Blockchain has the power to transform our daily lives for the better. Its capabilities have become more widespread and can be used by nearly everyone, every day.
Now there is an opportunity to use its capabilities in different areas of our life.
In this article, we will go through some of the practical uses of blockchain.
Organization of Patient Data
Blockchain medical records are able to prevent costly mistakes.
Miscommunication between medical professionals leads to the following consequences: the healthcare industry pays each year around $11 billion and it’s rather costly. But blockchain-based medical records can solve this problem.
The technology of blockchain is decentralized and it forms a single database of patients. That’s why all specialists involved in the treatment process have quick and convenient access to this database. It proves that blockchain can speed up the diagnostic process and creating personalized treatment plans.
Decentralized Cloud Storage
Cloud storage is one of the fundamental ways to store data. But as we know most of the cloud storage is controlled by Google, Microsoft and others. Security, control, and ownership issues have become a hot topic lately because these organizations ultimately control the information stored on their cloud platforms. All information stored on the cloud platforms is controlled by owner organizations.
The solution to this problem is blockchain technology. It offers as an alternative a decentralized open-source hub. Thus data becomes independent from any corporation. It belongs to its owner completely.
Blockchain in Education
There are some benefits of blockchain-based ledger technologies in the educational system. Storing all educational information in electronic form requires a huge file storage space. When everything is stored on local hard drives it means that all information will not have a single storage center. Also, they can be damaged and this threatens data loss.
Not all educational institutions can afford to purchase a large volume of cloud storage. An alternative solution could be blockchain-based cloud storage services.
Money Transfers around the World
The global payments sector is expensive and carries a high risk of money laundering. Moreover, it takes a lot of time to transfer money all over the world. Nowadays end-to-end blockchain-powered remittance services make it possible to transfer money way quicker, safer, and even cheaper. Don’t forget that each bank involved in the international payment process charges a fee for their service and it takes up to a whole week for the money to reach the destination recipient bank.
In 2004, Santander became one of the first banks that combined blockchain with a payment application. It helped customers to make international payments 24 hours a day. It is another evidence of why blockchain has a great constructive influence on our life.
Taking into consideration how these spheres of our life successfully use blockchain, we understand that the blockchain system is able to transform our world for the better. Over time, it will show more and more progress, and we can observe the increasing introduction of the blockchain system in various spheres of society.