BLOCKCHAINS: ITS VARIANT USES - Warped Factor - Words in the Key of Geek.

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Cryptocurrencies have been a hype in society and while talking about cryptocurrencies, one term which comes up very often is blockchain. There are a lot of apps and software and best articles on crypto, which help the traders to know more about the cryptocurrency market.

There have been various questions about whether a blockchain can be implemented in any organisation or not. And if yes, then are there any kind of conditions required for it?

The answer is no. There are no such conditions required for implementing blockchain in any organisation. It may be used in all circumstances. However, the network must be peer-to-peer to comply with the protocols in question.

The media and investors have been quite enthusiastic about cryptocurrencies in the last year. Cryptocurrency users are no longer confined to the banking industry. Corporations all around the world are embracing Blockchain Technology in areas as diverse as logistics, real estate, and digital ID management.

Blockchain is currently being used by businesses to safeguard data, improve supply chain and logistics network efficiency, and manage intellectual property. Food safety, healthcare data management, fundraising and investing via security token offerings, and notary services are all examples of how blockchain is being used.

Blockchain technology is used in the various industries:

Let’s take a look at the various industries which use blockchain technology:
  • ● The Oil, Gas, and Energy Industries: In the energy industry, blockchain allows users to track transactions, manage production, and verify certificate origins. The designers of the initiative want to replace traditional paper contracts and the countless kilos of paper paperwork with a digital register.
  • ● Automobile Manufacturing: In the automobile sector, blockchain is viewed as a technology for smart cars to store and transmit data. It may be used to store information about particular vehicles across several registrations. The fabrication of data about an automobile will not be possible with blockchain.
  • ● Manufacturing of Consumer Goods: Blockchain technology allows you to monitor manufactured items from a factory's shipping facilities to customers in shops. Because blockchain is entirely transparent, it may be used to coordinate transaction information across all parties in the supply chain.
  • ● FedEx: It has become the first major transportation company to use Blockchain Technology to manage its supply chain.
  • ● Walmart: It also uses blockchain technology as it helps them to track the food throughout the world. At every stage, on every single food product, real-time data will be collected. Their objective is to enhance the firms' capacity to spot problems with food recalls, such as detecting outbreaks faster to reduce customer risk.
  • ● Microsoft: Microsoft is another major behemoth that has been a proponent of Blockchain from its beginnings. In 2014, when practically no one had heard of cryptocurrencies, Microsoft began taking Bitcoin payments on its website.
So one might wonder why the various industries are using blockchain? Let’s see:
  • ● Increased Clarity: The ability to view the transaction log for public addresses on a blockchain is its most distinctive feature. This adds an unparalleled degree of responsibility to financial systems and companies, making each sector of the firm accountable to behave with integrity in the company's development, community, and consumers.
  • ● Increase in Productivity: Blockchain helps in increasing productivity because it is based on a system of chains, which allows efficiency.
  • ● Traceability has improved: Each time an exchange of commodities is recorded on a Blockchain, an audit trail is there to trace where the items originated from, thanks to the blockchain ledger. This can not only help exchange-related firms enhance security and avoid fraud, but it can also help verify the validity of traded assets.

Blockchain is no longer a futuristic technology for the world's top corporations. Blockchain technologies are already being implemented and used by a large number of businesses. Blockchain, in my opinion, will have a beneficial influence on the basic ideas that now govern the globe. Blockchain, I believe, can transform the world much more than the internet did

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