Whenever blockchain technology is mentioned, people automatically think of Bitcoins. However, blockchain is not only about Bitcoins. Bitcoin is one of hundreds or maybe thousands of cryptocurrencies that use blockchain technology to operate. Yet, there are many other uses of blockchain. For example, many automaty in vulkan bet online casino use this technology for processing transactions.

In fact, there are many uses of blockchain technology apart from the cryptocurrencies market. The cryptocurrencies themselves have other uses rather than investing and trading crypto coins. Some of these uses include the following.

International Money Transactions

Blockchain technology can be used for processing money transactions between any two parties without the interference of a third party. The advantage of this is providing a faster and cheaper way of transmitting money with the minimum fees required. Also, the sender and receiver can keep their identities anonymous if they don’t want to be known. Although transactions over a blockchain occur and are saved on a public ledger, identities are not known. So, money transfers over the blockchain are safer and more practical than using traditional ways.

Supply Chain

Many industries are now using blockchain technology for supply chain management issues. Blockchain provides a public ledger where the data is stored in blocks, and these blocks are available to all people in the network. The data is published in real-time, and all the members of the network can see it instantly. So, such advantages help supply chain management in different industries to become more reliable and efficient.

Suppose there is a pharmaceutical company, for example, that works with different suppliers from different countries. With blockchain technology, where each piece of data is recorded publicly and in real-time, the company can easily identify the defects in the supply chain and react immediately. By extending this example to any other industry that uses a supply chain, it appears that blockchain technology is a potentially great advantage to many industries.

Real Estate Industry

Apart from creating a network to organise the supply chain management process, blockchain technology can be used to trade real estate properties. Real estate markets and platforms can be created using blockchain technology where properties are exchanged using either real or cryptocurrencies.

The properties will have the same nature as digital tokens, but they are still real properties. Then, people can trade or invest in their tokens on a blockchain network as if they are trading on the exchange market. Blockchain technology can be used then to trade in anything, not only real estate. Applying the same technique, any physical asset can be converted into a digital token, and people can start trading in this asset over a blockchain network.

As you can see, there are different potential uses for blockchain technology in various fields. All of them make use of the decentralised and public nature of the network. Further, more uses will appear in the future once the technology gains more users and more companies start to adopt this technology. Maybe one day we will see it as the main part of every business, just as the internet was an innovative technology in the past, but now nearly every business in the world uses the internet.

 

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Betty Bugle
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