How Blockchain is Redefining Business and Society | iCert Global

Blockchain is technology that leads people to trust each other. Blockchain has the potential to change the manner in which people purchase and exchange commodities, interact with the government, and authenticate whether commodities such as vegetables or land are original or not. Blockchain relies on the use of the internet and secure secret codes in order to make verified information instantaneously safe. Blockchain was initially created for use with digital money, but people are now learning many other applications for it.

Key Features of Blockchain

• Consensus – All the participants on the blockchain must agree on a single version of the data so that a transaction can be accepted.

• Provenance – Individuals on the blockchain can trace where an asset came from and how ownership of the asset has changed over time.

• Immutability – After a transaction is committed, nobody—not even the admin—can delete or alter it.

• Finality – The mutual record duly establishes to whom something belongs or that a transaction has been finalized. Once recorded, it cannot be changed or reversed.

Why Blockchain is Good for Business ?

• Shared Ledger – It is a database that can be viewed and accessed by all the participants in the blockchain. The data is copied and maintained identical for each of them.

• Permissions – Blockchain allows you to dictate who can read or change data. Others read only, while others can add new data.

• Consensus – All the members of the blockchain need to verify that a transaction is valid before it is written.

• Smart Contract – Regulations programmed into the blockchain which execute automatically in case a particular event is triggered, allowing businesses to operate effectively.

List of Blockchain Applications

Regardless of what profession you are in, blockchain can be applied to enhance the way things are verified and trusted within a lot of systems. Below is the list of blockchain applications I have come up with. Applications will differ but can be in similar fields, e.g., healthcare or finance.

Land Registry

Blockchain is building a new method of selling and purchasing property without the use of middlemen such as lawyers or brokers. For instance, Ubiquity collaborated with the land registry office in Brazil to launch a project that lowers costs and makes it more secure and transparent. They aim to make the records of property ownership permanent and unrecoverable using blockchain instead of paper records.

Insurance

When we consider insurance claims, most are concerned about fraudulent claims. The process of making claims is now usually involved, time-consuming, and tends to infuriate customers, resulting in trust issues.

Voting

Others are more concerned with the security of voting systems and whether votes can be safeguarded against hacking. Each vote matters very much to the future of a country. Agora created a voting system based on blockchain to ensure that elections would be transparent and easy to audit. They piloted it with Sierra Leone, and both the government result and the blockchain result were identical.

Ride Sharing

Ride-sharing with strangers is the rage nowadays, and passengers typically pay drivers cash or card. What if, though, you paid in digital currency? LaZooz is a blockchain and cryptocurrency-based ride-sharing service that fills empty seats with passengers in real-time according to location.

Food

Have you ever asked yourself where your food comes from and if it is safe? Provenance is a system that allows you to track fresh food from the farm to the shop in real time. Therefore, if a chicken is not satisfactory, you can track where it is from. Provenance gives each product a unique ID that enables you to track its history and facts from the company.

Handling Patient Information

In hospitals, patient data are usually stored in multiple locations, and it becomes challenging to retrieve critical data when required. Patientory is a blockchain system that enables individuals to control their own medical histories.

Checking Medicine

You can't know whether medicine exists until you apply it. Blockverify employs blockchain to track medicine along the supply chain so customers get genuine products. It prevents fake products from being replicated and tracks any counterfeit activity.

Business Loans

Borrowing a loan these days takes a lot of time and paperwork. Now, thanks to blockchain, people who need to borrow money and the lenders from around the world can easily meet. Lendoit is changing the entire loan process so that banks do not charge hefty fees.

Trade Financing

Trade finance involves a lot of individuals, including customs, exporters, and banks, and it is extremely complicated. The process relies on one another, and everything must be thoroughly verified. Blockchain comes in handy by linking all aspects of the trade process into one system. Batavia developed a blockchain system that minimizes paperwork and facilitates trading to occur faster and more securely.

Cross-Border Transactions

Blockchain allows banks to send money to another nation faster and more inexpensively. Blockchain makes transactions secure, irreversible, and more trustful. Banks spend less money and time correcting mistakes with blockchain.

How to obtain  Blockchain certification? 

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Conclusion

Blockchain technology is revolutionizing the world by securing and making digital information more trustworthy. It is giving new means for individuals and companies to operate in a simple and secure way. Studying blockchain can offer different potential career choices. With iCert Global's Blockchain Course, you can gain skills to be associated with this new technology and create a prosperous future.

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