Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

There are so many applications of blockchain nowadays.

The major application of blockchain is in Cryptocurrencies like Bitcoin. Bitcoin is a decentralized digital currency introduced by Santoshi Nakamoto.

Lenders can use blockchain to execute collateralized loans through smart contracts. Smart contracts built on the blockchain allow certain events to automatically trigger things like a service payment, a margin call, full repayment of the loan, and release of collateral. As a result, loan processing is faster and less expensive, and lenders can offer better rates.

If personally identifiable information is held on a blockchain, that puts us just one step away from also being able to vote using blockchain technology. Using blockchain technology can make sure that nobody votes twice, only eligible voters can vote, and votes cannot be tampered with. What's more, it can increase access to voting by making it as simple as pressing a few buttons on your smartphone. At the same time, the cost of running an election would substantially decrease.

Another fascinating application of blockchain technology enables tracing food from its origin to the plate. Since blockchain data is unchangeable, one can track the transport of food products from their origin to the supermarket.

Cryptocurrency IOTA has introduced a beta version of its Data Marketplace in November, explaining that blockchain could be used as a marketplace to share or sell unused data. Since most enterprise data goes unused, blockchain could act as a mediator to store and move this data to enhance a mass of industries.

Blockchain technology is easy to apply when it comes to monitoring supply chains. By eradicating paper-based trials, enterprises can spot inefficiencies within their supply chains rapidly, as well as detect items in real-time. Blockchain also enables enterprises, and even consumers, to perceive how products perform from a quality-control point of view as they move from their place of origin to the retailer.

The law Enforcements agency is also now applying applications of Blockchain technology. So that they can create a Common Database of the criminal and the crimes committed by them and with all the biometric details. Since it's highly secure nobody can do the changes in it without proper access.

Keeping medical records on a blockchain can allow doctors and medical professionals to obtain accurate and up-to-date information on their patients. That can ensure that patients seeing multiple doctors get the best care possible. It can also speed up the system for pulling medical records, allowing for more timely treatment in some cases. And, if insurance information is held in the database, doctors can easily verify whether a patient is insured and their treatment is covered.

The original concept behind the invention of blockchain technology is still a great application. Money transfers using blockchain can be less expensive and faster than using existing money transfer services. This is especially true of cross-border transactions, which are often slow and expensive. Even in the modern U.S. financial system, money transfers between accounts can take days, while a blockchain transaction takes minutes.

Real estate transactions require a ton of paperwork to verify financial information and ownership and then transfer deeds and titles to new owners. Using blockchain technology to record real estate transactions can provide a more secure and accessible means of verifying and transferring ownership. That can speed up transactions, reduce paperwork, and save money.

Another way to use digital identities stored on a blockchain is for the administration of government benefits such as welfare programs, Social Security, and Medicare. Using blockchain technology could reduce fraud and the costs of operations. Meanwhile, beneficiaries can receive funds more quickly through digital disbursement on the blockchain.

These are some fields where the application of Blockchain technology is been used. Some other fields are also in which the blockchain is now emerging like Monitoring the supply chains, audit trails, medicine monitoring, data sharing, copyright and royalty, tax regulation, equity trading. If we will talk from a career point of view Blockchain is a rising field. In the market right now Blockchain developers are very less and in an upcoming market, the demand of the developer is going to be very high.

Our goal in this blog post is to learn about the applications of blockchain technology.

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