Blockchain Technology in Daily Life

Blockchain is the all-new transformation not just having its roots gripped in the banking industry but touching down the perk spree in every possible industry. Being the digital distributed and decentralized ledger, blockchain is quite a reliable choice for logging transactions, transferring funds and adding imperative information absolutely safe & secure!

With the rise of blockchain technology, the intermediaries have taken the back row. Also, it aided the vision of developers who believed that the current financial system does have flaws, which can be partially amended through the usage of blockchain.

Read Also: Blockchain Technology to Power a Better Tomorrow

Why’s Blockchain Rushing Over?

Blockchain has been there for quite a long time and when it comes to the financial industry, it has a few unparalleled usages! Transferring funds have always been a tedious task, while in case of making cross border payments, the validation & settlement process can take up to five business days. Well, Blockchain can get the transfers done in just a few minutes, irrespective of cross border payments, letting the transaction fee be lesser in comparison with the regular banking options.

Here are a few daily usages you haven’t ever noticed!

• Monitoring the supply chains

Blockchain is a handy tool to monitor supply chains. By eliminating the paper-based trials, businesses are able to fetch the inefficiencies within the supply chain network along with locating required items in real-time. Blockchain doesn’t limit here, it allows the business owners and consumers to view and analyze the product performance and keep a check on the quality control along with the track of the product chain.

• Managing loyalty programs

Blockchain could revolutionize the loyalty reward programs experience with the simplistic token-based system rewarding consumers and storing the tokens within a blockchain network, incentivizing consumers to let them keep coming back to a certain store or chain for shopping. The process eliminates the fraud and the unnecessary paperwork associated with the card-based loyalty rewards programs.

• Digital IDs

Often not taken in major consideration, Digital IDs are one of the most imperative aspects and might be a potential challenge. There must be a Ziplock on the content viewed and accessed by a bunch of people, especially when there’s confidentiality involved. Blockchain can aid this as well, decentralized digital IDs can work wonders to ensuring security.

• Data Sharing

Blockchain can be used as an online marketplace sharing & selling tons of data. The most enterprise data often goes unused, while blockchain can facilitate by being an intermediary to store and push the data improving the host of industries. A few brands are already having the process implemented and getting their data way more sorted and managed.

• Managing Copyright Issues

It’s a competitive era and you are required to have your content protected before someone hints your unique idea/content or any sort of data. Blockchain here can let you keep up with the copyright laws and ensure the data protection through the essential laws already configured in the digital content downloads. Here, the one behind the work gets a fair share along with a real-time transparent royalty distribution data to the content creators.

• Worker’s Rights

Another aspect blockchain cover is to have the workers’ rights upright around the world. According to International Labor Organization, 25 million people around the globe work in forced labor conditions. With the use of smart contracts, a few protocols are implemented automatically, facilitating or enforcing contract to work as per the decided terms.

Top blockchain development companies, who have been in the business since blockchain was just a buzz around can let you have the right take on blockchain development services giving a heads up if you could have the technology in business and make something useful out of it.