123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Technology,-Gadget-and-Science >> View Article

The Top 5 Out Of The Box Use Cases Set To Cause A Renaissance In The Techno Segment

Profile Picture
By Author: informatics matrix
Total Articles: 6
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Block chain isn’t just the new cool word any more. Instead of being a fad that would dry down someday, Block chain is dazzling the techno landscape with some promising out of the box use cases. It is a renaissance in the technology pool, that doesn’t create mere ripples, but is set forth to bring about a new churn of whirlpools- with an everlasting effect.
Block chain, as a foundational technology, is creating paradigm shifts in sharing of transactional data. The outcome is a redefined business process that saves a lot of time, efforts and money. Block chain technology is decentralized, distributed, immutable and transparent- as it allows authorized parties to view any entry or transaction, made by anyone in the network, in the data stored on thousands of servers.

Below are the five most interesting and innovative use cases of Block chain technology.

1. International Currency Exchange

There are several issues plaguing the international remittances, like transfer cost on the higher side, risks involved in transactions, inadequate methods available for money distribution, and requirements of high liquidity etc. Thanks to its decentralized and transparent nature, Block chain technology has emerged as a safer and more reliable method of settling international remittances. Bitcoin type digital currencies and Ripple styled platforms are being favoured by several banks to perform international transactions.

2. Smart contracts

Smart contracts, one of the most innovative applications of Block chain technology, is facilitating hassle free seamless transactions. Smart contracts are self automated applications of computer programs that run on block chain technology platforms, like Ethereum. Smart contracts are free from loop holes, third party interventions, censorship, fraud and wear down time.

3. Audit trails

Untampered documents, records of conversations and data is crucial for any accounting and law firm. Block chain technology, in form of its break in proof secure storage, ensures that all the files and documents are stored safely without any risk of unauthorized access or tempering. Whether encrypted or unencrypted, the data thus stored is immutable and unalterable.

4. E-Voting

The present system of electronic voting is secure but not infallible. The entire e-voting system is centralized, which means, there is one supplier that controls all the databases and codebase. This makes the present e-voting system unreliable as it doesn’t provide the open source desired from it. E-voting- enforceable through block chain technology can bring in the desired transparency and reliability, wherein, voting records are uploaded and stored in the reliable immutable block chain data storages. Thus, the trustworthiness of voting can be maintained.

5. Supply Chain Management and Communication

Modern day businesses aren’t single entity anymore. It is the multiple partners business scenario where B2B communications are an integral part of the package. It is an ecosystem where businesses survive by cooperating, partnering and entering business liaisons with each other. For instance, if we look through Designs and Branding Strategy of a retail outlet which is a part of supply chain system, several big- small businesses supply a wide range of items to the retail store that sells it under one roof. Same is the case with mobile manufacturing companies, which source several parts from various vendors, and assembles them all under one roof to make a mobile. Supply chain ecosystem requires stringent surveillance, regular checks and tough regulations as it is prone to thefts and frauds. Integrating block chain technology into this ecosystem is highly beneficial as it provides unalterable records of status of each product.

As per Web Design and Development Company Block chain technology is a vast sea with plethora of options for innovative uses. It’s numerous reliable applications can bring about a revolution in the existing transaction systems. These are just five uses- the sea is wide open and companies will be casting their nets, as far and wide as they can, in the coming future. Block chain technology is the promise of a reliable future!

Related Article :
1. CRYPTO CURRENCY: A BRIGHT FUTURE OR JUST A FAD?
2. UNDERSTANDING THE CONCEPTS OF CONTENT MODELING AND ABILITY OF CONTENT MANAGEMENT SYSTEMS TO PUBLISH CONTENT BEYOND WEBSITES

Total Views: 88Word Count: 692See All articles From Author

Add Comment

Technology, Gadget and Science Articles

1. All About Iphone Xo6 And Aq6 Lcd Assembly Screen
Author: mobile sentrix

2. Enjoy The Untethered Data Safety With It Services And Management
Author: Praecipio Consulting

3. Steps You Can Take To Resolve Possible Problems In Your Machine Vision Inspection System Area
Author: focru012356

4. Explore The Applications Of Mems Sensor Market
Author: Jessy George

5. Black Spots Of Common Problems In Injection Molding
Author: alvarad982stedk

6. Biodegradable Rigid Plastic Packaging New Option Packaging Industry
Author: Jessy George

7. Medical Application Of Fiber Laser Systems
Author: Optromix

8. Where Can Buy H2+ Hydrogen Rich Water Bottle
Author: butle982heiratej

9. Is Aws Right For Your Growing Business?
Author: Katalyst Technologies Inc

10. Benefits Of Using Did Numbers And Cloud Contact Center Solution
Author: Lee Wood

11. Real Agile Approach To Performance Testing
Author: Stella Murugesan

12. How To Choose The Right Offshore Development Company For Your Project?
Author: Ash Rakars

13. Vehicle Tracking System Could Help You And Your Business
Author: Vivency Global

14. Oil Temp Probe In Aircraft And Its Advantages
Author: Joseph Polizzotto

15. How Can The Pos Software Providers In Kolkata Affect Your Business?
Author: Sukriti Sinha

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: