Uses of Blockchain App

Our blockchain development services can help you meet your requirements for a variety of industries –

• Banking and Finance

Through blockchain we can eliminate costly and laborious charges like transfer fees. Even issues that come with sending money abroad like exchange rates and other latent charges can be easily removed through a P2P system that offers absolute security with minimal costs. The transfers are quick, not limited by location and without any third-party interference.

• Cyber Security

Blockchain uses cryptographic algorithms to verify and encrypt every bit of information forming a decentralized system of network. It is extremely difficult to hack and attack a system that works on P2P setup. P2P connections instantly detect any unauthorized access preventing them from manipulating the data.

• Supply Chain Management

One of the features of blockchain is its high traceability. This will help in keeping track of any product from the beginning till the end. Supply chain management becomes easier with blockchain due to its transparency allowing a more open communication between various departments. A decentralized digital ledger benefitting supply chain management by keeping records of inventories, histories, accounts, etc. These records can be authenticated by all the supply chain associates in the supply chain management system.

• Healthcare

Blockchain helps in creating a transparent yet secured system where all the private and personal information is stored. This will enable different departments and establishments under healthcare to connect. As blockchain enables decentralized authority it becomes easy for the patients, doctors as well as the administrators to get access to necessary information while maintaining the integrity and security of the data.

• Government

Blockchain generates a transparent ledger which can only be accessed only by the authorized parties. This ensures the government along with the citizens that the information cannot be corrupted without the approval of every authorized user on the blockchain network. It also helps keeping data precise and updated, because every new information is added without disrupting the old data.

Benefits of Blockchain

Blockchain applications have multiple benefits: -

Decentralization – the authority to access data is distributed over an entire network instead of a single unit of the network.

Network distribution – this enables multiple users of the network to have copies of the information, therefore reducing the risk of data errors and manipulation.

Economical – transactions are done instantly without surplus charges eliminating “middlemen” charges. Also, limited use of hard copies for recording information results in maximum savings.

Unalterable information – due to its reliance on the P2P system it is not easy to access any block of information without proper authority which makes sure that data remains unchanged.

Anonymity – even though decentralisation encourages transparency, validation is required from all the members of the network to access any bit of information which ensures that anonymity prevails.