Blockchain technology is used by Bitcoin and can also be utilized by many tech companies just as well. The law enforcement department can also use this tech to improve the services that are rendered to its customers. The tech is basically a ledger that can automatically record and verify various digital transactions no matter the location.
Blockchain transforms many other industries including the banking sector. It verifies all the data that passes through its system with a high level of transparency. It operates within a decentralized platform and requires no supervision at all and is vibrant and resistant to fraud. It works uniquely and once information is entered into its system, it can never be erased and can provide a digital record of events.
Here are some of the most innovative ways to utilize the power of blockchain.
Money transfer and payments
The blockchain is distinct and can be used to create a more smooth payment flow that connects payers to payees. It can either be internationally or domestically without any interfering intermediaries at an affordable cost. Coinbase has served over 9 million clients digitally in the purchase and sells of bitcoin and other cryptocurrencies. It is considered the most popular in these transactions.
Abra is another block-chained compatible mobile wallet that was integrated to become a payment platform of American Express. Customers can now fund their Abra wallets using an accepted American Express card.
Improve Banking with blockchain
Blockchain performs a splendid function in the banking sector as it ensures a high level of accuracy and sharing of information into the financial services system. Barclays and Swiss bank are incorporating the feature in performing back-office transactions and management. Banks are heavily investing in blockchain technologies to develop Corda, a function related to it to make it the default operating system for banks.
It is known that banks are investing in using blockchain specifically in the execution of financial transactions. This is major because the feature cuts an estimated cost of $20B and the banking institutions can record an increase in the amount of profit.
It enhances cybersecurity
Blockchain’s communications are received and verified using high cryptographic techniques and ensure that data comes from the right sources, and nothing is intercepted. It will surely reduce any chances of hacking as it will eliminate any human intermediaries hence decreasing the involvement of humans.
It is fundamental to use the feature to give data authentication. For instance, using Keyless Signature Infrastructure (KSI) to verify data transactions for cryptographic stability. Blockchain has a code embedded in it that triggers denying or granting access to a system depending on the command sent. This reduced the involvement of third-parties hence enhancing tight security.
Elections require verification of voter’s identification, keep records to track casted votes and monitor tallies to determine the winner. Voting organizations are incorporating with Blockchain to make it a foundational feature that will cast, follow and count votes to minimize voter fraud in the entire process. It undoubtedly provides a transparent and secure voting solution for the modern age.
Blockchain captures votes as transactions and governments with voters will have a verifiable sequence of casting votes. It also ensures that elections are not manipulated or removed, and no other votes are added. There is a blockchain version known as ‘Follow My Vote’ that utilizes all the features of the blockchain.
Car leasing and sales
The process involved in leasing, selling and buying of vehicles can be hectic and notorious, but since the inception of Blockchain, things have changed. In 2015, Visa entered into a partnership with DocuSign that aided users to streamline car buying and leasing.It is transforming the process into a quick Click, sign and drive business.