The Top 5 out-of-the-box use cases set to cause a renaissance in the Techno-segment

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 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.

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!

Author Details

Mayuri Rajvanshi

Mayuri Rajvanshi

Voracious reader and a passionate writer, Mayuri Rajvanshi gave up her well settled government job in pursuit of her passion- writing. 76th Rank holder in Global English Language Test conducted by IFSE, Mayuri considers writing an extension of her soul. She writes blog posts, articles, opinionated pieces and social media posts across various niche.