Blockchain technology is connecting the world to cryptocurrency; and now, it’s enhancing the way in…
Cryptocurrency is one of the world’s most popular use cases of Blockchain technology. Smart contracts are another prominent decentralised application of the blockchain; allowing many to execute commercial transactions and automate contract agreements without the need for a third party.
However, there are real-world product uses of blockchain technology. Many countries around the world have started implementing the advanced technology system to improve economic sectors and introduce efficient, convenient workplace processing.
Scotland held its first blockchain conference – ScotChain16 – to discuss the importance of the blockchain in Scotland. Scotland also plans to launch its very own stock exchange, called ‘SCOTEX’, with the integration of blockchain technology for its clearing process. Investors and brokers of SCOTEX can enjoy an efficient retrieval of money; just 15 minutes after a trade is completed.
The Malta Stock Exchange has put together Blockchain Blockchain Committee to develop a strategy that addresses blockchain technology. In doing so, Malta aims to create a ‘think tank’ – Malta Stock Exchange Blockchain Consortium – that brings industry leaders and experts together through knowledge-sharing and joint blockchain projects.
On the opposite side of the hemisphere, Australia has also started to take much interest in the blockchain; with the Australian Stock Exchange (ASX) Limited announcing that it was building a blockchain to replace its present platform for clearing and trade settlements.
Meanwhile, emerging African market, Kenya, has adopted the blockchain to lead a Kenyan cryptocurrency project that is expected to boost the country’s logistics industry. South Africa has also proceeded to take on the blockchain and cryptocurrency industry, as Coindirect accelerates the adoption of cryptocurrencies in South Africa and in 25 other around the world.
With many countries starting to see the benefits that blockchain technology can bring to economic sectors, here are 8 real-world product use cases of blockchain technology.
- Real Estate – using the blockchain to buy, rent, seek and perform real estate operations are much easier, efficient and transparent. With blockchain in real estate, users can enjoy an improved property search, information transparency, seamless management of cash flow and efficient transactions.
- Education – blockchain technology can be used to store degrees and certificates, students no longer need to spend money on confirming validity to third parties and student verification won’t be needed at various organisations. Universities that have already implemented blockchain technology include The University of Nicosia in Cyprus, MIT and The Open University in the United Kingdom.
- Healthcare – distributed ledger technology has been integrated into healthcare systems, using advanced algorithms. Here, doctors will digitally store patient data to ensure effective medical care, the accessibility of medical records, proper diagnosis and better treatments.
- Banking and Payments – when it comes to banking and payments, integrating the blockchain means faster payments at lower fees than banks – there is no need for a central authority. By tokenising stocks and bonds, capital markets are restructured. Borrowing money is also more secure and cheaper with the integration of blockchain technology, and bureaucratic structures when it comes to loans will be removed.
- Internet of things – data transference and authentication are made much easier with the integration of the blockchain into the IoT – prevents malicious duplications, data interference removes third parties and reduces any associated costs.
- Government – blockchain technology allows for the ability to ensure tax transparency, defraud voting, monitor revenue and easily change management systems.
- Charity – transparency and the accessibility of information is important when it comes to charity; especially donating to charity. Here, donors will be made to contribute to charity without brokers, remove broker commission and track their transactions.
- Blockchain as a Service (BaaS) – cost saving and reducing technical barriers are the most beneficial aspects of integrating blockchain technology into BaaS. Few of the first blockchain software vendors that offer BaaS include Oracle, IBM and Microsoft.
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