When everything is converting into digitalization, then why not payments? So for making those payments more safe some startup people used blockchain technology. I hope you might be aware of blockchain which is an emerging technology in today’s modern world. This technology is widely used in many industries like banking, insurance, finance, decentralized platforms, healthcare, and more. Many people didn’t believe in blockchain technology before the birth of Bitcoin. But after Bitcoin’s arrival, many people started embracing it.
The most notable characteristic of blockchain technology is that it acts like a Distributed Ledger Technology (DLT). Therefore, the data and information will be recorded in the network. The transparency, privacy, and security maintained over the network made everyone implement blockchain technology for various purposes. In general, the blockchain comes with high-end security aspects. This technology allows for a digital distributed ledger which performs the crypto transactions between the two parties securely. Therefore, the transactions are free from cyberattacks and do not involve a third party to facilitate the transactions.
Blockchain technology maintains the record for all the crypto transactions which happen between peer-to-peer networks. Besides, it can protect the data by the use of cryptography. Each information stored in the blockchain network is distributed in public and this technology can revolutionize how the data gets exchanged between the parties without a middleman. This has been the primary reason why startups and entrepreneurs are interested in adopting blockchain development.
In the last 11 years, many startups & business class people properly implemented blockchain technology and also reached greater heights in the market by reaping lucrative amounts of money. With the hype and popularity of blockchain, most industries, individuals, organizations, and businesses are implementing this technology to change this financial world into a decentralized ecosystem.
So, what are the different applications or use cases of Blockchain? Are you excited to know them??? Don’t worry fellas! This article will help you to know the top 8 blockchain applications for the year 2021.
Prominent Blockchain Applications in 2021
When it comes to blockchain technology, there are many popular applications or use cases. Let me share some of the best blockchain applications that are gaining prominence in the global marketplace.
Supply Chain Management
Supply Chain is recognized as the most viable sector in this digital world. If you wonder how your basic needs are reaching to your hands without any trouble like Clothes, Food, Pharma Materials, Oil, Gas, and more, then you need to say thanks to Supply Chain management. The main drawback in supply chain management is the lack of transparency and issues in product delivery. So to overcome this issue, we can implement blockchain technology. The primary aim of implementing Blockchain technology for the Supply Chain is to automate and simplify the entire process. By adopting blockchain technology in supply chain management, you can easily track the essential product information such as the state of the product, time, location, and shelf time.
When supply chain management is enabled by blockchain technology, then the users can quickly verify the authenticity of purchased products. Apart from this, those purchased goods can be accurately tracked across different locations. In this way, it can tackle all the challenges involved in the industry. Besides, a blockchain-powered supply chain minimizes human errors and provides high transparency.
Healthcare
Healthcare is one of the major industries and the most needed one for the current situation. Also, it is a convoluted industry that involves a vast amount of patient medical reports and data. As of now, the healthcare industry has some issues which need to be avoided quickly. Like doctors don’t have a complete understanding of their patient’s medical history and fake medicines or expired medicines are becoming a major issue in the healthcare industry. So by implementing blockchain technology in the healthcare industry, it will serve as a security to avoid the problems that are happening daily in the healthcare industry.
The medical records of the patients can be stored on a blockchain securely. Such as case-taking sheets, diagnosis reports, prescriptions, and other details about the patients which can be accessed only by the concerned person. By doing this, doctors can easily get a better idea of a patient’s medical history. To make the patient’s data more secure in the healthcare industry, then adopting blockchain technology will be the best solution.
Advertisement
As of now, big companies like google are controlling most of the digital advertisements on the internet. For avoiding such digital ads in their platform, one can implement blockchain technology. In most digital platforms, Google is acting as the intermediate for all types of advertisements. Blockchain technology will avoid such intermediate and directly connect buyers and sellers in the decentralized ecosystem. Which helps in cutting down the cost and also increases the trust.
Real estate
When it comes to real estate, the real estate sector works the same as the advertisement industry. In this sector, brokers are intermediate and by using blockchain technology, you can avoid them permanently which saves time. When you implement blockchain technology, real estate has the high potential to transform rental property payments. In the real estate industry, the broker will charge some amount of fees from both the buyers and sellers once the deal is done. So by using blockchain technology, you can cut out the additional cost, property taxes, and registration fees. Also, one can directly connect to the buyers/sellers without any third party.
