5 Remarkable Uses For Blockchain You Did Not Know About

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“In five years, there won’t be any internet companies”. Rather “all companies will be internet companies or will be dead”. Isn’t it obvious? For many, this was an act of arrogance back in 1999 when Intel, Andrew Grove, started his Los Angeles conference with these words.

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Introduction

At that time, this became sensational news. With the accelerating use of the internet in the market, the market started flourishing. Today, Blockchain is the catalyst of the new technological revolution.

According to Gartner, the recent trends in technology might help the Blockchain to seep inside every industry. And for your information, these claims are backed up by companies that have already adapted to the use of blockchain technology.

This has created a market for the Blockchain-based application that can empower healthcare, real estate, education, law firms, and banking sectors.

With the rise in demand for trading platforms, there has been a surge of new platforms this year. 1k daily profit is one such platform that has attracted most of the investor’s attention in the pandemic. You can use this platform for not only keeping your digital assets safe and secure but you can also use this platform for trade and transaction.

 

Blockchain Use Cases In Businesses

The best way for you to gauge Blockchain technology’s potential is to see its practical uses in the business platforms. We have done a thorough research and have come to the following conclusion.

 

Banking

Banking stands to be the most influential finance sector. Since Blockchain technology offers tamper-proof technology, banking sectors have welcomed it with open hands. Blockchain technology helps the banking sectors add up an extra layer of security, but it also brings more accuracy with the data sharing.

 

Once the banking sectors have realized Blockchain technology’s potential, they have started adapting to the new technology. For instance, Swiss UBS and UK Based Barclays uses the Blockchain technology to handle and track all their back-office operations.

 

Prediction Markets

The prediction market has been there in the market for quite a while. However, it got recognition after the increased use of the internet when the information technology revolution took place in the early 1990s, forecasting and prediction become interesting for the people.

This keen interest in making predictions has driven the overprediction and over-regulation of the financial sectors.

 

Car Leasing

In 2020, car leasing is a flourishing business. Leasing a car means you have to go through several legal paperwork. These processes include verification of the financial status of the driver to the inventory. This process is full of hassle. However, with the integration of the Blockchain technology, you will easily be able to get hold of the paperwork and will be able to track the ongoing process.

 

Energy Management

The energy market is another highly centralized industry that has benefited from the decentralized network. Most of the energy production houses are adapting to the blockchain network to connect all the energy sources. This will allow the company to keep track of the energy flow.

 

In Blockchain technology, intermediaries are omitted. Hence, you can reduce the extra cost that otherwise would have gone in maintaining the intermediate services.

 

One of the projects that support Blockchain technology is Brooklyn Microgrid. This Project’s purpose is to create a network through which locals can sell energy created by the rooftop solar installation.

 

Digital Identity

It is an old concept. However, with the integration with the Blockchain technology, we will certainly be able to see a new horizon. The decentralized nature of the Blockchain helps the data to store in a public ledger network. Blockchain offers a more secure solution than centralized data storage, which is more prone to external attacks.

 

Several startups are surfacing with advanced security and offering even more opportunities to the Blockchain participants. Today, you will find several digital Identity service providers that help their clients give a new digital identity with the hope of Blockchain technology.

 

Conclusion

Blockchain has become a heater debate topic in the market. While the government is unwilling to lose its centralized authority, global business leaders have seen untapped potential in the global economy supported by Blockchain technology.

Similarly, for these global leaders, small startups, and initiatives that we have already mentioned in the article help them take the first step towards transparency and equality in the businesses.

 

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