Blockchain Technology Beyond Bitcoin: Real-world Applications

One of the inventions that significantly changed the world as we see it today is the internet. We cannot imagine a world without it and social media platforms that have become integral to our daily lives.

However, we are on the brink of witnessing another significant transformation. That is the widespread use of blockchain technology. It has gained popularity over the last decade and will take the tech world by storm.

Blockchain has real-world applications in various fields, such as healthcare, finance, government, etc. That is in addition to its well-known application in Bitcoin.

Blockchain is more than its closeness with Bitcoin. It has outgrown Bitcoin’s shadow. The decentralised nature ensures security and is less vulnerable to cyber-attacks. The enhanced security makes blockchain technology popular and the go-to choice for real-world applications.

Let’s look at some of the real-world applications.

• Managing assets

Asset management involves overseeing various assets that an individual may own- such as fixed-income, equity, mutual funds, real estate, commodities and any other investment. Trading in asset management can be complex, especially when it involves foreign countries and international payment transfers, which can drive up the cost.

Utilising blockchain can eliminate the need for intermediaries like brokers, custodians or settlement managers. Instead, the technology promotes a simpler, more transparent and error-free process.

• International payment transfers

• Healthcare

Everyone involved in the contract knows the details. The contract will only initiate when certain conditions are met. Blockchain technology can be highly beneficial as the records stored can only be accessed by the primary healthcare provider with a key. It also prevents sensitive leaking.

• Digital currencies

• GameFi

GameFi allows players to earn rewards with real-world value through in-game achievements, tokenised rewards and NFT-based collectables. Games like Alpha Returns are leading the way. The model gives the players easy access to an ecosystem where they can trade, rent and manage digital assets without intermediaries.
 
To sum up, it is a relatively new technology. The mainstream industries are gradually adopting the technology. The widespread use will give users easy access to vital information, enhancing transparency and security, faster transfers, and reducing costs.