20 ways blockchain systems affect your daily life
As the database that allows for cryptocurrency transactions, blockchains ensure digital and safe storage of information. Due to this, this complex database can be used in a variety of ways. From people’s everyday life to even large institutions like the energy sector, blockchain is incredibly useful. Yes, blockchain is more than just making cryptocurrency transactions!
That’s why today at Ignas, we’ll share with you how this complex system can play an important part in your life. Excited to learn how? Be sure to keep on reading.
Immutable data back-up
In today’s computer age, data is an invaluable commodity. That’s why if you have digitized data, it’s important to make back-ups of it to guarantee its safety in the event of them going missing. Fortunately, this backing-up process can be accomplished through the incredible cloud storage systems that come with the blockchain.
Through the blockchain system, a marketplace to share and sell unused data is possible. This unused information can then be appropriated to help out and improve many businesses. What this means is, blockchain can be used as an intermediary to transmit and store great and untapped data for any business.
Arms dealers and manufacturers can make use of blockchain technology to ensure none of their weapons falls into the hands of the wrong people. It also ensures that the various weapons users they sell these weapons to are held accountable.
For them to accomplish this, weapons manufacturers must establish a permanent and transparent registry network that ensures law enforcement and municipal governments. This process is done to observe gun/weapon users’ private records of weapons sales.
Better security for belongings
To customize the needs of your businesses or customers, it’s ideal to use smart contracts accessible in blockchain networks. Meanwhile, if your home needs some restoration, you can grant access to specific possessions via unique blockchain keys to experts and mechanics. With these keys, you can permit or block people inside your home and access various possessions with this digital key.
Better digital IDs
As millions of people suffer yearly from identity theft attacks, there need to be better digital IDs to be made. Through the usage of blockchain technology, these highly secured IDs allow their users to control when, where, and with whom these credentials can be shared.
Supply chain observation
To track the movement of your supplies, blockchains can be incredibly useful to business owners. This is because it allows them to discover any potential inadequacies in the supply chain quickly and find the items lost in the chain by removing traditional paper-based recordings.
Blockchain also allows you and your clients to monitor the quality control process of your products as they get to a shop, and ultimately, to the customers.
Expediting energy futures trading and compliance
After some time, the energy sector is now beginning to see the power of blockchains. When the energy sector employs blockchain technology, they get the ability to settle any future trades quicker than they could ever do in the past. Additionally, blockchain technology helps out energy corporations by logging their resources and adhering to important legal requirements.
Food and Safety
For those health-conscious eaters, a blockchain can assist with all your food safety issues. Through the unchanging nature of blockchain technology, you can track all your meals—from the transportation of your meals until they’ve reached groceries. Additionally, if there are sicknesses to be contracted from having specific meals, blockchain technology assists in swiftly identifying the centre point of the contamination.
Copyright and Royalty Protection
For hardworking artists with a lot of internet work, you must keep your artworks safe from hackers who want to steal them. To do so, increase your computer’s level of security by using a blockchain. Once you do, you’ll be able to hold on to the copyright of the image and enjoy the royalties that come with it. Another thing you can do is to take part in real-time and transparent data on your work’s royalty disbursements.
Payment processing and money transfers
Going back to its most well-known use, blockchain technology is ideal for the transfer of payments. Due to blockchain technology’s decentralized nature, meaning, banks and governments can’t interfere in the transaction, you’ll be able to have transactions with no additional fees! This allows you to make transactions 24 hours a day and 7 days a week in shorter periods.
Prescription drug tracking
For prescription medicine manufacturers, you’ll be able to keep track of your products via blockchain. When doing so, you’ll be able to learn if certain prescriptions are returned and discover harmful/illegal counterfeit drugs. This is made possible as each one of your items have traceable serial/batch numbers that are traceable via blockchain, allowing you to reassure your clients that all their delivered items are genuine.
For the preservation of employee rights, blockchain can be used to assist. When looking for a job, a way to know if you’re in a good company is if the employers have a blockchain registry and smart contracts that facilitate and enforce correct labour regulations and they keep their agreements with you.
Retail loyalty rewards programs
For department stores and supermarkets, blockchain technology can be used to give customers incentives for more exciting shopping transactions. Doing so encourages them to return and be repeat customers through the creation of unique token-based systems that people can use. These tokens can be valued depending on a customer’s purchase and these tokens also need to be within a blockchain.
This blockchain technology can be used by companies to combat fraud, the improper usage of paper and card-based loyalty programs.
Real estate, land, and car title transfers
If you have high-value assets like real estate and cars, it’s best to avoid paper and make use of the blockchain system. This is important because the paper is known to lead to fraud, confusion, and even complicated title conflicts.
That’s why if you’re transferring or receiving a title, it’s best to upload it to a blockchain block that’s visible enough for the authorities to see and give a better perspective of who truly owns the assets’ title.
In our technologically advanced society, medical information is now using less paper and more digital recordings. Due to this, hospitals now secure their patients’ medical information via blockchain technology. Meanwhile, patients can access their information using a secure personal key that dictates who and who can’t access this medical information.
Managing Internet of Things networks
IoT networks are defined as a network that connects all digital devices connected to the internet in a single location. To ensure all the devices within your place of business are safe, a blockchain program monitoring the Internet of Things is being used.
For further monitoring of these devices and those that enter and leave the network, be sure to have a blockchain involved in the work system.
With political positions being a heavily-sought after job, a lot of individuals have been using digital criminal acts that ensure them a place in power. To combat this, using blockchain prevents voter fraud and ensures the right people are placed in positions of power.
Additionally, blockchain technology allows individuals to vote digitally. However, the authorities can still access the voting blockchain voting network to see if the network of voters has changed. To ensure every vote is accounted for, blockchain-based voting combines the relative ease of digital voting with the great and immutable power of blockchain.
Wills or inheritances
Blockchain technology can assist those that have a significant number of high-valued assets or properties through the creation of will and inheritances for their children. Rather than having a paper will that’s easily destroyed or stolen, blockchain wills are generated and stored on a unique blockchain network.
This will can then be activated by certain individuals once they’ve met certain conditions that are used in conjunction with smart contracts and are considered legal and binding. Various wills or inheritances will always be apparent as to who will receive what when the givers die, thanks to the blockchain.
Tax regulation and compliance
For business owners, it’s essential to have a track of your sales. This is to ensure that you can pay your taxes accurately. Additionally, this is also to demonstrate to the government that you are a trustworthy taxpayer that pays the correct amount of money on time.
When doing so, utilize blockchain technology to securely submit your data while also making it visible enough that only the government and tax officials can see it.
For stock investors, they can benefit from blockchain technology. When comparing this technology to visiting an equity trading website, waiting for long periods to buy and sell stocks will be a thing of the past. This is because blockchain technology offers instantaneous validation and settling transactions.