Familiarity with one thousand and one applications of blockchain in the third millennium; From the medical world to banking and wealth generation

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What exactly are we talking about when we talk about blockchain?

One of the most attractive and at the same time most practical technologies in the world is Blockchain, whose name is always associated with digital currencies, Bitcoin, etc. This unique technology has various applications in different fields, however, you may be familiar with one or two of its applications. Our intention in writing this article is to introduce you to the blockchain network in the simplest possible language and to introduce its effective applications.

November Teter

Blockchain definition in the simplest language

To define blockchain, it is better to first look at the banking system of countries. In these systems, there is a main core called the central bank that monitors, approves or rejects all bank transactions. If the central bank is disturbed, the entire banking system of the country will be damaged.

In blockchain technology, verifying or rejecting banking transactions (here we have only used the bank as an example, but blockchain has other applications) does not rely on a central server. Information will be distributed among nodes, each of which plays the role of a central server, which is the main difference between blockchain and centralized systems. Manipulation of blockchain information is not possible, because each of the nodes has a complete copy of the entire history of the blockchain, and if wrong information is entered, it will be identified and rejected in time. Along with the impossibility of tampering with blockchain information, this technology also benefits from high speed, scalability, and transparency.

Blockchain applications in the new era

Before we dive into the broad applications of blockchain, let’s take a look at common problems in the digital world. In a place where our vital information may be exposed at any moment, bank accounts may be emptied and we have to pay a lot of fees to transfer money, blockchain is known as one of the most popular and acceptable technologies in the world with the features it offers. In the following, we will get to know the applications of this decentralized network more deeply.

Applications of blockchain in the field of medicine

The biggest challenge of the healthcare sector is to ascertain the origin of medical goods to verify their authenticity. Using a blockchain system to track items from the point of production and at every stage of the supply chain enables customers to have clear information about the authenticity of purchased goods.

Applications of blockchain in the field of medicine

Other applications of blockchain in the medical world include the correct and transparent transfer of patient information between health centers and hospitals. Dispersion of data in medical centers is a problem for every person, and when he faces a problem, it will cost him a lot of time and money to collect his medical history. By using blockchain technology, this problem will be completely solved. Some other advantages of the blockchain network in medicine are as follows.

  • Integration of the health insurance industry so that all patient records can be seen instantly
  • Blockchain technology can be used to more transparently track the experience and history of medical staff to simplify the process of hiring them in medical centers.
  • Blockchain is very useful in creating digital solutions for remote monitoring (Remote Monitoring) to the extent that periodic checkups and even surgeries lasting several hours can be entrusted to it.

Blockchain applications in the field of dealing with document forgery

Since all citizen information is stored in a government database, hacking and changing them, although difficult, is not out of reach. On the other hand, suppose that all your information, from your place of birth and identification code to your assets and bank accounts, is stored in blockchain technology. To hack or even manipulate this information, you need to access all the nodes that host a copy of your information, which is impossible in practice. In 2017 alone, more than 16 million cases of document forgery were registered in the US alone, making the use of blockchain to store critical information even more prominent.

Applications of blockchain in the field of medicine

Applications of blockchain to transfer money without political boundaries

Most likely, you have faced the problem of transferring money from inside the country to abroad or vice versa. There is a lot of paperwork to do this process, and on the other hand, the transfer is done with a delay of several days. But with the help of blockchain and cryptocurrencies that were launched with Bitcoin in 2009, you can easily transfer the amount you want from your phone to anyone around the world. To use the blockchain’s cross-border payment feature, it is enough to charge your electronic wallet with the desired cryptocurrency and the other party has a digital wallet (either hardware or software). Some of the advantages of using the blockchain network in digital banking can be mentioned:

  • It is not possible to forge a transaction in the blockchain financial network
  • The transaction is done instantly
  • Access to transaction information is possible for everyone
  • There is no ceiling for the amount of each transaction
  • To transfer funds from dollars to euros and any other currency, it is not necessary to convert it into the reference currency
  • Storing (holding) digital currencies in a personal wallet can increase the value of your property
  • The use of blockchain will not include any tax costs
  • Fees charged to individuals for transactions are much more cost-effective than centralized systems.

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