The blockchain is the new emerging technology and is in the air for some time. It is a digital, spread, and decentralized ledger. It underlies most virtual currencies that are accountable for sorting all transactions starved of the need for an economic midway, such as a bank. In other verses, it's a new means of transmitting assets and recording information. The blockchain technology is the visualization of creators who thought that the existing finance system had flaws.
In general, they observed banks acting as third-parties and robbing trades fees as unnecessary, and they sneered at the impression that payment authentication and clearance could take up to five business days in cross-border dealings. With blockchain, real-time dealings are an option, while banks are gone out of the equation completely, apparently reducing transaction charges. There are numerous other uses of blockchain apart from currency setting. Let’s go through some of them:
Uses of BlockChain
- Payment processing and currency transfers
Debatably the most rational use for blockchain is as a means to accelerate the transfer of funds from one party to another. As well-known, with banks detached from the calculation, and authentication of transactions is continuing 24 hours a day, seven days a week, most dealings administered over a blockchain can be settled within a matter of seconds. Isn’t it great, if you can get money refunded in your account in seconds if the transactions fail?
- Monitoring supply chains
Blockchain also comes in predominantly handy when it comes to monitoring supply chains. By eliminating paper-based trails, trades should be able to identify ineptitudes within their supply chains rapidly, as well as trace items in real time. Further, blockchain would allow trades, and possibly even customers, to view how products achieved from a quality-control viewpoint as they voyaged from their place of origin to the seller.
- Loyalty rewards programs
Blockchain could further transform the retail capability by flattering the go-to for loyalty rewards. By generating a token-based scheme that rewards customers, and storing these tokens within a blockchain, it would incentivize customers to return to a certain store or chain to do their errands. It would also remove the deception and normally linked paper and card based loyalty rewards programs. Going with the digital age, it’s better to have everything digital.
- Digital IDs
Over more than 1 billion individuals universally face uniqueness challenges. Digital identities are being created that would give users a way to control and manage their digital identities. This would allow people in needy regions to get access to monetary services, or start their own business. The attempts are being made to create a decentralized digital ID. This is still in the early stages.
- Data sharing
Blockchain can be used as a data market place to share or vend unused data. Since most enterprise information goes unused, blockchain could act as a midway to stock and move this data to progress a host of industries.
Does Blockchain Makes Sense for Government?
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