Use cases for blockchain technology beyond cryptocurrency

Blockchain is a decentralized system that spreads over several nodes depending on the use case. This structure takes a mutual consensus from all the nodes before making a transaction, which makes it impossible or very difficult to manipulate the footprints of the transaction.

Blockchain technology stores the information in the form of blocks that are connected, making a chain; that's why it is called a blockchain. All the stakeholders digitally authorize blockchain transactions.

Use cases of blockchain technology

When we hear about blockchain, we unintentionally think of cryptocurrency. Yes, cryptocurrency is one of the most discussed and well-known use cases of blockchain, but it's just a part of blockchain technology. Some important use cases of blockchain are as follows:

Cybersecurity

Blockchain makes the system almost impossible for hackers to penetrate because of its decentralized structure. Meaning, peer to peer nodes ensures consensus from all the parties involved in the transaction, which makes hacking difficult.

Record management

Blockchain helps keep records more secure than our conventional databases. In conventional databases, all we have to do is to access the central database, and if we get access to it, we can make any changes we want to. But this is not possible in the case of blockchain because to make changes in a particular transaction, we have to take a consensus from all the stakeholders. Since this is a decentralized structure, everyone has their say. Blockchain also keeps track of changes made in the transactions, so we can always track transactions and see who made which changes.

Identity management

With the help of blockchain, we don't need to carry our identity documents all the time. Based on the identity documents, the smart contracts generate a trust score of a person, and third-party applications validate the user's identity through blockchain. It is a more secure, faster, and cost-effective solution.

Healthcare

Blockchain can also help in different fields of the healthcare industry. It can record medical documents, patient history documents, drug traceability, and more.