Curious what problems blockchain can solve? This article outlines 5 real-world problems and explains how Blockchain can effectively solve them. So let’s get started.
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- Blockchain Basics
- Real-world problems around the globe
- How Blockchain Can Solve Such Problems
Blockchain is a chain of blocks in which blocks represent digital information, linked to other blocks using the previous block’s cryptographic hash function. It can also be defined as a distributed ledger, distributed, peer-to-peer technology with no central authority.
This technology was first known with the emergence of cryptocurrencies like Bitcoin in 2008 and today the technology promises to change the entire industry.
With blockchain, organizations can build a fully decentralized network with no centralized authority requirement, increasing the transparency of the system. Blockchain provides immutability which means that no one can change the data on the blockchain. Moreover, the technology is highly secure.
As technology advances, it is paving the way for blockchain expert. If you want to become a blockchain developer, favorable opportunities are coming your way.
5 real world problems around the globe
Before understanding how blockchain can help different sectors, let’s explore real-world challenges.
Supply chain management is expensive
Lack of transparency, lack of communication between departments, rapidly changing markets, and rising costs throughout the Supply Chain and consumer demand drive the need to improve speed, quality and service. A well-optimized supply chain can ensure maximum productivity with reduced fraudulent activity and overall costs.
Theft Identity Vulnerability
This is considered a criminal activity where an impostor obtains personally identifiable information (PII), such as a Social Security Number (SSN) or passport number, etc. to impersonate someone else.
Poor management in healthcare
Healthcare departments now use centralized systems to record and manage patient data, which are less secure and prone to misinformation. Furthermore, the current system does not facilitate the easy exchange of patient records from their primary care provider.
Copyright issues & digital piracy
Major media houses are constantly fighting legal battles against piracy and illegal distribution of media. This is also one of the important problems that the music industry is going through. They illegally download musical works and make them available to other consumers in violation of copyright law.
How Blockchain Can Solve Such Problems
As we have seen various real world problems, let us now talk about the possibilities of blockchain and explore how blockchain can effectively solve such problems.
Blockchain in the supply chain
Blockchain can be implemented for many Supply Chain industry challenges, such as complex product tracking and record keeping, to create an alternative that is less broken and better to automate. for centralized databases.
The product history, right from the beginning to the present time, can be outlined in the blockchain. In addition, this type of precise provenance tracking can be used to prevent fraud in any part of the supply chain. Furthermore, real-time monitoring of a product in the supply chain with the help of blockchain can cut down on the overall cost of moving items in the supply chain.
Blockchain prevents identity theft
Blockchain has the potential to secure sensitive data from malicious activities due to its complex features. Your public records can be accessed by anyone with the transparent nature of blockchain, but it provides specific security as no one can modify your data, ensuring it is kept safe. The technology contains a decentralized ledger of digital assets secured through cryptographic keys; therefore, it becomes a challenge for hackers to manipulate stored data. Blockchain’s trusted authentication technique, cryptography, provides protection against data attacks, thus providing a great opportunity for governments and citizens to prevent identity theft. .
Blockchain management and patient record protection
Today, blockchain seems to be a possible solution for storing a patient’s health and medical history. It can help create a decentralized, transparent and public patient data log for all hospitals to access. It also solves communication problems between hospitals because an agreement can be reached without the involvement of any third parties; thus avoiding a single point of failure. Furthermore, this technology gives patients complete control over their data. In addition, with the help of technology, any unauthorized modification can be detected.
Blockchain prevents piracy and piracy problems
Blockchain provides a very efficient way to prove ownership and track the use of copyrighted work online. Since piracy is one of the major concerns, with the help of blockchain, creators/artists can safely put their content on the immutable ledger. This will help them understand once a piracy occurs and thus, proceed with legal proceedings. It provides transparent real-time tracking, thus recording every time content is accessed. Furthermore, the technology aims to facilitate the payment of suitable artists through cryptocurrency.
Due to its potential, many industries are adopting blockchain to pave the way for the future. Here we’ve covered some of the real-world problems it can solve, but there are also other areas where technology is playing an important role. Blockchain can solve problems related to government and public sectors, real estate, cross-border payments, automation and manufacturing among others.
The blockchain sector is booming and will remain a rapidly growing area for companies globally. If you want to take your career to the next level, a blockchain certificate can help you achieve the success you are looking for.
To get instant updates on Blockchain Technology and learn more about online blockchain certificatePayment procedures Blockchain Council.
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