Developers used Blockchain technology to run Cryptocurrencies after Bitcoin paved the way. Ethereum uses smart contracts using this technology to make easy transactions. The public ledger system used in Blockchain can be a valuable tool in many other areas of work. It does not necessarily have to be associated with financial transactions or Cryptocurrency.
Even for the most mundane of things, such as keeping records, Blockchain eliminates the interference of the third party. It also replaces the human resource required to maintain records. You can gather an understanding of how Bitcoin works from Pattern Trader. With that in mind, we can assess where Blockchain ensures efficiency by dint of its various features.
Blockchain promotes trust among users who have never met before and probably never will. This technology ensures that the data entered remains unaltered while authenticating it on various stages.
Blockchain facilitates this authentication by allowing access to an uncountable number of users. Private companies can use the ledger technology to maintain records and trace the origin of a particular product and its manufacture date. This makes bookkeeping a comparatively easy job.
Eliminating the arduous process of checking and rechecking data before inputting takes a massive load off the businessman. It can also be used in maintaining public health records across countries, accumulating a wide range of data to gather research material from. With the help of Blockchain, trade and industry will show upward growth due to increased efficiency. Let us discuss the areas where Blockchain has already been implemented.
Building a Digital Identity
Instead of allowing access to various apps, developers can carve out a digital space for everyone to store their private information backed by documents. In that case, the users will have autonomy in granting their personal information to individuals and organizations.
Microsoft and the Decentralized Identity Foundation (DIF) have decoded a method to make this possible. This is currently a work in progress. In underdeveloped regions of the world, this arrangement will solve the problem of physical documentation. It is a much simpler process wherein data recording and sharing will be made accessible to everyone.
Areas of Medical Research
Often, the lack of medical data stunts the progress of medical research. To prevent such a thing from happening, various universities worldwide have made it possible for people to share their medical history anonymously. The medical history of a diverse range of people will facilitate the progress of research in medical sciences.
The University of California aims at collecting the medical data of at least 3 million U.S. women to help cure Breast Cancer. Without systematic research in the field, it becomes difficult for doctors to detect a disease early and nip them in the bud. Researchers have taken a similar initiative at Harvard University to facilitate genome sequencing.
Climate Change Control
Many public and private enterprises have shown keen interest in keeping a check on climate change. Using Blockchain, people from across the globe can keep track of the carbon emissions in various parts of the world. Data will be entered and authenticated from all parts of the world.
There will be a distribution of token rewards for conscious consumers of energy. It is only through Blockchain that such a vast network can be maintained without discrepancies. IBM has set up Energy Blockchain Laboratories to streamline carbon trading schemes worldwide, thus making the process transparent and readily accessible.
Conclusion
Blockchain and its ledger system can be used in any area that requires building trust among a chain of people. Not only that, Blockchain makes data easily accessible to everyone needed without the need of a third party. It can be just the company, its employees, and its associates. Blockchain is asserting its influence on all spheres. There will come a day when one will not be able to imagine life without Blockchain.
