Many new technologies have come up in recent times. But, one that's creating quite a buzz is “Blockchain”. Search for it and you'll get thousands of articles on the internet. Among all the hullabaloo surrounding blockchain, one that has stood out is “Bitcoin”. Yes, the ledger based cryptocurrency that has revolutionized the market. It has witnessed tremendous growth in the last one year. With bitcoin reaching a valuation of $8000, the world is all set to embrace digital currencies. A recent study underlines this fact. According to it, the market cap of bitcoin is near about $200bn. Trust me, the numbers are huge. Also, the way digitization is going on, there's no sign of slowing it down. That is to say, bitcoin is the best working example of blockchain technology. It's a transparent and inexpensive way to do transactions. But, that's not the end. Apart from a secure mode of finance, blockchain technology has much more to offer. From energy to real estate, it holds immense potential to transform industries. Also, healthcare centers, hospitals etc. can benefit a lot from blockchain technology. Sounds interesting, doesn't it? Want to know more? Let's dwell a bit deep and explore what blockchain has to offer apart from bitcoin. Here we go: ●Improved Voting Platform - Elections and rigged results go hand in hand. Whether ballot boxes or EVMs, both are prone to manipulation. To make voting more transparent and secure blockchain technology is a great option. As it is a decentralized network, the voting data will be immutable to hacks. Also, there is no single control point in blockchain that adds up to the security. In short, with blockchain technology, we can have accurate, rigged free elections. ●Music Services - Blockchain technology has started to make noise in the music industry. The traditional music services like Spotify, Apple music etc. takes a huge cut from the artists. But, things are all set to change with blockchain. Many ledger based streaming apps have started entering the market. For example; Voice allows artists to receive the full amount of their music once any user streams it. ●Healthcare Services - Healthcare services are bound to improve with blockchain technology. Hospitals can upload medical reports of their patients on a decentralized network. This will allow proper management of the data. Also, patients can have an easy access to their reports and can decide whom to share with it. Research is going on in full swing in this direction. A recent development has come from MIT. The researchers there have developed a system named MedRec. It has the ability to integrate with the current generation of computerized medical set-ups. ●Financial Aids - Most of the financial aids today are prone to fraud and theft. A survey has revealed that near about 30% of development aids get lost to corruption. To counter it, the UN has started financial projects based on blockchain technology. Under such programs, refugees get help in cryptocurrencies. There is a system that checks their identities by iris scans. This adds to the security. Also, with no involvement of transaction fees, there is no extra loss of money. ●Power Microgrids - With blockchain technology, individuals can set up their own microgrids. They can sell the energy generated from solar panels to companies on a direct basis. They can also set their own prices. As there is no intermediate body demanding a commission, the profit margin is good. For example; Lo3Energy in Brooklyn, allow people to sell energy via a blockchain based system. On the whole, blockchain is a great piece of technology. With an array of features, it is changing our world for the good. But, there is much more to explore. We'll see a lot from this ledger based technology in the coming times. We at Signity Solutions have years of experience working on blockchains. We have a dedicated team of developers with us. So, if you also wish to incorporate blockchain technology into your business, we are there to help you out. Feel free to reach us. We will revert at the earliest.
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