Practical usage of blockchain
Blockchain can be used as a ledger and a system of record for different areas of the sector in economy. The potential applications of blockchain consist of healthcare sector, insurance companies, government and financial institutions. Blockchain provide opportunity to establish and protects enterprise’s business activities for example, prevents people alter company stored information, simplifies company affairs, reduce the time for processing, decreases the errors in business. The decentralized and distributed blockchain system is going to change people life from the way we transact the business and manage the assets.
Traditional asset management involve middle man such as broker, custodian or the settle manager that helps to record and process all the information and transaction activities that can be expensive and risky. When it comes to the cross-border or international transactions among the countries, room for error is huge. The blockchain ledger can reduce such error in trade process by encrypting the transaction records. At the same time, the simple process provided by the blockchain allows people to eliminate the needs of intermediaries in asset management activities.
Other than that, insurance claiming process can be complex and frustrating. Insurer are required to wade through all the fraudulent claims and data information that provided by the insured. Therefore, insured are encourages to use blockchain technology that are providing perfect risk-free management, simple claiming process and transparent of insurance policies in their insurance claiming process to reduce the error in claiming process. Besides, blockchain also provide a good platform in international transaction and payments. Blockchain enables user process their international transactions and payments services 24 hours a day, seven days per weeks. In other words, it means that people are enabling to make transaction and payment in anytime and anywhere they want as long as they have internet access. This service could provide a lot of convenient to people and make their life become easier.
In addition, blockchain allow government save a lot of expenditure in political activities for example election. Blockchain ledger decreases the risks of running into fraud, increase trust and efficiency. Blockchain ledger ensures that information is only available to view by trusted parties to prevent and protect their secret information. The ledger also prevent hackers from manipulate the votes and enable citizens to confirm their votes are counted in the election. Furthermore, blockchain ledger also provides a platform for citizens to view and access the data freely over the network. Therefore, citizens able to view the data whenever and wherever they want.