Blockchain is one of the most disruptive technologies to come into the market in recent times. The distributed ledger technology provides a medium to record and transfer data that is safe, extremely secure, and resistant to data loss. These make organizations more efficient and secure. Businesses have implemented this technology beyond bitcoin into areas that previously were not as secure.
Banking and payments: The financial services industry has employed the use of blockchain in a variety of its products and services. When sending money overseas, many banks have used the blockchain to streamline this process and make it cheaper for the customer. Fees close to 7-10% are drastically lower with the implementation of blockchain and funds are delivered that much quicker.
Cybersecurity: The use of blockchain’s strong encryption allows for the cybersecurity industry to further enhance its products. The transparent ledger allows for password-free entry. Using biometrics, including retina scans and fingerprints, the ledger can create a single-source, uncrackable form of entry into any private data.
Supply Chain: Transactions can be recorded and reduce human mistakes. It can be used to monitor all parts of the supply chain. Can be used to verify the status of products
Voting: Probably one of the most critical aspects of the democratic process, the amount of voting fraud is very concerning in society. The implementation of blockchain technologies in the election process would allow voter registration and verification to be much more accurate. Furthermore, given the immutable aspect of a blockchain, once a vote is cast, it will not be able to change thereby ensuring an accurate count.