Blockchain’s real-world applications started emerging around 2016 and served as a catalyst for change in the IT industry. Various non-IT fields are now realizing that this technology can be applied to their respective industries. Many institutions are now looking at integrating blockchain technology into their respective infrastructures.
Benefits Offered by Blockchain
Blockchain fundamentally offers greater transparency and enhanced security. To better understand how, listed below are some of the key benefits of integrating blockchain technology to business infastructures.
- Enhanced security
In terms of securitry, blockchain is superior to other record keeping systems. New transactions are encrypted and linked to preceding transactions. Blockchain’s immutable nature keeps it safe from hacking and falsification. The string of complicated mathematical numbers that form the blockchain makes it impossible to alter once the block is formed.
- Greater transparency
Blockchain’s transaction ledgers are open to viewing. This adds a layer of accountability in financial systems and businesses. Each sector is responsible to act with integrity. This is excellent for effective digital asset management as trust is no longer a prerequisite for safe transactions.
- Increased efficiency
Blockchain eliminates the need for intermediaries in payment processes. Blockchain technology providers facilitate faster transactions through peer to peer cross-border transfers through digital currencies.
- Improved Traceability
Each time a new transaction is recorded in the block chain, an audit trail can be found. This enables tracing of the origin of the exchange and verifies the authenticity of the exchanged assets. This further prevents fraud by providing indisputable proof of ownership.
Practical Applications of Blockchain
Any industry can potentially benefit from applications of blockchain technology. Here are some of the practical applications of blockchain in non-IT industries.
Blockchain can provide secure storage for patient medical records. Since patient records kept in the blockchain cannot be changed, patients and health institutions alike are provided with proof and confidence that the record is authentic. A private key should be used so that data will only be accessible to authorized individuals to ensure privacy.
Integrating blockchains into banking systems enables customers to see transactions processed as fast as 10 minutes even beyond banking hours. Additionally, blockchain will enable customers to transact any day of the week. It also provides an avenue to securely exchange funds between financial institutions whether locally or internationally.
- Real estate and other property
Recording property rights is a cumbersome process riddled with human errors. Reconciling claims with the public index becomes challenging due to the inaccuracy and inefficiency of the manual tracking system.
Property ownership recorded in the blockchain is easy to store and verify. Tracing is much easier because the audit trail of exchanges is readily available. Owners can trust that their deed is not tampered, accurate, and permanent.
Blockchain is the Future
Blockchain has abundant applications and is fundamental in providing digital asset management solutions. Key Coin Assets harnesses blockchain technology in dealing with currencies and other blockchain-based businesses to ensure that your assets are secured.
Begin your journey to greater wealth and be engaged with recorded and trustworthy investments. Be in control and secure your digital assets with Key Coin Assets.