How to Track a Wire Through the Blockchain
Blockchain has a widespread impact outside of money transfers as well. Countless industries and multiple levels of business leverage blockchain to automate and optimize their processes and operations.
Marketing with blockchain
Blockchain is drastically changing how marketing is done today. Editing, SEM (search engine marketing), and targeted advertising are just some of the areas of application. But, most importantly, blockchain marketing allows campaigns to be tracked, verified, and quantified without the need for a centralized intermediary.
The performance of marketing campaigns is notoriously difficult to gauge and track, as it involves multiple parties and layers of influence. So, having data and results publicly tracked and displayed using blockchain technology cuts down on the potential for fraud and tampering.
Streamlining business operations with blockchain
Blockchain improves processes across a wide variety of industries and verticals, streamlining operations and allowing businesses to optimize. Most importantly, payment operations benefit from blockchain by enabling senders and receivers to publicly transact without the fear of losing money or revealing their identity if they wish to keep it private.
Smart contracts with blockchain
Blockchain smart contracts can be used to automate asset transfers without the need for manual input, while providing an extra level of security to protect transfers. Since these contracts incorporate blockchain technology, they are decentralized, enabling equal authority for both parties.
Overall, smart contracts limit possible errors in communication and workflow through their automation and accuracy, greatly reducing the possibility of corruption and mishandling by eliminating the middleman.
Blockchain has the potential to fix one of our biggest challenges: record keeping. It allows our most precious information to be effectively secured and yet efficiently accessible. This can help with more than just business, but also other industries, personal documentation, and even the electoral system. From government ID, healthcare, and education records to gym memberships and gift cards. The future of blockchain is in every industry.
Healthcare with blockchain
Blockchain is characteristically interoperable in that its sole purpose is to securely keep and share information.
Health care is a sector that could definitely benefit from the clear, transparent, and instantly available records provided by blockchain. SimplyVital Health has recognized that need and launched a blockchain network, nexus , that creates decentralized patient records. These can be immensely helpful for patients seeing multiple caregivers, since their chosen doctors will be able to access and update their medical records instantly.With blockchain, data is compiled and identity is verified instantly and securely.
Voting with blockchain
Voting is an extremely sensitive process and involves a lot of security and measures and accountability. However, elections face the risk of human error and fraud. Blockchain fixes this issue by removing the need for intermediaries.
Education with blockchain
If you've ever forgotten or lost your ID, you understand real frustration. You've likely wondered at that moment why something so valuable and necessary to our everyday lives can be so easily misplaced. Why don't we have safety nets? Or maybe something more permanent?
One thing about personal identity is that it's all in physical records. Driver's licence, passport, birth certificate, and even your official transcripts, and diplomas or post-secondary certifications. If these things are lost, it takes time and money to get them back.
Blockchain in retail
Cutting out the middlemen and thus streamlining operations is one of blockchain's best features. No other sector could use this feature as much as retail, an industry crawling with middlemen.
OpenBazaar, like many other applications, is a blockchain-powered marketplace that tries to cut out the middlemen by connecting businesses directly with each other. While the idea is not new, trusting complete strangers on the other side of the world doesn't come easily to most people, especially when it comes to choosing business partners.
This is about to change. Thanks to its security and transparency, blockchain can create the necessary trust among participants. This wouldn't be possible without the technology, since building trust via traditional means (i.e. meeting in person and getting to know each other) is often not feasible.
Blockchain and the government
Cutting out the middlemen and thus streamlining operations is one of blockchain's best features. No other sector could use this feature as much as retail, an industry crawling with middlemen.
OpenBazaar, like many other applications, is a blockchain-powered marketplace that tries to cut out the middlemen by connecting businesses directly with each other. While the idea is not new, trusting complete strangers on the other side of the world doesn't come easily to most people, especially when it comes to choosing business partners.
This is about to change. Thanks to its security and transparency, blockchain can create the necessary trust among participants. This wouldn't be possible without the technology, since building trust via traditional means (i.e. meeting in person and getting to know each other) is often not feasible.
Blockchain in cyber security
When it comes to cyber security, blockchain is one of the best solutions to ensure the integrity of sensitive data. Blockchain encrypts its data and creates a log of persons who accessed and modified it. This means that it's really difficult to access, steal, or modify information without instant detection, which is why many experts claim that it's impossible to tamper with data stored on the blockchain.
Applications like REMME try to strengthen cyber security solutions for businesses and individuals alike. With a decentralized authentication system, REMME aims to replace vulnerable passwords to create a new web security standard.
You might be wondering, if blockchain is so good, why isn't my bank using it to send and receive money? There must be a catch.
How to Track a Wire Through the Blockchain
Source: https://www.veem.com/what-is-blockchain/