Posted by Bharat Bhushan Dhalla | Last Updated: 19-Dec-18
The world is going crazy for Blockchain technology. More than forty big market sharks have already created a consortium to search the prospects of Blockchain technology. By this, they will get to know more about the fields where Blockchain technology can be used. In our previous blogs, we have told you how it is influencing the Fintech and Stock market industry. In today’s blog, I will let you know how Blockchain technology is transforming the businesses of the future.
Use Cases of Blockchain Technology
To Improve High Uptime For Nationalized Banks
The usages of a cashless framework are increasing. For instance, Apple Pay, Visa, or QR code payment are becoming popular. But, what happens when the framework goes disconnected for a longer duration of time?
There's a disorder.
The point that bitcoin has been working for quite a while, and has not endured even a nanosecond of downtime. Thus, a large number of national banks are effectively trying blockchain for an assortment of usage. Specifically, for its strength and transparency.
Lessen Insurance Fraud
Insurance is exposed to various fraud schemes. For instance, a fresh candidate can do fraud by hiding essential data. Or, by recording a claim in the interest of ineligible wards.
So what would we do to decrease insurance fraud? All things considered, record medical methods and time stamp by means of blockchain technology. This helps in confirmation and adherence of medical services. Together with
Cateinatechnologies and IBM, fifteen Indian insurance companies joined hands to make it a blockchain based arrangement.
Transferring Digital Wills
The number of individuals utilizing cryptocurrency to stock reserves is developing constantly. But, what will be the end result for your digital currency if you die without writing a will? How will you save your savings and enable them to be transferred to your friends and family?
You can make Smart Contacts, by using an app, to manage your assets during an emergency. This lets you transfer your reserve funds to family or companions in case of a serious disease or demise.
Lower Electricity Bills At Home
A top IT venture unveiled a smart plug (verification idea) to monitor the use of power and spare expense. In the first place, the model works with different gadgets and supervise power usage. Next, it looks through the least expensive energy duties. At last, it utilizes blockchain to switch providers rapidly. Thus, this helps numerous individuals on a lower pay who pay for their power by means of a meter.