Even though blockchain technology and Bitcoin have been around since 2009, recently, there has been a surge in popularity of blockchain-based solutions and blockchain technology in general. The main culprit for the hype around blockchain technology was the bull cycle in the crypto market propelled mainly by Bitcoin.
But, it’s also followed by many other cryptocurrencies and new blockchain-based solutions. In this article, we will cover great blockchain-based solutions in 2022 that have the potential to revolutionize several business sectors.
What is Blockchain Technology
In simple terms, blockchain technology is distributed peer-to-peer based system of recording information based on a hundred computer systems, each equipped with the same copy of the blockchain network. As blockchain technology is peer-to-peer based and distributed databases, it is actually impossible for anyone to tamper with the data or take control of the network.
The security of the network is further maintained by total transparency of the data, which means each participant can view the data in the network, including data from past transactions, but no one has the ability to alter the data once it is added to the digital ledger. What’s more, as this s a distributed peer-to-peer system, the transactions are generally processed instantly with low transaction fees.
Blockchain-Based Solutions in Online Casino
Online casinos have always been part of the latest technological progress. They don’t lag behind when it comes to new technological solutions that will improve the experience of the users on their respective platforms. For this reason, many have integrated cryptocurrencies which by default are based on blockchain technology. Many casino sites accept crypto payments ( they generally accept major cryptocurrencies like Bitcoin, Ethereum, Dogeocin) which allow casino members to securely deposit their funds, play blackjack online or other casino games, and later withdraw their funds.
The payments are typically processed instantly, and as we mentioned, the processing fees are quite low, which is another reason why online casinos have integrated cryptocurrencies on their platforms. Furthermore, there are blockchain-based casinos that rely on blockchain technology in order to enhance the security of the online casino and provide better transparency of their processes.
Blockchain-Based Solution and Supply Chain
A supply chain network might be more difficult for management, especially ones that involve multiple parties from different countries. But, because blockchain technology promotes better transparency, there are blockchain-based solutions developed mainly by IBM, which can improve the collaboration and communication between the parties in the supply chain.
Namely, IBM has developed blockchain-based solutions for supply chain management for brands like Walmart and Carrefour. The businesses will be able to track the data as well as the products in the network at all times and make appropriate changes if they notice any unusual activity by any party in the supply chain network.
It also helps customers to better understand the origin of their food and the journey of the products from the manufacturers to the supermarket’s shelves. Otherwise, it provides better security as well as transparency which makes it easier to pinpoint any possible errors and quickly solve any issues.
Blockchain-Based Solutions in Healthcare
The main purpose of the implementation of blockchain technology in healthcare is to improve the security of the network and to offer safer processes in healthcare institutions. As we know, the patients’ data is highly confidential and sensitive, which is why it’s extremely important for a healthcare institution to have proper security measures.
This is where blockchain technology comes in; due to the highly safe process of securing and obscuring data in the blockchain network, the security of the data will improve significantly, and it will also make it easier to transfer data between different sectors or institutions.
Blockchain-Based Solutions in Banking
It goes without saying that the rise of blockchain technology has had a great impact on the financial market, and we are yet to discover the full scope of blockchain-based solutions in the banking sector.
First, due to the decentralized nature of blockchain technology, the data of the users and financial information will be much more secure. Also, this will prevent any potential cyberattacks since the network is highly secure and transparent while it will increase the efficiency with real-time settlement capability and automation of certain banking processes. Lastly, with blockchain-based applications in the banking sector, there is another opportunity to have better control processes and to prevent any future errors.