When Bitcoin and cryptocurrencies evolved into the market, people were unaware of these terms in the beginning. There was skepticism around Bitcoin and the underlying technology blockchain. In fact, blockchain was undercover by a large number of people. When people explored cryptocurrencies, powerful technology came to light and got recognized by all. Blockchain implementation allows for a secure exchange of value without the need for any intermediary at a low cost. Furthermore, it has brought in transparency as nothing is hidden in the peer-to-peer network. Blockchain establishes trust between a group of people for tamper-proof records and secure transactions.
As cryptocurrencies are going through the full-developed phase, digital payment methods are turning into a secure and professional system. Most of us only have seen its side dealing with digital cash transactions or payments. But the distributed ledger has also wide applications in goods and stock exchanges, central securities depositories, cross-border payments, and securities settlement systems.
Blockchain has various use cases in banks. Therefore, banks are using Blockchain-based remittance systems that are not only fast and secure but reduce costs as the cost of transferring international remittances is high. The innovative technology is also seen as serviceable to streamline bank operations also. It does the verification of data with greater accuracy. In fact, firms such as Circle and Abra are implementing blockchain technology for its cost-effectiveness in cross-border payments, encroaching in the territory of players like Venmo (now part of PayPal), TransferWise, and traditional remittance providers. Blockchain implementation is also likely to be adopted in various other areas such as pharmacy, music, fashion, healthcare, diamond, real estate, and more. Not only this, public sectors and governments are taking a huge interest in innovative blockchain technology.
In a recent report by the UK government, a Chief Scientific Adviser has shared that the distributed ledger is the solution for eliminating corruption, fraud, and mistakes in government sectors. It also lowers the cost of paperwork will be less. Thus, it forms a trusting relationship between the inhabitants and the government for a transparent and secure data-sharing system. Furthermore, the diamond industry is also very vulnerable to fraud. So, the industry people have adopted this technology for removing fraud in diamond industries. For transaction record histories and diamond certification, the technology provides a tamper-proof ledger that holds permanent records. No record is changeable or allowed to delete.
In the healthcare sector, there is a huge amount of confidential information that is highly sensitive data. This data needs security and privacy and blockchain technology works best for this concern. It will also reduce huge costs that go into healthcare services for taking care of the patient and managing sensitive information by healthcare providers.
In fact, the technology is so powerful enough and is being used for the creation of decentralized credit rating and KYC.
Therefore, these are the use cases of Blockchain implementation that are moving beyond finance.