What is the first thing that comes to your mind when we hear the word Blockchain? No doubt it is Bitcoin or cryptocurrencies. However, truth be told, cryptocurrencies or bitcoin is just one of the earliest and most famous applications of Blockchain. There are several applications that are Blockchain-based that are doing ever so well.
In a general sense, Blockchain is a system of recording information in a way that makes it near impossible to hack, cheat or change the data recorded in any way. It is based on a secure peer 2 peer verification mechanism.
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But how is Blockchain actually changing the world? In this article, we will briefly analyze a few of the popular applications of Blockchain in various industries in order to understand better why Blockchain is on its way to change the world.
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Industrial Applications
The need for a secure system for storing information is something every industry yearns for. This is now widely possible with the application of Blockchain in various industries, especially post-pandemic. The post-COVID world has made one thing clear it can no longer keep on doing what it was prior to the pandemic. We need to realize that the primitive ways of the world must be changed, and with the advent of Blockchain, this is now possible. From Fintech to healthcare to automotive to the retail industry, every aforementioned industry is rooting for Blockchain to bring about significant change in their daily operations.
The modern Automobile industry in the shadow of Blockchain
The automotive industry is one of those industries that have been benefiting from the applications of Blockchain in their system. The P2P business model during the pandemic hit the worst. We are talking about millions of losses to the industry itself, not to mention the increasing amount of fraudulent transactions and frauds in general.
The application of Blockchain has been helping the industry with securing and providing easy-to-track transactions, secured payment transactions, and, most importantly, data protection. Secured user data is perhaps the best application of Blockchain.
Fintech and DeFi
Fintech has been on the boom ever since; however, mostly the masses and the creators, in general, are still aiming at a better user experience for seamless services. Many argue over how Defi is better than Fintech and vice-versa. There is a common myth that both DeFi and Fintech are actually a single concept. However, both are entirely different in composition as well as application.
Fintech primarily deals with online or mobile banking handling transactions. However, DeFi, or decentralized finance, is a term widely associated with crypto and bitcoin bringing in digital currency. The difference is evident between them. However, this is one division that was required to be pointed out. With decentralized finance, the system takes control from one or a singular entity and gives it entirely to the user.
Healthcare and Blockchain
The healthcare sector, in general, has benefited a lot from Blockchain. We are looking at decentralized ledgers that are secure and store piles of patient documents. When it comes to rooting blockchain operations, the ledger technology helps secure the transfer of patient records. The ledger technology has pushed the genetics researchers to leap and bounds, as it allows them thorough detection of genetic code. The applications of Blockchain are literally changing the world.
Blockchain Gamification
One of the most sought-after applications of Blockchain has been blockchain gamification. This includes NFT gamification. The basic foundation of these processes includes the application of game rules to Blockchain. This has provided a new dimension to the video game industry. In general, the play 2 earn model has taken it to the next level like the Cloud City Metaverse doing. There has been work going on how to integrate a decentralized platform in order to provide complete control to the user. Building an entire culture or an entire city, develop your empire. The blockchain gamification has had a ginormous growth over the years and is not looking to slow down.
Retail Industry
With the advent of COVID, major industries worldwide pushed into the digital metaverse. The competition got fiercer and fiercer, and the user experience got more attention. The retail industry benefited a lot from the application and integration of Blockchain. It is mainly helping to earn the loyalties of customers. It has enhanced the retail industry in the seamless provision of services. Uninterrupted and trackable supply chain the level
Conclusion
As cited in a predicament above, these are a few of the details of why Blockchain is coming up rapidly and changing age-old traditions for user experience and ease of access. The simple need for secure data transfer can be counted as one of the major reasons for Blockchain to bloom. There is no doubt with opportunities present and with integration, Blockchain has to some extent, changed the playing field. It has indeed updated the playbook.
