Although Blockchain Technology was created in 1991, it stayed in shadows until in 2009 when Satoshi Nakamoto published his white paper on Bitcoin, which worked on Blockchain Technology. Since the majority of people thought that Blockchain can only be used for Cryptocurrencies. But Blockchain is more than just Cryptocurrency. The main function of Blockchain Technology was to Timestamp documents so that they cannot be tampered with.
Let us go through the fields where Blockchain can be employed for to make the process productive and secured.
Banking
Banking field is one of the most important and clumsy field we depend on every day. Banks are always busy with a lot of paperwork and manual uploading of data and lot of other stuff. It is a place where everyone tries to fraud or hack into it.
The introduction of Blockchain Technology into banking sector will solve most of the present day issues and make it more secured.
But in this sector, the Blockchain is centralized unlike in Cryptocurrencies. The ledger is distributed among the banks and every transaction is recorded onto the ledger.
A ledger is distributed among the banks on which every transaction is recorded. If a transaction between two banks needs liquidity then there will many other partner banks to complete the transaction.
Voting
Voting is most powerful right of a common man to decide the fate of the country. In many countries with corrupt government, malpractices will take place.
Blockchain Technology can be employed in order to avoid any malpractices. The timestamping feature of Blockchain Technology makes it quite efficient for the role.
Keeping Track of medical records
Medical records of a patient are very sensitive and important, a simple mistake may result in fatal results. Blockchain Technology can be used to keep a record of medical reports of a patient. And the ledger will be given a time-limited access to lab assistants in order to update the patient's test reports, to doctor to access the patient health and to insurance company for fitness checks.
Authenticity of medicines
Per year it is estimated that millions of people die of fake medicines. If Blockchain is used to keep a record of medicine lifecycle i.e., the manufacturing company details, the dealers and the buyers, then a customer can check the authenticity of the meds he bought by simply looking up in ledger whose access is provided by a unique code on the medicine.
Auditing
Let’s consider that you bought a share at a company, the company will provide you with documents that prove you hold a share of the company. You need to go through the documents to verify them.
But when you have invested in a lot of shares then you need an auditor to validate those. If Blockchain is used to store the purchase details, then Blockchain validates the documents and stands as proof that you own a share in a particular company.
Smart Contracts
Smart contracts along with Blockchain prove to be very beneficial. Let’s consider that you have released an album through a multimedia company the profits will be shared as per the sale of the album. If a Smart contract is created stating the distribution of profits then the smart contract itself takes care of profit distribution according to the sales.
Ticketing
Blockchain technology can be employed in ticketing system for more secure and efficient ticketing system. By using Blockchain technology in ticketing system the transactions will be transparent and flawless.
When the ticket is sold the details of the buyer is saved on the Blockchain which means that the ticket is bound to an identity. In order to resell the ticket, the user has to go through a legitimate process. And the ticket’s QR code of the ticket in the app is revealed before the event as per the organizer choice, making it impossible to fake or copy tickets.
Blockchain technology application in ticketing system makes it more efficient making the organizers and performers prosper and the right audience will get access to the event.
Marketing
Marketing is of various kinds and it varies with event/business. For an event, Marketing is the only source to reach the audience.
Marketing involves advertisements both offline and online, promotions, bounty programs and many more. But most of the marketing techniques cost quite heavy compared to results.
For example, Google and Facebook provide pay per click programs; for a particular number clicks by the user's particular amount is to be paid. But for an event, the ratio of a number of tickets sold to the number clicks is quite low. The event is promoted in the terms of the agreement but the ticket sales will be low compared to the price paid for promotion. The marketing manager pays quite huge amounts to the Internet giants and gains very low in return which in turn results in a loss for the event organizers.
In order to obtain good results referral program is introduced so that the event/business reaches the audience at free of cost but the amount is paid only when legitimate ticket sale occurs, which results in a mutual gain for both organizer and referrer.
But the present marketing systems are inefficient and costly. The organizer gains much less than he spent on marketing. As most of the referral systems are not efficient and are easily manipulated by the users.
In order to make the referral system more efficient and secure, it can be coupled with Blockchain technology. All the activity associated with a referral link can be stored on Blockchain and thus we can keep track of all the legitimate activity which is eligible to get the referral bonus. If any illegitimate process is used or the order is canceled the referrer will not get paid. Then the organizer can decide to pay the referral bonus after the promotion/referral period is over. The most unique feature of Blockchain technology is that once a data block/ledger is created on Blockchain it cannot be manipulated even by its creator. This feature of Blockchain makes it more reliable than other means.
Blockchain Technology can be employed in many other fields to prevent tampering and make the process more convenient. Most of the application of Blockchain are initiated by many startups by linking them to a definite cryptocurrency and raising ICO’s.
Comments
Post a Comment