The scope of blockchain has now gone beyond bitcoin and other cryptocurrencies. It is being used by nearly every major industrial sector worldwide. Be it finances, agriculture, healthcare, or the entertainment industry, blockchain and its applications are evident everywhere. Some of the most important sectors where blockchain has shown its influence are:
- Money Transfer
- Smart Contracts
- Personal Identity and Security
Money Transfer with Blockchain Application
Blockchain applications are slowly garnering attention in the financial sector, as they are considered time-convenient and easy-to-use. They allow the real-time use of the ledgers and reduce third-party fees. All of these measures help in a drastic cost reduction. A blockchain application to be mentioned specifically in his regard is Algoran.
Algorand is a developing blockchain technology that is reducing the gaps between traditional and decentralized financial practices. It is also implementing new products and protocols for making financial transactions more equitable for everybody.
Algorand’s technology comprises Layer-1 blockchains that provide scalability, security, privacy, transaction finality, smart contract, and co-chain capabilities. The uses of Algorand are seen in supply chains, insurance, digital contracts, and gaming.
Smart contracts are differentiated from regular contracts by enforcing their rules on blockchain in real-time. This eliminates the need for a middleman, and accountability is increased for every part involved. Blockchain in smart contracts saves time and money for businesses and ensures compliance from everyone involved in the contract. An important thing to note here is that these contracts aren’t limited to businesses only. Their use is seen in healthcare, real estate, and governmental sectors as well.
An important blockchain app to be mentioned in this regard is BurstIQ.
BurstIQ is a blockchain app that helps patients through its big data blockchain. With BurstIQ, patients and doctors can transfer sensitive medical information securely. The smart contracts in Burst IQ establish the parameters regarding the data that can be shared. It also displays the details regarding personalized health plans for each patient.
Blockchain for IoT
IoT is another major area for applying blockchain technology. With its increased use, IoT has come with many concerns, especially regarding internet safety. But with blockchain-incorporated IoT solutions, IoT security levels get higher, and any attempts to breach the data get nullified. Blockchain in IoT also ensures transparency and incorruptibility.
A prominent example of an IoT company that is using blockchain is Filament!
Filament is an IoT company that creates software and microchip hardware for connecting the devices that operate on the blockchain. The products of this company encrypt the ledger data, distribute the information in real-time to other connected machines, and allow monetization of machines based on timestamps.
Personal Identity and Security
Identity fraud is a prevalent problem in the modern, internet-driven world. Internet fraud occurs on a very large scale and ranges from forged documents to the hacking f personal files and documents. However, if all personalized information (e.g., birth certificates, birth dates, and social security numbers) is kept on a decentralized ledger, then a significant drop in these claims will be observed.
An important blockchain company that can be mentioned in this category is Civic:
Civic is a blockchain-based ecosystem that is working in the area of identity security. It provides individuals with important insights about the people who have their information. Civic’s users form smart contracts with the organization. Through these contracts, they can decide who can share their personal information and to which extent. If this contract is broken, or if an unauthorized source tries to breach this data, the individual immediately gets an alert.
Blockchain in Healthcare
Blockchain has seen extensive use in the healthcare sector. These blockchain solutions have demonstrated a reduction in healthcare costs, have improved access to the information across all the stakeholders, and have streamlined the business procedures.
WholeCare is a blockchain-based solution that provides a simplified and streamlined influx of necessary information for proper management and provision of care. As an easily distillable platform, WholeCare provides several features, such as
- Care plan information
- Medication protocols
- Appointment creation
- High-quality resources.
Also, WholeCare complies with HIPAA regulations so that the information privacy of people can be ensured.
Alysidia is Also Providing Blockchain Solutions in the Above Sectors
Alysidia is a pioneer Euro-based blockchain solutions provider for all of the sectors mentioned above. We have the right team with the correct expertise to provide enhanced and tailored blockchain solutions that every industry can adopt. To learn more about Alysidia’s blockchain solutions, visit our website Alysidia.com.