by Benjamin Forbes
However, like all emerging technologies, once the hype dies down, people begin to look at the practical side of things. Without real-world applications, blockchain will quickly become yesterday’s news.
That is why its use in bitcoin slot games and various other industries is very important. This article will look at how blockchain technology can benefit the world outside of cryptocurrency applications.
Understanding Blockchain Technology
The basic definition of blockchain is that it is an immutable and decentralized digital ledger that can be used to validate transactions from multiple computers. When a transaction is made, it is recorded as a block and added to an existing chain, hence the name “blockchain”.
This chronological chain of data is tamper-resistant, secure, and transparent, which is what makes this such a powerful technology. It can be used in a variety of ways, including playing online casino games, such as Bigger Bass Bonanza.
Six Real-world Applications of Blockchain
You may be wondering what using blockchain is to a person who is not interested in cryptocurrency. Well, new practical applications of blockchain are being developed each day. Currently, the use of this novel technology is showing great promise in the following areas:
1. Healthcare
Any technology that can positively impact the healthcare industry will be received with open arms by the world. In recent years, the increase in hacker activity has threatened to derail the healthcare system by compromising patient data.
While many security protocols have been developed to safeguard against this growing problem, none have been able to provide a level of protection as high as that of blockchain technology.
In 2024 and beyond, there are plans to integrate blockchain technology in the development of various healthcare applications that can be used to protect patient records and launch decentralized clinical trials.
2. Government Voting Systems
While digitalizing the voting system has made it a lot more efficient for governments around the world, it has opened the door to voter fraud and other manipulations of the process. In recent years, voting in some of the world’s biggest economies, such as America, has been undermined by rumors of the system being hacked and results manipulated.
The use of blockchain technology in such situations would provide an unprecedented level of transparency that will increase voter confidence across the world. With each vote being recorded as a transaction on a blockchain, the integrity of the democratic process can be maintained.
3. Supply Chain Management
To further streamline the supply management system, there is a need to ensure product authenticity and track the movement of commodities. Using blockchain technology to achieve these goals allows the process to be much easier to manage and oversee.
There is a certain level of authenticity and traceability that the end-to-end visibility of blockchain will add to supply chain management. Analysts will have an easier time tracking every step of the process, from the receiving of raw materials to the shipping and delivery of the finished products.
4. Financial Services
Many people are already familiar with the application of blockchain technology in decentralized financial systems. Its connection with Bitcoin and other popular cryptocurrencies has been highly publicized.
However, there is a need to expand the use of blockchain in the financial services sector beyond its use in the Metaverse. While it has taken a long time for established institutions to trust the use of this technology, there are plans to integrate blockchain with lending and insurance systems in 2024.
It helps that over the last couple of years, people have been slowly accepting cryptocurrency as a legitimate way to conduct transactions. As such, when it comes to using blockchain to secure loans or ensure businesses, it will not require such a huge leap of faith from the stakeholders.
5. Internet of Things
The Internet of Things (IoT) refers to the process of linking different devices to improve their efficiency, connectivity, and data exchange. Since blockchain is decentralized, it is the logical choice when it comes to seamlessly linking gadgets. There is no authorization required, making communication and data sharing a much faster process.
Using IoT is still relatively new, but by 2024, many industries are expected to be pursuing it as a viable way to increase productivity and have greater control over production processes.
6. Smart Contracts and Intellectual Property
A smart contract is a self-executing contract whose terms and conditions are already written directly into the code. While current processes require the use of intermediaries to oversee the execution of legal contracts, blockchain technology can allow automatic verification, which will significantly reduce the waiting period.
There has also been a lot of use of blockchain in the securing of intellectual property rights. A great example is its use in NFTs. Artists, musicians, writers, and other creatives can now easily timestamp and claim ownership of their work by adding it to a blockchain.
Potential Challenges of Real-world Application
Looking at the potential uses of blockchain in 2024 and beyond, it is easy to see why so many people are excited about this technology. However, there are still many challenges that need to be overcome.
One of these issues has to do with the scalability of blockchain technology. Industries have to find a way around the limitations of current blockchain currencies, such as Bitcoin and Ether, when trying to process a high number of transactions at the same time.
Final Thoughts
The future of blockchain technology has a lot to offer to those who are smart enough to realize its potential. Already, many unforeseen uses are emerging, such as its possible applications in space technology.
However, there are still a lot of challenges that need to be overcome. One thing that is for sure is that if the growth of blockchain technology in 2024 is anything like it has been in recent years, a lot of exciting things are about to happen in many industries across the world.