Crypto coin & Token
Cryptocurrency is a digital currency and it can be created only by the independent blockchain network. The first-ever crypto coin in this digital world is bitcoin. It is recognized as the most prominent cryptocurrency in the global crypto marketplace. At the beginning stage of the bitcoin launch, the price is less than $1. But within a few years, the price of bitcoin reached a high price so many traders started to buy/sell bitcoin on the crypto exchanges. As of now, the current price of a single bitcoin is more than $43k.
So what is a crypto token??? Crypto tokens are digital tokens that hold a certain value and can be created only by using the existing blockchain platform. Such as Ethereum, Binance smart chain, Tron, and waves network. Currently, these blockchains are more popular in the blockchain industry among startups and entrepreneurs. So for both the creation process, one needs a blockchain. Creating a crypto token is now becoming a trending one and most startups are creating their own crypto tokens for raising funds through the crypto crowdsale platforms.
Cryptocurrency Exchanges
A cryptocurrency exchange is a trading platform where any individual can buy, sell, or trade all kinds of crypto assets quickly and securely in a trouble-free way. The crypto trading platform supports all prominent cryptocurrencies for trading such as bitcoin, ethereum, bitcoin cash, Binance coin, ripple, dash, EOS, and other reliable crypto assets that are available in the global marketplace. Presently, there are some best bitcoin exchanges earned the best name by offering the top-notch crypto trading service and attracted millions of crypto audience globally. Such as Binance, paxful, coinbase, Remitano, Localbitcoins, and Kucoin. When it comes to crypto exchange, there are different types of platforms available in the blockchain industry. Such as centralized crypto exchange, p2p ads-based crypto exchange, decentralized exchange, OTC crypto exchange, cryptocurrency derivatives exchange, and hybrid exchange.
A cryptocurrency exchange is also considered the finest money-generating online business model for budding startups and entrepreneurs. Those who have invested in cryptocurrency exchange development made a massive amount of profit in the marketplace through multiple revenue streams like collecting trading fees, deposit fees, withdrawal fees, listing fees, and more. Already many people started to build their own crypto exchange with the help of the top-notch cryptocurrency exchange development company. If you are interested, then you can create one and reap a good amount of profit in the blockchain industry.
Non-fungible Tokens
NFTs are the recent crypto trend and the hottest topic in the blockchain industry. non-fungible tokens represent the collectibles and unique items like arts, paintings, GIFs, sculptures, gaming assets, etc. NFTs exist on a distributed public ledger so it records all the transactions. Currently, most of the non-fungible tokens are developed using the blockchain platform that supports the NFT standard. Speaking of which, blockchain network like Ethereum, Tron, and binance smart chains supports non-fungible token standards for creating an NFT. An NFT is usually developed from digital assets that represent both tangible and intangible items. Such as
- Art
- GIFs
- Videos and sports highlights
- Collectibles
- Virtual avatars and video game skins
- Designer sneakers
- Music
Even tweets count when it comes to non-fungible tokens. Twitter co-founder Jack Dorsey sold his first tweet as a non-fungible token for more than $2.9 million in the NFT marketplace. For example, instead of getting a ticket or a painting, the buyer gets a digital file instead. With this, they also get ownership rights. The NFT can have only one owner which is a major advantage in the non-fungible token. It has a piece of unique information that makes it easy to verify their ownership. The owner or creator of the non-fungible token can also store particular data inside them.
Crypto Crowdfunding
Many might be aware of crypto crowdfunding which is mostly preferred by crypto startups to raise funds effectively. In recent times, many crypto startups and entrepreneurs are raising funds quickly through crypto crowd sales platforms by launching a new crypto token. In the crypto industry, there are three main types of crowdsales platforms such as STO, IEO, and ICO. Most crypto enthusiasts prefer ICO and IEO because they can raise the funds in a simple and easy way. ICO stands for Initial Coin offering and IEO stands for Initial Exchange Offering.
ICO was first introduced in the blockchain industry which helped many people to quickly raise funds for their blockchain projects. Any individual can launch their own ICO website and raise funds through the ICO platform. Besides, there will be no intervention of banks or central authorities and also there will is no proper regulations. That’s why many business class people showed interest in ICO development for raising funds.
Wrapping up
Blockchain will have a great future and this technology will be implemented in many business models. Apart from the above-mentioned applications, there are also other prominent blockchain applications in the crypto space. Such as Tax, ERP, Energy, Life Insurance, Government, Railways, banking, and Agriculture. These industries also started adopting blockchain technology to make the process secure. If you are a startup or an entrepreneur willing to adopt Blockchain technology for your business. Then you can get in connect with the renowned Blockchain Development Company in the global marketplace. I hope this article gave you plenty of information regarding top blockchain applications in 2021.
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