The growth of cryptocurrencies is unstoppable, and the main reason behind this growth is blockchain technology. Without blockchain technology, cryptocurrencies would have still existed, but it’s difficult to predict whether they would have grown or not.
Blockchain technology is a decentralized distributed public ledger that does the task of recording all the transactions and data without involving any intermediary like banks or government. In simple words, a Blockchain is a database in which records or information is recorded.
Suddenly everyone is attracted to business and are talking about the applications and benefits that it provides. Has anyone understood why there is the need for blockchain technology? People that are using bitcoin and Blockchain can start trading bitcoin by visiting the bitcoin trading robot.
The traditional banking systems have flaws, and in order to overcome those flaws, there was a need to develop a system or technology. Developers who distrust traditional systems often find there’s a need for Blockchain. Individuals and businesses consider banks as intermediaries that take unnecessary transaction fees, charge high fees for exchange, and delay the transactional process.
When developers understood all these flaws, they found an idea of developing a system that validates payments and allows cross-border transactions without charging high transaction fees.
With the help of Blockchain, real-time payments have become possible, and now the banks are looking forward to reducing the extra transaction charges.
Along with real-time payments, there are many other uses of Blockchain, which are the reasons why people are adopting Blockchain. Even the uses of Blockchain are being tested out in small-scale projects, and it is possible that the world will get to see multiple blockchain applications.
Here, let us explore some unique uses of blockchain technology that are as follows:
Monitoring supply chains
When we talk about monitoring supply chains, Blockchain comes in handy. Blockchain is beneficial as it removes the need for paper trails that businesses used earlier when using cash.
By removing the paper trails, businesses can easily understand and pinpoint all the inefficiencies that are there in supply chains and will help in locating the items. Blockchain is helping customers and businesses to understand and estimate the performance of products.
Now businesses are given the authority to view their products from the perspective of quality control as the products are delivered from place of origin or manufacturer to retailer.
Also Read: Reasons That Illustrate Blockchain Is Transforming The World!
Easy money transfers and processing of payments
The main use of Blockchain is that it is developed to allow people to complete peer-to-peer transactions without involving any third parties. It is imperative to note that Blockchain removes the banks and government from the equation and allows users to make easy money transfers 24 hours a day.
Most of the transactions that are processed on blockchain network get settled within seconds, and this is one of the best advantages that is provided to businesses.
Loyalty reward programs for customers
Another main use of Blockchain that people get to experience in today’s time is loyalty rewards. Businesses or companies can create token-based systems through which they can reward their loyal customers by storing the tokens in Blockchain.
This not only attracts the new customers but also impresses the existing customers and convinces them to return to your company or business.
Also, Blockchain provides protection against fraud to businesses, and it eliminates the wastage of paper because it works digitally by creating token-based loyalty programs to offer rewards to loyal customers.
Digital voting
Today, the frauds have increased to a great extent because the hackers are using creative ways that a normal person never has even thought of. If you are worried about fraud in voting, then adopt blockchain technology.
You don’t need to worry about blockchain technology as it offers the capability to do digital voting where everything is transparent, and any fraud, if happens, can be easily tracked.
Digital voting is transparent enough that even if sometimes tries to do fraud, it can be easily seen. Also, digital voting with Blockchain means irreversible voting, which means that your vote will be counted for sure.
Also Read: How Blockchain Technology And Cryptocurrency Can Change Or Augment Entrepreneurship?
Tracking of weapons
One of the hottest topics in today’s time is of increasing use of weapons that should be under control. Blockchain helps by creating a transparent network that enables the federal government and law enforcement to track the ownership of weapons and keep the record of guns and other weapons.