How Blockchain changes the world from practical applications

Lina Network

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July 22, 2020

The advent of financial technology (FinTech) has attracted a lot of attention on Blockchain technology. Blockchain was originally developed to deploy Bitcoin, but the usefulness of the technology has been recognized and is being considered for use outside of Bitcoin and other FinTech applications, in diverse areas such as logistics, manufacturing exports, public services and the healthcare.

In this article, Lina Network will provide an overview of new Blockchain technology based on the understanding and aggregation of information from Blockchain documents, and introduce practical applications of today’s technology. to solve problems in life. The article is also assumed that readers have a basic  understanding of Blockchain technology. Therefore, we only introduce the overview of Blockchain, except for the technical aspects of this technology.

Overview of Blockchain

Blockchain is a shared digital ledger. This ledger is shared for network participants, which aims that in the whole system and there is not only one location, a document can serve as a single reliable basis, because duplicates of the same version of the ledger are also located in other places.

The practical application of Blockchain

Applying in Financial Services

Blockchain technology is used in both domestic and international money transfers. However, in some countries there are laws against blockchain money transfers, as they have invested a lot in existing centralized solutions, but in the near future, the world would benefit greatly from the shift from centralized systems to decentralized solutions on the Blockchain platform.

Blockchain also applies to industries such as Insurance, Real Estate, Banking. For example, in the field of banking, when applying Blockchain, cross-border transactions will be transferred quickly with cheaper fees.

Improving record storing

The global financial industry holds trillions of banking records related to everything from personal account data to stock and stock market transaction ledgers. The majority of these transactions can be recorded using the blockchain digital ledger, which is immutable and thus prevents fraud.

Not only that, the decentralized nature of transactions will help banks better secure records. Because other parties involved in the transaction also receive a record, disputes over things like missing or incorrect transactions will be a thing of the past.

Applying in Healthcare

The healthcare sector will benefit greatly from blockchain technology due to security, privacy, security and decentralization. However, the Electronic Health Records (EHR) system faces issues related to security, integrity and data management. Since EHR is built on the Blockchain platform, resolving shortcomings in the current EHR system. Blockchain-based EHR allows patients to own their own medical records and can share them with health facilities, clinics, and hospitals when needed; avoid re-testing many times due to inaccessible access to old medical records.

In addition, the origin of medicines will be clearer thanks to Blockchain, avoiding counterfeit and unqualified medicines.

Applying in E-Government Management

We always carry a range of personal documents: Driver’s license, password, identity card, etc. Blockchain ID is a form of digital ID designed to replace all of these physical identifiers. In the future, fintech scientists say that you will be able to use a digital ID to register at any registrar. It is open source, secured by blockchain and protected by a ledger of transparent accounts.

It can be said that applying Blockchain to e-government will help keep information safe, personal privacy, and citizens can strictly manage their information. In addition, the state will be easier to manage people’s identifiers marterials in a modern way.

Applying in Supply chain Management

A supply chain system consists of organizations, people, activities, information and resources related to moving products or services from suppliers or manufacturers to consumers.

Supply Chain, Logistics management applying Blockchain technology will be transparent, standardized and improve its credibility. This technology has a potential to bring many positive changes to supply chain management across all industries. A number of companies like Walmart have used IBM’s Supply chain based on Blockchain platform to track the origin of their products. Supply chain has been the most widely tested use case for blockchain technology, bringing us closer to a more decentralized world.

Conclusion

While Blockchain technology is used in a variety of ways, such as in finance (money transfers, payments, securities payments and other financial transactions) as well as in loyalty programs, asset management, supply chain management, health information, business process management; However, in this article, we are limited to a number of industries, hoping to give you an overview of Blockchain technology, which predicts a change in the future of all industries.

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