&comma; called as blocks&comma; which are linked to one another by cryptography&period; Every block includes a signature of the earlier block&comma; transaction data&comma; and a timestamp&period; In earlier days&comma; the internet allowed you to share emails&comma; read&comma; correspond on media&comma; etc&period; This new technology of blockchain enables you to deal with your assets and your most valuable items&comma; with a good amount of security&period; Using this technology will not only make your businesses safe but will also enable quickening the processes and reducing errors that will help you to prevent hiring a third-party expert for doing the work&period; The blockchain technology will completely change the way in which you manage your assets&comma; transact business&comma; rent a car&comma; vote&comma; etc&period; Thus&comma; there are a plethora of <&sol;span><b>applications of blockchain technology&period;<&sol;b><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><b><span style&equals;"font-weight&colon; 400">Payment processing and transferring money&colon; The ability to transfer money from one party to the other is one of the most obvious <&sol;span>applications of blockchain technology<span style&equals;"font-weight&colon; 400">&period; As opposed to banks&comma; needing to validate transactions taking hours or even a day to complete validation&comma; the transactions made using blockchain technology can be settled within just a few seconds&period; Thus&comma; the technology is very useful when it comes to saving time for transactions&period;<&sol;span><&sol;b><&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><b><span style&equals;"font-weight&colon; 400">Retail loyalty rewards&colon; Creating a token-based system allowing the customers to win rewards&comma; and storing these tokens using the technology&comma; will enable certain customers to revisit the particular shop&comma; thus increasing the profit of the shop&period; In addition&comma; using the technology will also help in eliminating the waste of paper and fraud associated with winning loyalty rewards&period;<&sol;span><&sol;b><&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><b><span style&equals;"font-weight&colon; 400">Monitor supply chains&colon; Blockchain technology will help in removing paper-based trials and will help in indicating inefficiencies in the supply chain and enable quick item search in real time&period; The technology will also allow consumers to see from the quality control point of view&comma; how the products have performed over time&period;   <&sol;span><&sol;b><&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><b><span style&equals;"font-weight&colon; 400">Creating digital ID’s<&sol;span>&colon; <span style&equals;"font-weight&colon; 400">According to the latest studies&comma; it has been seen that more than about 1 billion people suffer from the problem of face identity&period; By making use of the technology&comma; digital ID&&num;8217&semi;s can be generated so that users belonging to penurious places can have complete access over their financial services&comma; or can even start a new business&period; <&sol;span><&sol;b><&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<ul>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Digital voting&colon; Voting is an aspect that has been entangled or closely related to fraud for many decades&period; By using the blockchain technology&comma; however&comma; this issue can now be solved&period; The technology offers to vote digitally and it ensures that the regulators will be able to find out if anything was altered on the network&period; Using this technology ensures the ease with which one can vote digitally&comma; but in an unchanging nature&comma; to make sure your vote is authentic&period; <&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Protection of royalties and copyright&colon; With the world of internet and the freely available information at hands&comma; it is very important to have a technology protect your copyrights&period; The blockchain technology will ensure that the content from the author is being taken at the right fair&period; The technology will also give real-time royalty distribution information to the artists&period;<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Real estate and land affairs&colon; The main purpose of implementing the blockchain technology is to eliminate the use of paper-based work&comma; which plays the most vital role in confusing any buyer&period; In case you purchase or sell a commodity&comma; you are required to transfer the title to the person selling or buying the commodity&period; As opposed to the traditional paperwork which can often be very cumbersome&comma; the blockchain will store titles on its network&comma; which will allow a transparent visualization of the transfer&period; This will enable in getting a clear picture of lawful ownership of the commodity&period;    <&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Safety of food&colon; This might be one of the most unexpected applications of blockchain but has recently been used very widely&period; By using the technology&comma; you are able to trace food from the place of its origin to your plate&period; The blockchain being immutable&comma; you have the ability to find out the exact position of the products from where they came until the supermarket&period; In addition&comma; if there is evidence of a source of contaminant&comma; it can be much quickly recognized by using blockchain&period;<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Medical recordkeeping&colon; This is the widest and most used application of blockchain&period; The medical sector for many years has been trying to keep the data in a more digital format than keeping paper records&period; Using blockchain offers a higher degree of security and the information is easily acquired when needed by the individual&period; The records that a person has are confidential and there is a provision of sharing these records with other people with due permission of the patient himself&period; This ensures a high level of security of personal information&comma; which is the need of the hour&period;<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;<p><span style&equals;"font-weight&colon; 400">Some other <&sol;span><b>applications of blockchain technology<&sol;b> <span style&equals;"font-weight&colon; 400">include&colon;<&sol;span><&sol;p>&NewLine;<ul>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Weapon tracking<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Equity trading<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Storing will or letters of inheritance<&sol;span><&sol;li>&NewLine;<li style&equals;"font-weight&colon; 400"><span style&equals;"font-weight&colon; 400">Securing access to personal belongings and much more<&sol;span><&sol;li>&NewLine;<&sol;ul>&NewLine;

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