5 Major Uses of Blockchain Technology 2020 – All About Crypto

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What is BlockChain?

Blockchain is like a tree structure that manages our records or data in a block system using cryptographic methods. It works on cryptography systems. It manages your centralized or decentralized network data through a chain system. Blockchain was developed by a person or group using the name Satoshi Nakamoto in 2008.

Types of blockchain

There are three types of blockchain technology.

1. Public Blockchain

Public blockchain means no restrictions access. Anyone who uses the internet can send transaction data to others.

2. Private Blockchain

Private blockchain means permission to access the data. It only sends to the network administrator or its members who are assigned by the admin.

3. Hybrid Blockchain

It is a combination of Centralized or Decentralized systems.

Now I come to my point here 6 major uses of blockchain technology. I mention in this article here:

1. Cryptocurrencies:

We all know about cryptocurrency is a digital currency that is mostly used in digital transactions to pay into real money. Most cryptocurrencies used in blockchain technology to manage record transactions. For example, bitcoin or ethereum networks are based on blockchain technology. You can also develop your own cryptocurrency.

2. Financial Services

Blockchain technology is very helpful in financial services. Banks are very interested in this technology. According to IBM, it is occurring faster than expected. The blockchain also provides a new category Initial Coin Offerings (ICOs). It is also referred to as DSOs(Digital Security Offerings). Many ICO Development Companies are active & providing services like private STOs, public STOs, etc.

Also Read: How to Start a Security Token with Readymade STO Script Software?

In 2017 a blockchain game has launched Crypto Kitties, It is created through the Ethereum network. It is also explained how blockchains can be used to catalog game assets?.

4. SCM (Supply Chain Management)

Blockchain technology uses in the supply chain management system for goods & services. Many industry organizations are working with blockchain systems in supply chain logistics. For example, Walmart & IBM are running a trial version to use a blockchain-backed system for supply chain monitoring.

5. Compiling Data on sales

Blockchain technology is also used in the sales department to create ledger systems, tracking digital systems & payments to content creators, for example, wireless users, musicians, etc. The new distribution system used in the insurance industry. Such as peer to peer insurance, parametric insurance & micro insurance, etc. Blockchain also helps an Institute of Museum and Library Services.

Final Thoughts

Blockchain is a broad part of the new technology era. It is majorly used in each industry or organizations like Walmart, IBM, and so on.This is a big part of cryptocurrency. Blockchain is a block-centralized system. Now top blockchain development companies provide blockchain tracking services, making cryptocurrency exchange and so on. So we can say blockchain technology is most important in different sectors.

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