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How Blockchain is useful other than to cryptocurrency?

When we discussed about bitcoin it is inevitable to discuss on blockchain technology. But there are some significant differences between the two. Bitcoin is the name of the best known of cryptocurrency and Blockchain is the technology that enables the existence of any cryptocurrency like bitcoin.

What is Blockchain and how it works?

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. It is also referred to as Distributed Ledger Technology makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.

Blockchain is a specific type of database which is used in decentralized way so that no single person or group has control rather, all users collectively retain control. Decentralized blockchains are immutable and data entered is irreversible. This algorithm make secure for any cryptrocurrency that transactions are permanently recorded and viewable to anyone.

What else Blockchain Technology used for?

In future, blockchain technology could be a part of many business to business transactions. The following are the scenarios how blockchain could work for enterprise applications to provide secure and streamlined for their businesses.

  •        Distributed Ledger Technology allows asset owners to track and trade things of value such as outstanding invoices in a secure and transparent way. This facilitates to in-house ERP applications for speed and flexible to cash and asset management.   
  •        Blockchain helps to guarantee product quality and safety by making it easier to track and locate in-use products and materials.
  •        Elections or voter fraud is an issue that a lot of people misunderstand the election process. Blockchain developers have found a way to use blockchain technology to make election is fair and vote secure.


Prevention of counterfeit vaccine passports

South Korea is using the blockchain technology to identify fake vaccine passports. Blockchain technology is being used to cement confidence in the integrity of new health surveillance measures such as COVID-19 vaccine passports. The country has revealed plans to use blockchain technology to certify forthcoming vaccine passports for immunized citizens. The technology will be used to ensure that citizens are not able to forge evidence of having ostensibly received a jab.

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