Blockchain is growing each day and this is as a result of growth in technology, and today there are many use cases for Blockchain and Blockchain can be used to perform different tasks, since Blockchain came into existence, there have been several improvement in all ramifications and each work that is done on Blockchain is strictly secured and can't be lost. Blockchain stores transactions safely, and no matter how long a transaction takes place, it will always be visible and accessible and that's why it is always advisable to perform an important transaction in Blockchain.
Most people know Blockchain to be crypto related and when the hear Blockchain, crypto comes to there mind, this thinking is as a result of the fact that each crypto transactions is done on the Blockchain technology and there can Never be crypto transactions without Blockchain, so because of this facts many now think it can only be used for crypto but this is not true, many industries and platforms apart from crypto can make use of Blockchain to run there activities free and Blockchain technology is free for anyone to make use of, and the fact that Blockchain helps to store data's safely makes it the best technology ever.
Blockchain has many usecases like for example it can be used in election process, since there is always rise in election manipulation Blockchain can be used to perform election to help conduct election and voting in a transparent way, most citizens in which country complain that elections are not free and fair, but if Blockchain technology is been used on election process it will help remove or minimize the rate of elections manipulation. Apart from election Blockchain technology can also be used in Healthcare sector, industries and Businesses, banks, Tokenization of Assets, Decentralized finance (DEFI) and many other entities and platforms.
We are going to discuss different entities which Blockchain technology are being used, this is to show that Blockchain is not always used in crypto but other entities can make used of it for a more secure and improved transaction. Before we discuss some of this usecases of Blockchain let's first explain what Blockchain means and what is all about.
- MEANING OF BLOCKCHAIN
For a well defined meaning of Blockchain we are going to make use of Leoglossary definition, so according to leoglossary definition of Blockchain, it says;
A Blockchain joins groups of financial transactions together in what are called blocks. These blocks result in a growing list of transactions that are linked together via cryptography.
When a transaction is posted, it tells everyone that x amount of the currency was sent from Wallet A to Wallet B. All transactions that occur during that period of time are contained in an individual block.
The data contained in each block, in addition to the transaction, is also a cryptographic hash along with a time stamp.
With each new block created, it is linked to the previous one thus creating a "chain". After the blocks are fully validated and joined, they cannot be chained without the consensus of the block producers agreeing to reverse it.
This is an explanation of Blockchain according to leoglossary definition, read more
- Different uses of Blockchain technology
- Healthcare
Healthcare sector uses Blockchain to secure transactions and store important data's and this helps in making sure that each patients record are safe and can not be deleted or publicize, and it helps in ensuring privacy and security.
We can say that Healthcare is one of the industries that needs Blockchain technology, this is because there are many things Blockchain will help to improve in healthcare sector, and data's are always used in healthcare sector and this data's needs to be secured. Medical report and record's are very important and with the help of Blockchain the can be secured stored and can be easier accessed when ever it wants to be used, Blockchain helps to improve health care and makes things more easier for both the healthcare institutions and it's patient's.
- Banking
Banks can also make use of Blockchain technology to provide a secure way of recording transactions for it's customers, almost everyone makes use of banks to save their money and other valuable items, and most banks complain of lost of data's and at times have difficulties in transactions but with the help of Blockchain, customers information and transaction can be safely stored and can be accessed anytime, anywhere. This shows that Blockchain is very important to banks and they should make use of it to enhance and improve their transactions.
Decentralized finance (Defi)
Many Decentralized finance makes use of Defi for it's transaction, there are many Decentralized platforms today, Hive is one of them, it is Decentralized platforms, being a Decentralized platform makes it free from intermediaries and it operates on its own, it makes use of Blockchain and this provides it with different sevices like, token, staking, price movement, coin swapping and many more. Decentralized finance platforms are always transparent and free from external forces.
Conclusion; This means that Blockchain technology is very important in our world today, the can be used in different sectors, industries and platforms. The ability of Blockchain to store and secure data's makes it the best technology to be used both in transactions. Many initially thought that Blockchain is only used in crypto but from the above information, we have seen that it can be used in different places, we are happy that we are in hive a BLOCKCHAIN PLATFORM.
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