Blockchain is an exciting technology which has many uses. It is a specific type of database which stores data in blocks that are chained together. Once data is recorded within a block it cannot be changed, thus making blockchain tamper-proof.
Here are the three main uses of blockchain:
- Payment processing and money transfers
Blockchain can be used to expedite the transfer of funds from one party to another. The transfer of money is direct, and there is a validation of transactions ongoing 24 hours a day, seven days a week. Money transfers using cryptocurrency on the blockchain can mean lower costs and immediate settlement for any transaction.
- Monitor supply chains
The battle against fakes and counterfeits has been going on since time immemorial. In addition to the damage they can cause to businesses, fakes and counterfeits can also cause tremendous harm to customers, especially in cases of fake medicines, vaccines, or medical supplies. Supply chain data, if accessible, is often not verifiable. However, blockchain allows companies to monitor their products from the beginning to the end of the supply chain; it can thus help assure product authenticity. It is also useful when tracking inventory and cargo. This means that using blockchain to track the supply chain can help ensure the authenticity, reliability, and quality of products.
- Digital Identity Verification
Blockchain can help identify, authenticate, or authorize someone to access services or systems. This technology enables more secure management and storage of digital identities by providing a tamper-proof infrastructure. A blockchain-based digital identity verification system can help accomplish this, while giving you complete control over your data and how you wish to share it. Digital identity can be used by companies to manage their workers, for example, or by individuals for medical purposes (such as proving they have been vaccinated against COVID-19), and for travel.
* V. Van Geyzel Kelaart, RKN Global DWC-LLC’s 2021 summer intern, is in the final stages of preparation for university studies.