With the uprise of crypto coins Blockchain, the system on which Bitcoin operates, started a revolution. The technology’s application went beyond cryptocurrencies and now is emerging in various industries worldwide.
Blockchain is a network consisting of blocks that store information and are interconnected through cryptographic code. Originally, it was created to be a transaction system, however, its limits are quickly expanding.
Blockchain in Business
There have been many business opportunities in the world of crypto with great tools, such as a crypto tracker, being created to assist crypto investors. Yet, crypto and blockchain also managed to merge into other markets and systems too.
When Bitcoin first came out, traditional financial institutions were skeptical, to say the least. After all, it was a move against banks and the financial system. Ten years later, banks are welcoming blockchain with open arms.
In 2017, a group of large banks, the Unity Settlement Coin (USC), combined their efforts in order to utilize the full benefits of the new technology. Some members of the group include MUFG, HSBC, State Street and Barclays.
Smart Contracts are among the best ways that blockchain supports businesses. These contracts are unique in that they enforce the terms of the agreement. The contracts also don’t require a middleman.
On the other hand, blockchain is used for storing medical data. Contrary to the traditional method of keeping records, all modifications on the network are kept in a separate block with timestamps. Blockchain is used to store medical records, track equipment or automation of insurance approvals.
Insurance is another strong point of the blockchain technology. Monitoring, organizing and securing information will become much easier. Blockchain will help to improve efficiency, detect fraud, make the data more available for authorities and reduce turnaround times.
The potential for blockchain in business is overwhelmingly great. It will be advantageous across all industries with its ability to make data storage more practical.
Blockchain in the Voting System
Voatz, a blockchain-based company, was founded in 2014 in Brookline, Massachusetts. The company is aiming to make voting more secure and available. The platform recently raised $7 million in the first fundraising round. Some of the most well-known participants were venture capital firms: Urban Innovation Fund and Oakhouse Partners.
The acquired funds will be used in order to make the application more accessible and applicable and also increase its security levels. Voatz is currently releasing pilot programs involving different cities and states.
Voatz utilizes the blockchain technology in order to improve the election system, it gives users the ability to vote in every election via their mobile application. The app is available on Apple, Google and Samsung phones.
Voatz operates through blockchain in order to guarantee that a voter can’t vote twice. After voting, the user acquires a digital receipt to confirm that their vote has been recorded.
The election system is among the best ways to use blockchain. The platform’s effort to help more voters to remotely take part in the election safely is crucial. During the last 4 years, over 80 thousand people voted with the help of Voatz in more than thirty elections.
Blockchain is entering more and more spheres, while cryptocurrency is still one of the best investment opportunities. If you want to be an efficient crypto investor you should check out this informative guide of crypto portfolio management.