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Use Cases of BlockChain in different fields
  • Difficulty Level : Basic
  • Last Updated : 18 Jan, 2021

Blockchain :
Blockchain is a system of recording data that makes it troublesome or not possible to vary, hack, or cheat the system. Blockchain is truly a digital ledger of duplicated transactions and distributed across the total network of laptop systems on the blockchain.

Every block among the chain contains a spread of transactions. Anytime a replacement dealing happens on the blockchain, a record of that dealing is supplemental to every participant’s ledger. The redistributed information managed by multiple participants is known as Distributed Ledger Technology (DLT).
Use Cases of Blockchain :
Since Blockchain is not possible to alter, Hack, or Cheat the system. several industries try to adopt Blockchain and implement the strategy to secure the data victimization blockchain technology. And here square measures a couple of Sectors that had begun to implement the Blockchain in their day to day use cases.

In Government Sector –

  • Voting, propositions P2P bond.
  • Registry Identify.
  • Digitization of documents.
  • Contracts and proof of ownership for transfers.
  • Central Banking
  • Anti-money laundering tracking system
  • Supply chain and logistics monitoring
  • The real estate processing platform

In Health –

  • Tracking Medical Credentials
  • Making Electronic Health Records More Accessible
  • Tracking Clinical Trials and Pharmaceuticals
  • Drug Traceability
  • Digital health wallet Smart property

In IoT(Internet of things) –

  • Smart home networks
  • Personalized drones
  • Digital Assistants
  • Personalized robots, robotic component
  • Smart home networks

In Education Industry –

  • Storage of permanent records.
  • Learner identity verification and information security.
  • Student ownership of lifelong learning credentials.
  • Automatic credit transfers.
  • Intellectual property protection for educational content.

In Financial Industry –

  • Digital Currency Payment
  • Decartelized Capital markets on the Blockchain
  • Clearing Trading Derivatives
  • Inter-divisional accounting
  • Bookkeeping
  • Clearing Trading Derivatives
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