Many technologies, such as artificial intelligence, machine learning, augmented reality and virtual reality, and of course, blockchain, have experienced fast growth in popularity in recent years. For several reasons, both small businesses and large enterprises like banks and insurance firms are deploying blockchain technology. But still, many people have many questions about blockchain use cases.
Here we will dive into the use cases of blockchain:
Patients' health records can be safely saved on a blockchain so that they can exchange those records directly with the new doctor when they see another doctor. The nicest aspect of adopting blockchain in this situation is that there is no requirement for a centralized gateway to keep this information. As a result, the cost can be significantly reduced.
The blockchain's immutable ledger provides a tamper-proof record of an individual's paperwork, accessible only upon request by authorized organizations. In an increasingly digital world, having safe and private access to digital identity is critical. Even Microsoft is jumping on board, and digital identities will be a crucial talking topic in the future decade in terms of blockchain technology.
The video game industry is fast adopting blockchain technology, especially non-fungible tokens (NFTs). In-game economies and unique objects are often used in games, and NFTs provide a mechanism to enable that economy while ensuring that players' stuff is accessible between games. The video game business is worth billions of dollars, so there is plenty of room for technology to shine.
According to CB Insights, blockchain will disrupt banks since its decentralized, peer-to-peer platform has transformed how individuals raise and move money. As a result, banks are migrating to blockchain technology for managing payments and loans, intelligent contracts, and selling crypto assets.
This is one of the most well-known applications of blockchain technology. Initially, the uses of cryptocurrencies were mainly centered on payments. Parties can transact with one another without the intervention of a bank. For example, a person in the United States can send bitcoins to someone in India
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