The majority of people have talked about blockchain in tandem along with the advent of bitcoin as the star of cryptocurrencies. However, blockchain technology is more than just Bitcoin. It is a method of monitoring transactions utilizing technology which could show to be groundbreaking.
While still in its early stages, blockchain is being employed to a series of business uses. And it will likely serve a wide range of purposes shortly.
The blockchain is a huge, decentralized ledger of transactions sustained by most different, decentralized sources. For that reason, there’s no necessity for single, central authority to verify whether transactions happened. An example of this is banks. The bottom line is, all transactions logged in blockchain are safe and irreversible once confirmed.
The most sought-after application today tends to be cryptocurrency. However, experts claim that blockchain can be utilized for everything. It can be from regulatory compliance to data management. Limiting blockchain to Bitcoin would be an error which doesn’t harness the full potential of the technology.
Blockchain for Voting
Just like currency, votes can be moved with a blockchain in a secure, accurate and neutral way. Employing blockchain as an instrument for consensus-building in communities and even countries could change modern beliefs of democracy. It can also improve the validity of election results.
As far as guaranteeing the accuracy of the vote, one can trust that records in the blockchain technology haven’t been altered or added.
Blockchain for Supply Chain Management
Blockchain technology can track materials and goods within a specific organization. It also works throughout the supply chain of a manufacturing corporation. As an item leaves the industrial unit, blockchain could be utilized to record its arrival at a warehouse. It can also monitor its shipment out to the retail store.
Alternatively, reimbursements and transactions are possibly the most accustomed application of blockchain technology these days. XinFin – and other cryptocurrencies are backed by blockchain technology. At present times, the platform is producing initial coin offerings (ICOs) for blockchain-backed platforms and currencies.
Blockchain Technology for Smart Contracts
Smart contracts allow a way for institutions and organizations to manage huge amounts of transactions. An example of this is those who operate across supply chains, spontaneously. They can be utilized to incorporate services across various businesses without revealing proprietary or sensitive information.
For instance, XinFin is the first hybrid blockchain protocol forked from Quorum and Ethereum. It’s built to work on PBFT + stake-based consensus. It also clocks 500 TPS striving to clock 2000 TPS. It’s intended at serving the $50 trillion worldwide trade and finance industry with its tradefinex.org. The platform brings together suppliers, buyers, financiers, global trade associations and regulatory bodies.
Blockchain for Commodities and Securities Trading
Blockchain promises faster trading on stock exchanges. The distributed nature of the technology guarantees that a process recently undertakes over the course is confirmed and completed in just a few minutes. Thus, it will streamline the whole experience.
Provided all the ways blockchain can interrupt traditional methods of record keeping and transactions, how faster will we notice mass adoption? The majority of experts claim not to hold your breath. However, that implementation will be predictable shortly.