blockchain is a distributed database that everyone can get a copy of,Every person with a copy can add new block to this database but cannot change any block once it is there. In simple terms, it is a distributed database where No Changes allowed. Read more
How can Blockchain be used?
use cases for blockchain.
1. Product Tracking systems
you can track your product from its origin,from where it supplies ,what places it passes all of these you can keep track and verify its integrity.
- The most obvious and popular application of blockchains is Cryptocurrencies
- Besides Cryptocurrencies,you can also keep track of things like Intellectual property ,Patents,Notary.
- Another interesting application is Digital voting.
- Let's move to yet another example:The food industry.
- Another idea would be to Track packages and shipments by using a blockchain.
so far we looked at ways blockchains can be used to keep track of information and verify its integrity. but blockchain can be even more powerful when we add smart contracts to them.
2. Smart Contract
smart contracts are tiny programs that live on blockchain and can perform actions when certain conditions are met.
- Insurance companies could use smart contracts to validate claims and calculate a payout.
farmer to supermarket could use smart contracts to validate the quality of product to payout or not and validate product delivered or not.
To store our medical records on blockchain and only allows doctors to access them when we approve it with a digital signature.
- To store our personal identity on there and choose what data you want to reveal. you can deliver that proof(e.g you age or name) without revealing anything else.
- Collecting Royalties for artists.
3. Health care systems
storing medical records in blockchain so that you can get proper treatment not only by your family doctor but across the globe.
4. International Wire Transfer
sending money from one country to another international country without third parties(banks ,correspondent banks)
- we can send or receive money internationally much faster and without paying huge fees.
5. Birth and Death certificates
blockchain can create a secure repository of verified birth and death certificates and that can be only accessed by authorized people.